2026 Five Arrows Direct Lending Long Term Internship - London

Overview

This London-based 6-month internship is an opportunity to intern with 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 team focuses on three core sectors: “Healthcare and Education”, “Software, Data and IT Services” and “Business and Financial Services”. The Five Arrows Direct Lending team comprises 18 investment professionals operating from London, Paris and New York. The 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 ~€30 billion in assets across private debt, public debt and private equity strategies.

Responsibilities

• Be a fully integrated member of the investment team, gaining exposure to all stages of the investment process.
• Industry and Company Due Diligence: conduct in-depth research on industries where potential targets operate and analyze 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: form and articulate perspectives on the credit quality of potential investments and define what constitutes 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 required

The internship is designed for individuals who are intellectually curious, analytical and motivated to learn. We welcome applications 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.
• Proactivity and perseverance to deliver results.
• Ability to work independently and take a high level of responsibility.
• Ability to build effective relationships across individuals, teams, lines of business and geographical/cultural boundaries.
• Excellent listening skills and the 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, balance sheet).
• Advanced Microsoft Office skills (Word, PowerPoint and Excel).

Qualifications

• Outstanding academic track record.