Reneg Private Markets Intern Offer for a LMM PE?

Hey WSO Community! I have already accepted a private markets internship offer from a PE FOF (think HarbourVest, StepStone but a lot smaller / they mostly do co-investments). I just got another intern offer from a LMM PE fund that manages roughly $200MM and is continuing to expand. Just to clarify, I am leaning more towards the Private Markets internship but I think it's going to very challenging for me to recruit for IB post-internship because of the limited spots available.

I know that reneging is not the best solution but if it affects my early career - I think I need to do what's in my best interest! I've been told that the Private Markets Internship would involve helping with investment memos, DD, etc... while the LMM PE internship will involve helping Analysts and Associates with LBO modeling and memos but would mostly involve a lot of cold-calling/emailing and admin tasks.

I got along very well with both teams and I still prefer fit over everything else but in case I change my mind and prefer to recruit for FT IB what would set me up better? I am very confused and excited at the same time as both opportunities sound exciting. PE FOF is based in a mid-tier city while the LMM PE firm is based in a very small town. I might even consider full-time ops with the firms if given the FT offer so which place would be the best to start off with. The main question is which experience would be more enriching and valuable for me going forward. How challenging would it be to re-recruit for IB FT roles?

For a quick background, I study at a semi-target (more like non-target to most users here). I had two superdays with a top MM and BB and several first rounds with IBs but was unsuccessful - I did network a ton and build a lot of connections (had 85 info calls/chats so far)! I would love to attend bschool at some point in the future and potentially continue my career in finance (buy-side)!

Comments (3)

Mar 9, 2019

Depends on fit and whether you prefer the mid-tier city or regional city experience - either way, both are nice opportunities but wouldn't set you up as strong as IBD SA experienced candidates that will rerecruit to lateral.

Mar 10, 2019

Reneging is not something to take lightly. You are completely screwing over the company that is taking a chance on you, and if you got in through alumni connections from your semi/non target your school may be blacklisted from that firm in the future. Not a great way to start a career in my opinion. I know others take reneging less seriously, but I would only do it at the entry level under extreme circumstances

If you had a top BB IB offer I would consider changing my mind, but your two offers are similar and you shouldn't burn bridges just to get half a rung higher. Especially with the other offer being in a small town, less enriching work... I can't really see an upside to flipping your offer here.

FT IB recruiting is difficult, so start touching base with your network again/find new connections to get ahead on that

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Mar 10, 2019