Worth doing PE/search fund internship?

Based on the most helpful WSO content, diving into a PE/search fund internship, especially in a field you're interested in like software, can be a strategic move for several reasons. Here are key points to consider:

1. Deal Experience: You mentioned a lack of deal experience from your past summer. A PE/search fund internship focused on software investing could provide you with the hands-on experience you're seeking. This is particularly valuable since PE firms often look for candidates with direct experience in deal-making processes.

2. Relevance to Software PE Shops: Given your interest in landing at a solid software PE shop, having specific experience in software investing through this internship could make your profile more attractive. It demonstrates not only relevant experience but also a clear interest in the sector.

3. Compensation for Non-Target Background: Coming from a non-target school, gaining specialized experience can help differentiate you in the competitive PE recruiting landscape. It shows initiative and can help bridge the gap, making your application stand out.

4. Commitment and Learning Opportunity: The commitment of 20-25 hours a week suggests a significant learning opportunity. If the founder is indeed "legit" and the experience goes beyond "random internet scouring," this could be a rich educational experience, offering insights into the nuts and bolts of PE and search fund operations.

5. Impact on Recruiting: While no single experience can guarantee success in PE recruiting, this internship could enhance your resume, making it more compelling for both on-cycle and off-cycle recruiting processes. It signals to potential employers your dedication to the field and your proactive efforts to acquire relevant skills.

6. Senior Year Consideration: Balancing this internship with your senior year studies might be challenging, but if you can manage it, the practical experience could be invaluable. It's a unique opportunity to gain real-world experience before graduating, which could be a significant advantage in PE recruiting.

In conclusion, based on insights from WSO, pursuing this PE/search fund internship could indeed make a meaningful difference in your opportunities for interviewing and receiving offers, particularly from software PE shops. It's a strategic step towards maximizing your chances in a highly competitive field, especially considering your background and previous lack of deal experience.

Sources: [Experience] Road to PE - Investment Analyst in a MegaFund, [Experience] Road to PE - Investment Analyst in a MegaFund, Q&A - Starting Post-MBA Megafund PE, Starting A Search Fund (Micro PE Firm)