What would be a PE firm's role in a Capital Markets transaction? Simply purchasing ABS as a source of capital for the firm, or are they in charge of securing loans for the company to initiate LBOs, or do they do the analysis for purchasing equity shares of a company?
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Just think of it as a regular capital markets team (ECM/DCM) on a smaller scale (which isn't a bad thing) and mostly servicing the firm's portfolio companies. PE capital markets offer a different batch of investor list than banks and have a differentiated angle as a broker whose interest is actually aligned. This group isn't really for a traditional IB coverage group-type training, and this probably isn't the experience that most college students are looking for in terms of buyside recruiting. Having said that, they get to work on some of the most interesting deals on a global scale. The team is usually pretty small, so you'd get a lot of responsibilities from a junior level.