Just curious, does anyone know of any junior or mid level employees who currently work or have previously worked at an "independent" SPAC like CF Corporation? I'm wondering how people land such gigs and what happens once a deal is in hand. It seems like it would be an interesting experience, but I don't know if they generally even have investment teams beyond the founders.
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I interned at a SPAC that was in the process of raising capital, I can verify that it was a highly interesting experience. We were only a four person shop, so I wore many hats over the summer.
First, I was the main person responsible for sourcing deals while raising capital. I would cold email software company CEOs, and if they responded I would get on the phone with them and discuss their business and determine if it fit the financial profile our SPAC was looking for. This was arguably the most interesting part of the job, as I was able to build an investment thesis, find opportunities in the space, then pitch the ideas to the managing partner of the SPAC.
Second, I was responsible for building the ownership model of the SPAC. This model outlined who would own each share of the SPAC pre and post offering. This required a lot of collaboration with our investment bankers, which ultimately motivated me to pursue IB as a career path.
Lastly, I helped build and script the investor roadshow presentation. I ended up attending and speaking at page flip meetings with investment bankers, lawyers, and potential investors as an intern because I was the person that had worked through auditing the numbers in the preliminary prospectus.
Ultimately I really enjoyed the experience. While it wasn't as structured as a typical banking or PE internship, it allowed me to see the capital raising process and deal sourcing process simultaneously which was a great learning experience.
That sounds like an awesome internship. Much better than getting coffee for your broker dad at Morningwood Capital (no offense to the actual firm, I'm making a joke). Hopefully that led to superior opportunities in IB and beyond compared to what is available to most.
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