2026 Five Arrows Direct Lending Long Term Internship - London

Program Overview

Region: EMEA
Country: United Kingdom
Division: Five Arrows
Programme: Long Term Internship
Duration: 6 months

This London-based 6-month internship offers an opportunity to join the Five Arrows Direct Lending business. Five Arrows Direct Lending provides customised senior and subordinated debt financing solutions to privately-owned businesses across the European mid-market. Capital solutions range from unitranche, second lien, and mezzanine debt to PIK notes, preferred equity, and minority common equity, enabling the team to structure optimal financing packages for each opportunity. The business focuses on three core sectors: Healthcare and Education, Software, Data and IT Services, and Business and Financial Services. The team comprises 18 investment professionals operating from London, Paris, and New York. The long-term internship offers the opportunity to work as part of a lean deal team, conduct extensive in-house research, and construct an investment structure to balance risk and reward. Five Arrows Direct Lending currently invests from its fourth generation fund (Five Arrows Debt Partners IV), a €2.4 billion committed capital fund. Five Arrows is the alternative assets arm of Rothschild & Co and manages approximately €30 billion in assets across private debt, public debt, and private equity strategies.

Responsibilities

• Industry and Company Due Diligence: Conduct in-depth research on industries where potential investment targets operate and perform analysis of targets’ historical performance and future prospects.
• Financial Modelling: Develop and maintain customised financial models.
• Investment Process Coordination: Support the team in coordinating due diligence and transaction processes, both internally and with external advisers.
• Investment Evaluation: Formulate and articulate perspectives on the credit quality of potential investments and what defines an exceptional business from a lending perspective.
• Committee Memos: Prepare detailed memos for the investment committee.
• Deal Execution: Assist in executing deal workflows and monitor existing portfolio companies.
• Relationship Building: Enhance relationship skills through exposure to senior investors and investment committee members.

Skills & Qualifications

The long-term internship is designed for individuals who are intellectually curious, analytical, and motivated to learn. Applications are welcome from candidates across all academic disciplines. Prior experience in finance is not required. Successful candidates typically demonstrate:

• Genuine interest and enthusiasm for understanding businesses and assessing investment quality.
• Ability to be proactive and persevere to deliver results.
• Ability to work independently and take a high level of responsibility.
• Ability to build effective relationships between individuals, teams, lines of business, and across geographical/cultural boundaries.
• Excellent listening skills.
• Ability to communicate clearly, persuade, and influence.
• Understanding of the fundamental principles and application of corporate finance.
• Enthusiasm for developing these skills and applying them creatively.
• Ability to build long-term, professional relationships with management teams, private equity sponsors, and advisors.
• Good understanding of financial statements (P&L, cash flow statements, and balance sheets).
• Advanced Microsoft Office skills (Word, PowerPoint, and Excel).

Qualifications

• Outstanding academic track record.