Hello Internship-Seekers! I have not posted on WSO very much but have utilized a lot of its resources to help pursue my current opportunities. I want to make myself open for you guys to ask me some questions about anything private equity/IB/networking/internship-seeking related. I will be more than happy to help you all by answering any questions you may have that can leverage you to capitalize on internship opportunties. A little bit of background about myself: I am a student at a non-target university with a lot of private equity experience. I first obtained an internship at an upper MM PE fund my freshman year of college and have stuck with it ever since. As an analyst at a PE fund that is not necessarily considered "bulge bracket," I have had the opportunity to work directly with all aspects of the private equity process. From deal sourcing and financial modeling to deal closing, I have worked on large-scale projects and acquisitions, making large contributions. I also have priors of working in sales and trading doing high-frequency proprietary trading on equities.
Please feel free to ask me any questions that you may have. I hope my answers can be of use to you all as you go out and obtain your dream internships! P.S. Don't mind the keywords section, it is all sorts of messed up for some reason.
Based on my current and past experiences, I think that internships in private equity accomplish both. A private equity internship on your resume is something that is very appreciated by employers, including and especially in the PE, IB, and hedge fund industries. Private equity internships at larger funds are more uncommon and have a higher exclusivity than most IB internships. Most people tend to go through IB first to get into PE, so having PE internship experience before graduation is something that will stand out to wherever you decide to apply. If your aspirations are to break into IB, having private equity experience will make your chances a lot greater than just an Asset Management position. As you probably know, PE and IB work very closely together with one being the buy-side and the other being the sell-side.
In regards to preparation, it will certainly depend on the company you intern at, and that applies to all industries within finance, not just PE. Some employers will have you doing extensive modeling and work on acquisitions, while others may have you only preparing offering memo's or doing minor office tasks. My internship has been very extensive, and I have done very meaningful work that I think has made an impact directly on the company. I have also gained A LOT of knowledge in the PE industry through my internships.