Worth doing PE/search fund internship?
Got an opportunity as a senior to do a pe/search fund internship for software I'm interested in for the sake of deal experience and pe recruiting once i join eb after graduating. past summer, i didn't get any deal experience and am hoping software investing experience, even though it's at a search fund (but run by a legit person) is meaningful to firms and recruiting. it's a decent work commitment, 20~25 hours week according to the founder, and I'm guessing I'll get thorough experience here that's not only just random internet scouring and searching hopefully.
i didn't do any deals over the past summer, go to a non-target, and am hoping to maximize my chances of landing at a solid software pe shop and was wondering if having this experience on my resume would be good for recruiting, on cycle or off cycle when i target the main software pe shops.
obviously, senior year factor aside would this make any meaningful difference in the opportunities for interviewing/offers i get?
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:
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.
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.
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.
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.
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.
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)
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