PE internship as an Ugrad? Which Internship?

I heard that private equity firms rarely hire interns and especially not junior Ugrad interns. So anyways, I received an offer from Valstone Partners which is a private equity firm with a bunch of Ross MBAs and alums. They seem like a very small lean firm. I am now worrying if perhaps the internship is just because they wanted a coffee-getter or someone to go and do all the busywork.

My other choice for an internship is UBS Ibanking which I would usually take over Valstone but since UBS Ibanking is currently not doing so well and I recently read this article on Valstone:…

I just don't know what to do. Will I learn more at Valstone or will they make me do secretary type work? Will I be unqualified for Private equity analyst work since I'm just a Ugrad? Is UBS Ibanking better? Any help is greatly appreciated as are comments and feedback. I heard that UBS interns don't do anything atm so I want the experience that will help me learn the most about the industry. In the future I do plan to go into private equity. I also dislike Ibanking a bit due to my sophomore experiences but I'm willing to give it another shot if Valstone is just smoke and mirrors.

Comments (19)

Mar 16, 2009 - 9:31pm

second the above. I was considering working there for a bit so did a bit of research/talking to people (ended up going elsewhere)

If you REALLY like repe or just distressed investing in general, go with valstone. Otherwise, ubs is clearly the way to go.

Valstone's all great people and good at what they do (very small distressed, mostly RE deals) and it should be a great experience if you're into that sort of thing. However, it would likely be fairly limiting long term. They're a small and young firm so exit ops are hard to say from that place, but i think of their last few (and maybe only) people to go through the program from ugrad and then leave their detroit office, from what i remember all that went to bschool got into top schools (i think all those i know of went on to wharton mba?) or very good distressed HF's or REPE firms. As you can see, solid IF distressed and/or REPE is the field you want to be in. Otherwise, very limiting.

other considerations - 1.) its in detroit, which sucks and 2.) fulltime conversion - when i was talking to them last year, they had like 4 or 5 interns the previous summer and took one on for full time, though honestly ubs might not have a better conversion rate this year either

Mar 16, 2009 - 10:22pm

I worked at a small PE firm during the summer before my senior year. It was a great experience due to my level of responsibility. If you are going to have real work to do or someone is willing to take you under their wing and show you the ropes than it could be a great opportunity. Also, if you already have some IB experience and didn't like it check out the PE world. It is definitely something I hope to get back into in the future.

However, the only problem with PE has to do with what aardvarkaa had to say. You are sort of limited long term because the likelihood of you getting FT offer out of undergrad is slim to none. Nevertheless, it could be a great experience.

Mar 17, 2009 - 12:09am

Thanks for the comments everyone! Yea I don't know whether I want to stay there long term and I don't want to do my third option which is Citi Ops (unless you guys think I should?)

I just want to get some experience under my belt and walk away with a great internship and be able to proudly display it on my resume for next year when I go jobsearching and hopefully the market is a bit better by then.

I think exit ops are better with UBS like you guys said but I'm not expecting a fulltime offer from either of these firms, though it would be nice. So are there any more pros/cons to either?

Mar 17, 2009 - 1:12am

Take UBS over PE. You will not get the same exit opportunity if you take the Valstone offer. That PE internship is not as a big deal as you are thinking right now. A PE internship is probably only comparable or above the UBS internship if it's at a mega fund like TCG, BX, etc. However, you could consider Valstone internship if you are specifically interested in REPE, have previous investment banking experience, or know specifically what you want to do.

Mar 18, 2009 - 1:22pm

I'd just ask what you will be doing very specifically. Good Luck

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Apr 10, 2009 - 7:23pm

can you guys start a thread listing the PE firms in each major city, similar to the thread on the ibanking section?
I am looking for all the PE firms in LA/SD/SF/Irvine areas

Thanks guys

Why don't you start that thread champ? It'd actually be nice to have, I have extensive lists for a few regions that I'd put up if it got going

Mar 13, 2017 - 8:55pm

Undergrad intern in PE firm (Originally Posted: 11/23/2008)

Im currently an undergraduate, majoring in finance & accounting. I was offered for an internship on wall street at a PE firm and a boutique ibank at chicago.

is it a good choice for an undergrad to work on an internship and learn something from a PE firm? or should i just go for the boutique ibank?

im just worried that im not good enough for the work at the PE firm and will end up learning nothing!

Mar 13, 2017 - 8:56pm

im worried that the boutique wont be doing any business and u wont learn anything.

------------ I'm making it up as I go along.
Mar 13, 2017 - 8:59pm

which internship would be best for me if i am currently an undergrad junior who will apply for FT positions in fall:

  • at a pretty unknown boutique IBank (i am here currently, they are more reputed for their equity research team)
  • or at a relatively small PE firm with around 1.4 billion in committed capital?

thanks guys

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