Intern, Infrastructure Investments - London (Off-Cycle January - June 2027)

This is a six-month off-cycle internship in PSP Investments' Infrastructure Investments team in London, running January to June 2027, posted on 2 September 2026 with a deadline to apply of 20 September 2026. The work, as listed: supporting analysts and associates in the review and assessment of potential investment opportunities, including preparing summary presentations and investment recommendations; financial analysis and modelling with a focus on validating business plan assumptions, identifying key value drivers and performing asset valuation; participating in due diligence through the review of external consultant reports; supporting the investment team in the management of assets already in the infrastructure portfolio; and researching and preparing strategy papers on sub-sectors of infrastructure the group may look at. Source

Infrastructure comes in four flavours with different revenue engines. Regulated utilities - water, energy networks - earn an allowed revenue set by Ofwat or Ofgem every five to eight years on the Regulated Asset Base. Transport, meaning tolls, airports, rail and ports, carries demand risk directly: traffic and passengers determine receipts, and 80% of greenfield toll roads overestimate year one traffic by 20-30%. Social infrastructure - PFI schools and hospitals - is paid a fixed unitary charge regardless of usage, so demand risk is zero. Digital infrastructure means towers, fibre and data centres. Gearing runs high across the class, typically 60-80% net debt to RAB, because cashflows are predictable and asset lives match long debt tenors, with covenants around interest cover above 1.75x and debt service cover of 1.3-1.6x. RAB multiples of 1.2-1.6x are typical for utilities; airports trade at 14-20x EV/EBITDA and towers at 20-30x. The real diligence pain is regulatory resets - Ofwat cutting the allowed cost of equity from 4.8% to 2.75% destroyed 30-40% of equity value in a single cycle - contractor insolvency on fixed-price construction, political intervention including windfall taxes, and inflation-linkage mismatches when RPI swaps to CPI. Read the concession. Model the downside. Source

Match PSP's own coverage list - transportation, power generation, telecommunications and utilities - against those four flavours and you get transport, regulated utilities and digital infrastructure, with social infrastructure absent. That is what to read up on. And notice the single most specific phrase in the job description: 'validating business plan assumptions'. On an infrastructure deal the model is a long forecast for one asset, and the whole argument sits in whether the sponsor's traffic, volume or availability assumptions hold. The line above about greenfield toll roads overestimating year one traffic by 20-30% is exactly the kind of assumption an intern gets handed to test. 'Intern' is the band - you support analysts and associates rather than run a file - and 'Off-Cycle January to June 2027' is six months in the middle of an academic year, not a summer.

The unit is PSP's infrastructure team, which the posting says invests globally on a long-term basis, primarily in transportation, power generation, telecommunications and utilities, and aims to be an insightful global investor and valued partner, selective across markets and focused on the long term. The team is more than 40 investment professionals spread across Montreal and London, working together across geographies on M&A execution as well as the asset management of portfolio investments. Source

Two things follow from 'more than 40 investment professionals spread across Montreal and London' that are worth knowing before you apply. The page never says how many of those forty sit in London, so ask - the London share is the team you would actually work with every day. And because the team explicitly works across geographies rather than by region, the assets you touch would not all be European: a long-term global infrastructure book run from two offices means files follow whoever has capacity. That is a broader six months than a regional desk would give you, and it also means the hours occasionally follow Montreal.

PSP Investments is one of Canada's largest pension investors, with CAD$320.6 billion of net assets as of 31 March 2026, investing the funds of the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. It is headquartered in Ottawa, with its principal business office in Montreal and offices in New York, London and Hong Kong. Source

14 people have held London roles at PSP Investments as a whole since 2018 - every asset class the fund runs from this city, in one number. It is a thin figure against a fund of this size, which is the honest signal about London: a small office attached to a very large balance sheet, where the decisions are shared with Montreal.

There is a stated closing date: 20 September 2026. To apply you upload your resume, a cover letter and your most recent unofficial transcript. Source

This is a real deadline rather than a rolling one, which is rarer than it should be: 20 September 2026, two weeks out from the day this was written. Order the work backwards from that date and start with the transcript, because a university transcript request takes days rather than minutes and it is the one item on this application you cannot write yourself the night before.

A January-to-June start rather than a summer one is a different pipeline with a different candidate in mind: a placement year, a master's course with a six-month gap, or a graduate with time before a September start. It cannot be squared with a penultimate-year undergraduate's Lent and Easter terms. Confirm your own dates before you request a transcript.

What the posting asks for: enrolment in a Bachelor of Commerce, or in a Master's in Business, Science, Engineering or Mathematics; high academic achievement; a positive, proactive attitude with a strong desire to learn; excellent attention to detail and good organisational skills; a team player who thrives in a deadline-driven, high-performance environment; open-mindedness and active listening; a respect for differences of opinion and an inclusive mindset; and strong communication with fluent written and spoken English, with bilingualism listed as an asset. Source

The degree line is the gate and it is oddly shaped, so read it twice. At master's level it is wide - Business, Science, Engineering or Mathematics all count, which fits an asset class where the diligence is as much engineering reports and concession contracts as it is finance. At bachelor's level it names one thing only: a Bachelor of Commerce. If you are doing a straight economics, engineering or maths undergraduate degree you are outside that wording as written, which is very likely not what they mean - but it is worth a short email asking rather than a silent rejection. Note too that no prior finance experience is asked for anywhere on the page; this is written for a student, not for someone with an internship record.

'Bilingualism an asset' appears without naming a second language, and the firm's principal business office is Montreal. Read it as a genuine nice-to-have rather than a gate - nothing on the page makes any language other than English a requirement. What the page also does not address, in either direction, is the right to work in the UK. Settle that before the deadline, not after.