Private equity
Private equity firms buy companies, work to make them more valuable, and sell them a few years later. The firm raises money from pension funds, insurers, endowments and wealthy families into a fund that typically lasts around ten years. The firm runs the fund and the investors wait for their money back. The firm is paid a yearly management fee plus a share of the profits, called carried interest.
Most deals are buyouts. The firm buys control of a company, paying partly with its own fund's money and partly with borrowed money. It then works with the management team to grow the business, cut costs or buy smaller competitors, before selling it to another buyer or listing it on the stock market. Growth equity funds buy minority stakes in fast-growing companies instead.
A junior screens possible targets, builds the buyout model, runs due diligence with lawyers and accountants, writes the paper the investment committee votes on, and later tracks how the owned companies are doing. Most firms hire bankers after one or two years, through a fast and early recruiting process; a smaller number run graduate and intern programmes.
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Private equity |  StepStone Group | Summer | Second-to-last or final year at university | 2 weeks Closes 13 Nov |
| Private equity · Valuations consultant | Eximius | Experienced | 2+ years | 2 weeks |
| Private equity · Infrastructure | StepStone Group | Placement | Second or second-to-last year at university | 2 weeks |
| Private equity |  Morgan Stanley | Off-cycle starts Jan 2027 | Recent graduates | 4 weeks |
| Mergers and acquisitions · BCG Platinion |  Boston Consulting Group | Experienced | 3 to 5 years | 4 weeks |