PE After MBB Internships

Question

Hi everyone,

I’m a business student with prior internship experience at two MBB firms, which I really enjoyed. However, I’m now looking to gain exposure in Private Equity for my next internship.

I know that many top PE firms favor candidates with prior Investment Banking experience, but I wanted to know if there are still prestigious PE firms in Germany where one can break in directly.

Can anyone provide an overview of the best PE firms where I’d have a realistic shot without prior IB experience? Any advice would be greatly appreciated!

Answer 1

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

Answer 2

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 😇