What to expect (learnings + exits) from an off-cycle internship as an M&A analyst intern within the Private Equity Team ?

Based on the most helpful WSO content, here's what you can expect from an off-cycle internship as an M&A analyst intern within the Private Equity team:

Learnings:

1. Deal Exposure:

   • LBO Deals: You'll gain hands-on experience with Leveraged Buyouts (LBOs), both on the sell-side and buy-side.
   • Valuation Techniques: You'll learn various valuation methods, including DCF, comparable company analysis, and precedent transactions.
   • Financial Modeling: Expect to build and refine complex financial models, which is a critical skill in both M&A and PE.

2. Client Interaction:

   • PE Funds: Since the team focuses on PE clients, you'll understand the specific needs and strategies of private equity firms.
   • Deal Structuring: You'll learn how deals are structured, negotiated, and executed, providing a comprehensive view of the M&A process.

3. Industry Knowledge:

   • Sector Focus: Given your interest in Infrastructure and Renewable Energies, you might get the chance to work on deals in these sectors, enhancing your industry-specific knowledge.

Exit Opportunities:

1. Private Equity:

   • PE Analyst Roles: While challenging, your M&A experience with a focus on PE clients can make you a strong candidate for analyst roles in PE funds.
   • Infrastructure Funds: Your background in Renewable Energies and M&A could position you well for roles in infrastructure-focused PE funds.

2. Investment Banking:

   • BB or UMM Banks: With solid M&A experience, you can target second internships at Bulge Bracket (BB) or reputable Upper Middle Market (UMM) banks in Paris or London. Your exposure to large-cap deals and financial modeling will be highly valued.

3. Corporate Development:

   • Portfolio Companies: You might find opportunities in corporate development roles within portfolio companies of PE funds, especially in sectors like infrastructure and renewable energy.

4. Consulting:

   • Strategy Consulting: Firms like MBB (McKinsey, BCG, Bain) value candidates with strong financial and deal experience, making this a viable exit option.

Feasibility of Securing a Second Internship:

• Reputation and Network: Interning at a well-known French bank with a focus on large-cap deals will enhance your resume and network, making it feasible to secure a second internship at a BB or UMM fund.
• Skill Set: The skills and experience you gain will be directly transferable and highly sought after in both Paris and London markets.

Additional Tips:

• Leverage Alumni Network: Utilize your school's alumni network to connect with professionals in your target firms.
• Tailored Applications: Highlight your specific deal experience and sector knowledge in your applications to stand out.

Good luck with your internship and future career moves!

Sources: Breakdown of Post-IB Exit Opportunities, Breakdown of Post-IB Exit Opportunities, From Private Equity Associate to VP in Private Equity, PE analyst On-Cycle?, MM PE Analyst Exit Opps