2027 Five Arrows Private Equity Long Term Internship - London

This is a London-based six-month internship with the Five Arrows Corporate Private Equity business, starting in January 2027. That business runs three strategies aimed at different segments of the European and North American middle market: Five Arrows Principal Investments, whose fourth-generation fund is investing 2.5 billion euros into mid-market companies; Five Arrows Growth Partners, investing around 1.0 billion euros into lower mid-market buy-outs; and Five Arrows Long Term Fund, deploying 1.2 billion euros into the upper mid-market with the option of longer holding periods. All three focus exclusively on technology, services and similar models within healthcare, industrials, professional services and regulated industries. The team is around 100 investment professionals across London, Paris, New York and San Francisco. Source

'Long Term Internship' is Rothschild's in-house name for a six-month off-cycle seat, so read past our summer-internship tag on this row: a January 2027 start running six months takes you to roughly the following summer, full time, with no summer-holiday version available. In practice that fits finalists who finish in December, master's students with a gap before or after their course, and graduates. A penultimate-year undergraduate on a three-year course cannot take it without interrupting their degree.

'Corporate Private Equity' is the token that separates this from the rest of Five Arrows. It is control buy-outs of mid-market companies, which is a different job from the direct lending and credit strategies that sit under the same Five Arrows banner: you are underwriting equity upside and a value-creation plan, not debt service. The three funds named also tell you the cheque sizes vary widely, so ask which fund the intern actually supports.

The posting lists what you would do: researching the industries in which potential targets operate, identifying and evaluating investment opportunities, supporting the preparation of investment committee memos, developing and maintaining bespoke financial models, assisting with deal execution workstreams and monitoring existing portfolio companies, forming and communicating a point of view on how value is created and what characterises an exceptional business, coordinating due diligence and transaction processes internally and with other advisers, and building relationships through exposure to senior bankers and investment committee members. Source

13 people have held London roles in Rothschild & Co's Merchant Banking arm since 2018, which is the unit the record place this seat in. Against 181 for the firm in London as a whole, that tells you the funds business is a small part of the building and that an intern here is visible to everyone in it.

Five Arrows is the alternative assets arm of Rothschild & Co and manages over around 34 billion euros in assets across a range of private equity and private debt strategies. Source

321 people have held London roles at Rothschild & Co as a whole since 2018, most of them in the advisory bank rather than in the funds business this seat belongs to.

A January start and a six-month length is the standard European off-cycle private equity model, and it exists because a deal team wants someone useful for two quarters rather than eight weeks. Plan for it as a block out of your academic year, not as an addition to a summer. The reward is that six months on a mid-market buy-out floor is the single most direct piece of evidence for a graduate private equity or banking application.

This page publishes no application opening date and no closing date at all. Treat it as open and rolling: for a January 2027 start, decisions get made in the autumn of 2026, so applying in September or October is the difference between being considered and being told the seat has gone.

The qualifications are an outstanding academic track record, meaning a 2:1 or above, obtained or expected, and previous internship experience at either a leading investment bank in M&A, leveraged finance or ECM, a private equity firm, or a top-tier strategy consulting firm. The competencies listed include an understanding of the fundamental principles of corporate finance, an understanding of commercial value drivers and what matters in a leveraged buyout context, advanced Word, PowerPoint and Excel, and the ability to build long-term professional relationships with management teams and advisers. No year of study, graduation window or right-to-work condition is stated. Source

The prior-internship requirement is the gate, and it is written as a requirement rather than a preference. This is not a first internship: you need a banking, private equity or strategy consulting stint on the CV before you apply, and 'obtained or expected' on the 2:1 means graduates are as welcome as students. If you have that first internship, the leveraged buyout line tells you exactly what to revise, because you will be asked how a buy-out actually makes money.