The Carlyle Group
Intern
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Fund or Department Description
Carlyle's European Private Credit team focuses on an Opportunistic / Hybrid Capital strategy called CCOF which is in fund III vintage with $20bn+ AUM following its launch in 2017. Carlyle's CCOF strategy is seeking to provide funding or be a non-control investor in founder, family, management-led businesses that need capital for growth, M&A, capex, liquidity or special situations (80% of transactions). Instruments are varied and structures are tailor-made. The CCOF strategy occasionally caters to the needs of sponsor-owned businesses: junior debt, complex, transitional capital (20% of transactions). Target returns of 15-20%.
In addition, the team has launched last year a European direct lending strategy which offers the opportunity to be part of a new strategy launch.
Position Summary
This opportunity is to work with the Private Credit team based in London. The role will involve providing analytical support to the team as they evaluate new investment opportunities throughout the UK and Continental Europe. This role will work alongside the team during the execution of new investments in these regions. The environment is fast-paced and demanding, with a strong emphasis on learning about investing and development as an investment professional within the Private Credit sectors. Candidates will work directly with senior investment professionals on the team and will be encouraged to be proactive and to take ownership of important projects.
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Primary Responsibilities
The intern is expected, as part of a team and with guidance, to evaluate potential investment opportunities across a wide range of industries and geographies. They will be able to assess and present clearly the strengths and weaknesses of a potential investment, on both a quantitative and qualitative basis.
In this role, you will:
- Develop dynamic operating models
- Perform fundamental credit analysis
- Evaluate returns potential, optimal capital structure, and exit scenarios
- Develop and apply understanding of key aspects of loan and bond documentation, restructuring mechanics, and insolvency regimes in various jurisdictions
- Analyze capital structure and various debt instruments to establish the most attractive entry point, based on fundamental business valuation and downside protection analysis
On a typical day as an Intern, you will:
- Interact with advisors and management teams to evaluate and underwrite investment opportunities as part of due diligence processes
- Develop relationships with other market participants to identify general investment themes and specific opportunities
- Monitor existing investments including liaising with management and senior team members
- Work on potential portfolio add-on acquisitions or refinancing transactions
By the end of the Internship, you will have developed a good understanding of capital structures and the potential levers for value creation, both financial and operational; you will have worked within the team to help present opportunities to investment committee.
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Requirements
Education & Certificates
- Excellent academics in a related degree, such as Finance or Economics
Professional Experience
- Proven interest in a career in Investment Management; previous internship in similar industry preferred.
- Excellent excel skills; strong quantitative, credit, financial modelling and analytical skills; and a good understanding of financial and accounting valuation methods.
- Excellent research and due diligence skills with an aptitude for numeracy.
- Willing to take initiatives and drive the project forward to completion.
Competencies & Attributes
- Excellent interpersonal skills are required as well as being a team player.
- Self-starter; has confidence in asking questions and ability to work independently in a fast-paced environment with a willingness to learn.
- Understanding of key capital structure and credit concepts.
- Good communication and presentation skills.
- Tenacious/persistent - with a desire to go the extra mile.
- Mature and hard-working approach, strong executive presence.
- Solid organizational skills, high attention to detail and ability to prioritize.
- Personal and professional integrity of the highest order.
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