Best part-time buy-side internship for leverage finance - please help!

Gg lel played's picture
Rank: Chimp | banana points 11

Hello,

I'm currently a junior going to a non-target school in Chicago. I've accepted a summer analyst coverage group position at a MM investment bank here in town (Baird, William Blair, HL) but recent have been interested in working Leveraged Finance in New York.

I know it is incredibly challenging to go from SA to FT at a different bank so I want to build as strong a resume as possible. I have some corporate bond Fixed Income modeling experience from a previous AM internship which involved building 3 statement models of large public companies.

I'm looking at part-time buyside internships for this next semester and wanted your guy's input on which would be most impressive for a New York lev fin application. Here are my options for part-time next semester:

1: lower mm private equity
2: mezzanine debt shop
3: private equity fund of funds (very few coinvestments)
4: fixed income HF (mostly as a trading / ops intern)

Would you guys please rank these 4 as far as which you think would be most impressive for lev fin given that I already have Fixed Income AM experience and will have MM IB experience next Summer?

Thanks for all your help!

GgLp

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Comments (6)

Dec 26, 2017

As someone who is "interested in working [in] leveraged finance" the answer should be pretty clear. Lower MM private equity (Theres a reason its called a LBO) or mezzanine debt shop (leveraged debt) are the obvious choices. Now you mention you're looking at part-time internships yet asking others to rank them seems to indicate you already got the offers? I would recommend focusing on actually landing the offer before deciding which is "most impressive"

Dec 26, 2017

Thanks for connecting! I agree that PE and Mezz is a clear choice, but I have an offer at the PE fof (should've mentioned). Do you think that will help me much for lev fin or do you think I should wait and try to secure one at a PE or Mezz shop?

Dec 26, 2017

I have no familiarity with the part time off-cycle recruitment process, but the PE or Mezz would probably be much more valuable experience than the Fund of funds - how long do you have to accept there offer/could you accelerate the other two timelines to get a decision before the FoF offer expires? If not, I really can't tell you what to do - really depends on how likely you think it is you would get the PE or Mezz offers

Dec 26, 2017

I've got a couple weeks on the fof offer but I don't think I can leverage the offer to other shops.

Since it's so competitive into FT BB, do you think there's honestly any value at all in a fof internship? Because if not, I figure it's better to just keep trying to get a mezz or PE one. Thanks!

Dec 27, 2017

Something>nothing. Even if you don't get into B.B. there are a lot of very respectable levying shops with big balance sheets and high deal flow (WF, Japanese banks etch that would be impressed with an internship progression that includes PE funds.

Dec 26, 2017
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