ASP seeks a Private Equity Associate intern for an unpaid internship position. This is an educational internship opportunity for current students.
The intern will report to the Managing Partner and may help with all aspects of operating the firm and researching potential investments. The position will expose the intern to managing a startup investment firm, sourcing and diligencing investment ideas, and interfacing with influential investors in the search fund / “entrepreneurship through acquisition” industry. The position is ideal for someone interested in the intersection between investing and entrepreneurship, in particular students interested in pursuing careers in search funds, also known as entrepreneurship through acquisition. The intern’s responsibilities will span from marketing, sales, and operations of ASP, to due diligence on potential investments, to building operating plans for potential portfolio companies.
The position is part-time, unpaid and remote with expected hours of 8-10 hours weekly for a semester. The weekly schedule will be determined on a case-by-case basis so as to accommodate the intern’s other academic coursework. Video-conference check-ins will be completed during regular business hours, Monday-Friday 8 am to 6 pm. The intern may request course credit from their university for the internship. The for-credit internship will include a discussion of learning objectives, weekly check-ins to ensure learning progress, a midterm evaluation, and a final evaluation as well as an hourly log sheet.
The intern will report to the Managing Partner, helping with all aspects of operating the firm and researching potential investments. Interns may tailor their experience based on their particular areas of interest, whether investments, operations, sales & marketing, or investor relations; or choose to work equally on all areas.
· Perform industry research and create market maps for industries of interest
· Contribute to outbound sales efforts to increase proprietary deal flow, including lead and account prospecting, marketing communications, sales campaign management, and managing sales operations
· Evaluate inbound deal flow from small business brokers
· Prepare investment memoranda including financial forecasts
· Accompany Managing Partner on calls and to conferences regarding prospective investments
· Articulate investment theses for prospective portfolio investments
· Create operating and growth plans for prospective portfolio companies
· Perform various administrative and operating tasks such as summarizing diligence meetings and updating the CRM
· Prepare investor communications and respond to investor requests
· Currently pursuing an undergraduate or MBA degree
· Familiarity with basic business, investing, and financial concepts from self-conducted research or prior coursework
· Interested in pursuing a career in entrepreneurship or investing, regardless of prior experience
· Proactive and self-starting with ability to work in unstructured environments
· Collaborative, intellectually curious, reliable, diligent, and attentive to detail
· Utilizes a creative approach to problem solving
· Acts professionally and with integrity at all times
Learning Objectives Overview
· Understand how private investment firms and search funds operate
· Understand the opportunities, risks, benefits, and challenges of being an entrepreneur
· Experience all phases of the investment process, from idea generation, to industry research, to target prospecting, to proprietary outreach, to due diligence, to negotiation and closure
· Learn about and work towards the expectations of a professional work environment, including accurate and timely completion of work, creating professional-looking documents and work products, managing time effectively, being organized, communicating regularly with managers, taking initiative, solving problems in a resourceful manner, and maintaining a collaborative and positive attitude
Specific Projects to be Completed by Intern to Address Learning Objectives
The Managing Partner will oversee the below projects for the intern and provide ongoing feedback to ensure learning objectives are met by the end of the internship.
1. Understand what makes a particular industry attractive for investment
· Create and Industry Investment Thesis Pitch
2. Understand what makes a particular business attractive for investment
· Create an Investment Memorandum
3. Understand how to conduct research on an industry or business
· Create a Due Diligence Question List
4. Understand how to value a business
· Create a Company Financial Model and Discounted Cash Flow Analysis
5. Understand how private investment firms can create value after acquiring a business
· Create a Post-Acquisition Operating Plan
6. Understand how to source investment opportunities
· Create an Outbound Sales Campaign
7. Understand how to run an effective due diligence process
· Create a Due Diligence Schedule
8. Understand how to negotiate a deal
· Create a Draft Letter of Intent
9. Understand the different types of private investment firms and how to raise a search fund
· Create mock Private Placement Memorandum to prospective investors
10. Understand how to measure operating effectiveness
· Create a Monthly Key Performance Indicator (KPI) Update to Investors
ASP is committed to equal employment opportunity, affirmative action, and nondiscrimination on the basis of race, color, national origin, gender, marital status, religion, age, disability, and veteran status. This commitment includes equal opportunity and non-discrimination on the basis of sexual orientation and compliance with the Americans with Disabilities Act, which prohibits discrimination on the basis of disability in the workplace.