2026 Five Arrows Direct Lending Long Term Internship – London

2026 Five Arrows Direct Lending Long Term Internship – London Overview

This six-month internship in London offers the chance to join the Five Arrows Direct Lending team and gain first-hand experience in a specialist private credit business. The team provides tailored senior and subordinated debt solutions to privately owned companies across the European mid-market, using a range of capital structures that can include unitranche, second lien and mezzanine debt, as well as PIK notes, preferred equity and minority common equity. The aim is to design financing packages that fit each opportunity and strike the right balance between risk and return.

Five Arrows Direct Lending concentrates on three main sectors: healthcare and education; software, data and IT services; and business and financial services. The team is relatively small, with 18 investment professionals working from London, Paris and New York. As an intern, you would be part of a lean deal team, carrying out substantial in-house research and helping to shape investment structures. The internship sits within Five Arrows, Rothschild & Co’s alternative assets platform, which manages approximately €30 billion across private debt, public debt and private equity strategies. The team is currently investing from its fourth-generation fund, Five Arrows Debt Partners IV, which has €2.4 billion of committed capital.

What you will do

• Become a fully involved member of the investment team and take part in work across the full investment process.
• Research industries in depth to understand the environments in which potential targets operate.
• Analyse target companies’ past performance and assess their prospects for the future.
• Build and maintain bespoke financial models to support investment analysis.
• Help organise and coordinate due diligence and transaction processes, working with internal colleagues and outside advisers.
• Develop views on the credit quality of prospective investments and on what makes a business attractive from a lending standpoint.
• Prepare detailed investment committee papers and supporting memoranda.
• Assist with deal execution tasks and help track the performance of existing portfolio companies.
• Develop relationship skills by working closely with senior investors and investment committee members.
• Contribute to the team’s approach of combining detailed research with thoughtful structuring of financing solutions.

What the team is looking for

• The internship is intended for people who are curious, analytical and motivated to learn.
• Applicants from all academic disciplines are encouraged to apply.
• No prior finance experience is needed.
• You should have a genuine interest in understanding businesses and evaluating the quality of investments.
• You need to be proactive and persistent, with the ability to keep pushing until work is completed successfully.
• You should be able to work independently and take on a high level of responsibility.
• You must be able to build effective working relationships across individuals, teams, business areas and different geographic or cultural settings.
• Strong listening ability is important.
• You should communicate clearly and be able to persuade and influence others.
• A sound understanding of the core principles of corporate finance and how to apply them is expected.
• You should be keen to develop these skills further and use them creatively in practice.
• The role also calls for the ability to build long-term professional relationships with management teams, private equity sponsors and advisers.
• You need a good understanding of financial statements, including profit and loss accounts, cash flow statements and balance sheets.
• Advanced capability with Microsoft Word, PowerPoint and Excel is expected.
• An excellent academic record is required.

Additional information

The internship is based in London and is described as a six-month long-term programme. The posting does not provide any details about remote or hybrid working, so the role should be understood as an in-office London position based on the information shown.

The page does not include any statement about UK visa sponsorship, work authorisation, or whether the employer can support a visa for this role.

Degree Requirement: Bachelor’s

Visa Sponsorship Not Confirmed