How to Prepare for Upcoming PE Internship?

Hey guys, I'll be starting my position as an intern at a PE firm soon. This will be my first exposure to PE so I'm just trying to read up about it, and I'm also just topping up my financial modeling skills.

Anything else or any tips for me before the internship starts?

Thanks a lot!

Comments (27)

Aug 12, 2016
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9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Aug 12, 2016

I am going to be something similar but I don't think there are many ways to prepare.

Aug 12, 2016

Hi etx, just because I'm a bot doesn't mean I don't have feelings...I'm hoping these links are helpful. If not, feel free to throw monkey shit at me...

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  • More suggestions...

No promises, but sometimes if we mention a user, they will share their wisdom: @eau @TireKicker @careerfanatic

Fingers crossed that one of those helps you.

Aug 12, 2016

transaction experience

    • 1
Aug 12, 2016

2 words brady. Very informative.

Try to get a good overview of the process involved outside of your deals youve been working on. Get to know the investment thesis and how to construct one. Get to know about the other aspects of the fund - the sourcing, legal work, and as much as you can in general about the funding/investing process. Get very familiar with the sources and uses of the funds and the reasoning for the capital structure.

"...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident."

  • Schopenhauer
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Aug 12, 2016

Try to sit in on investment committee meetings. Usually comprises mostly of senior guys. Not sure how big your PE firm is, but if it's on the smaller end, you might be able to at least sit on it (just take notes, dive into the thought processes that these guys have when considering investments or exits for their portfolio companies).

Sometimes lies are more dependable than the truth.

Aug 12, 2016

Agree with everything said above. I found it really helpful to look through the management agreement/partnership agreement (whatever they call it) if you have access to it. It lays out everything (some can be extremely long 100+ pages) but you will get a solid overview.

Aug 12, 2016

Thanks for the advice guys

Learn More

9 LBO Modeling Tests, 10+ hours of PE Cases and 2,447+ interview insights across 203 private equity funds. The WSO Private Equity Interview Prep Course has everything you'll ever need to break into the competitive PE industry. Learn more.

Aug 12, 2016

Hey,

I'm a summer intern for one of the world's largest aluminum companies and I was wondering could anyone provide me with a modeling template? DCF Models? M&A Models? LBO Models?

My email is [email protected]....

Thanks,

Nicholas

Aug 12, 2016

bump, son.

I thought all of you were rock stars in the internship game, from the self-congratulatory talk that goes on on these boards. No one has any experience worth sharing, huh?

Aug 12, 2016

well most PE shops don't hire straight out of undergrad, but that fact that you have the internship gives you a shot. How many other junior guys work there? Are you going to be allowed to do modeling and look at deals? If so, and you prove to them that you are capable, I don't see why you couldn't be hired FT.

I'm sure it has been done (especially for smaller PE shops that don't have a rigid recruiting process), but I think you will need to show a level of maturity and competence that is difficult to do at 21.

I went the typical iBanking - PE route so I don't have direct experience...if you can skip the banking and go straight to PE I would do it.

Aug 12, 2016

Thanks, nychimp. They have two guys at the analyst level. I'll be doing sector and company research, some modeling, and have been promised the chance to sit in on any meetings with mgmt teams for prospective or active deals, and to get some experience with due dili if a deal goes through that stage over the summer.

From your experience, what do you consider to be tangible aspects of maturity and competence, besides picking up the technical skills?

Aug 12, 2016

Check out this for a roadmap on steps to take on how to prepare for the internship: http://www.gottamentor.com/viewRoadmap.aspx?r=259
Check out these for first hand narratives of equity research summer analysts from last year:

http://www.gottamentor.com/viewAdvice.aspx?a=37
http://www.gottamentor.com/viewBlog.aspx?b=77

Aug 12, 2016

I am in equity research. I did not really prepare at all other than just general knowledge of the markets. I would find the companies your Analyst covers and research them. I would probably look at the Analyst's notes if you can find them online. What firm will you be working at? If it is unpaid, I would say don't let the lack of money be an incentive to slack off. I worked unpaid and it has definitely worked in my favor even though it didn't pay bills. Feel free to pm me.

Aug 12, 2016

your all's comments were helpful

Aug 12, 2016

In this case I'd suggest you become actual friends with these guys, and then when you're actually friends, tell them you're applying for jobs in investment banking. If you're friends with them, they will offer to leverage their connections for you

Aug 12, 2016

Not at all. You're there as extra help, and aside from the di minis amount they'll pay you, would be fine I'd think.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equit...

Aug 12, 2016

Advice is cheap and only costs them a little bit of their time. I'd be shocked if they viewed your asking as negative (unless they are looking to hire you full time after your internship). As Stringer mentioned, I wouldn't actually ask them to pull strings for you unless you're friends with them or they can speak to your high level of performance.

CompBanker

Aug 12, 2016

Thank you!

Aug 12, 2016
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