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

Hi fellow monkeys :)

I didn't get any answers in the PE forum so I try here. Let's see!

I'm currently a student at a target school in France (HEC/ESSEC/ESCP). I need to take a gap year (starting either in July or September 2024) where I need to complete two 6-month internships, followed by an end-of-study internship at the end of my second year of my Master's degree (it's a 2-year program with 1 year of internships in-between). This end-of-study internship should ideally lead to a full-time position.

I’ve just finished all interview rounds for an M&A analyst intern position on the Large Cap desk at one of the French banks (BNP/CACIB/Natixis/SocGen). This seat is within their PE team. I received a verbal offer but I know I shouldn't rely solely on this (therefore I souldn't be making this post but I'm just too curious).

I’d love some insights on what to expect from this internship. After discussing with the team, I understand they focus primarily on LBO deals, and position themselves both on sell-side and buy-side. Basically they do M&A but their clients are only PE funds. The team is quite new and pretty small (3ppl incl. 1 intern, 1 analyst and 1 director). They arranged deals recently valued between €100m and €1.2bn.

I'm particularly keen on PE, though I know securing a full-time offer as an analyst in a fund can be challenging (if not impossible lol). Additionally, I have a strong interest in Infrastructure, having previously interned and worked on renewable energies.

What are the potential exit opportunities from this internship? Did anyone here worked on a team like that and will be willing to share some insights? Do you guys think it is feasible to secure a second internship (off-cycle or summer internship) at a BB/EB or a reputable upper middle market fund in Paris or London with this experience ?

Thanks in advance for your advice!