The specificity of the internship is less important than the story you spin. That said, the closer to banking the better.

A general rule of thumb for breaking into IB would be:

IB >= PE >= HF > = S&T > Corp. Bank >= Consulting > Corp Dev > Corp Fin >= Tech

And yes there are outliers. We all know working at Google is better than working at a random bank in Alaska

 

All of these rankings are contingent on the brand name of the firm. If you are doing AM research for a BB, it's worth as much as anything else. If you are doing it for a LMM shop, it's prob comparable to Corp. Banking

 
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Actual PE definitely better, but a search fund a great first step. If you want to break onto WS, you should try to build on the experience. That said, you should try to get as much possible out of your time at the fund. Additionally, the person/people running the fund likely has/have PE/IB/Corp Dev. experience that you can learn from and weave into your story. Also, try and tap into their network. One thing I would recommend is getting in contact with some of the MM bankers that the fund is working with for future job opportunities, advice, or just expanding your network.

Make sure you don't lie and say you are working at a PE shop when you are working at a search fund. It's pretty obvious if you are working at a Search Fund vs. traditional PE based on the name of the company and the experiences on your resume.

 

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