PE After MBB Internships

Hi there,

I would be happy to share my thoughts on your question:

• First of all, unfortunately, no one can give you an overview of private equity firms where you have a realistic chance of success, as this is highly subjective and depends on your performance in the application processes.
• Moreover, private equity seems to have changed in terms of recognizing the business knowledge that consultants bring to the table as opposed to investment bankers. So my advice would be to just apply and see what happens.

If you would like a more detailed discussion on your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

Hi there,

Your MBB experience carries a strong signaling effect (especially since you made it into two firms and worked there, something few have on their resume). The skills also overlap well with PE, making your profile stand out for sure!

Networking is key here. Focus on firms with a history of hiring ex-consultants and leverage alumni from your previous MBB internships. Look for people at these firms who share your MBB background on LinkedIn and start networking - they’ll be your best entry points.

While IB is the traditional path, some top PE firms in Germany do hire consultants directly, especially for operational/value creation roles. Some PE firms in Germany known to hire consultants include Advent, Cinven, Bain Capital, and some mid-market/local players. Targeting strategy-heavy PE teams or growth equity firms could also increase your chances.

All the best,
Florian

Hey there 🙂, having two MBB internships is already a great foundation for breaking into Private Equity, even without Investment Banking experience. While it’s true that many top PE firms prefer IB backgrounds, there are definitely firms in Germany where you can break in directly from consulting.

Best PE Firms in Germany Open to Consulting Backgrounds

✅ Mid-Market & Large-Cap PE Firms with a History of Hiring from MBB:

• BC Partners
• Advent International
• Permira
• Cinven
• Bain Capital (since you interned at MBB, this can be a good bet)
• CVC Capital Partners
• EQT

✅ German-Specific & Mid-Market PE Firms Open to MBB Candidates:

• Deutsche Beteiligungs AG (DBAG)
• Quadriga Capital
• Triton Partners
• Waterland Private Equity
• Ardian (Germany office)

How to Maximize Your Chances?

• Target PE firms with a strong operational focus—these firms appreciate strategy consulting experience, especially for portfolio management and value creation roles.
• Apply for off-cycle internships—some firms offer internships outside the regular IB-heavy recruiting cycles, which could increase your chances.
• Leverage your MBB network—many PE firms have ex-consultants in their ranks, so networking is key!
• Highlight relevant skills—position your problem-solving, due diligence, and strategic insight experience from consulting in a way that aligns with PE work.

You definitely have a realistic shot at breaking into PE directly from MBB internships, especially at mid-market firms or funds with an operational focus. Feel free to reach out if you need help refining your approach!

Best, Alessa 😇

Hi there, 

I don’t think you necessarily need IB experience to be able to get into PE firm. 

In fact, MBB would give you strong credential to get into PE, provided you have solid experience doing related work, e.g., Due Diligence. Bain PEG team does a lot of work with top PE firms across the world. I have many colleagues who did PEG rotation (6-9 months) in Bain and then moved out to PE firms. BCG has its PIPE team which is similar. 

Best,

Emily

More and more firms right now are hiring ex-consultants. Of course, not for the financial modelling.

Hi there,

I was in a very similar position about a year ago - coming from a consulting background and looking to gain buy-side exposure for my MBA internship. Despite not having prior IB experience, I interviewed successfully with three top large-cap PE firms and ultimately interned at Cevian Capital, one of Europe’s leading activist investors. 

So yes - it is absolutely possible to break into top-tier PE without an IB background.

What really matters is crafting a strong story that explains why you're shifting toward PE and what you uniquely bring to the table. Your experience in Consulting gives you a solid foundation in strategic thinking and operational value creation - skills that many PE funds (especially those with a value creation or activist angle) increasingly value.

Happy to share more about my experience or help you think through your own positioning. Feel free to reach out - I'm always happy to connect via a quick 15-min intro call.

Best,
Patricia