2027 Off-cycle Internship Program - Private Debt - Munich

Overview:

BlackRock’s Private Debt Platform consists of more than 200 investment professionals located in 19 BlackRock offices managing over $86bn of AUM across a broad range of asset classes including:

• Direct Lending;
• Growth Lending;
• Opportunistic Debt;
• Infrastructure Debt; and
• Real Estate Debt

The European Direct Lending team provides, on behalf of BlackRock’s clients and funds, mid-market companies with senior, unitranche and subordinated loans for acquisitions, capital growth, refinancings, LBO’s and liquidity situations.

This opportunity gives you a chance to work closely with and add value to the team, set and complete objectives, and be exposed to BlackRock’s culture and ethos. During the internship, you will develop new skills and gain valuable experience within the asset management industry. At the end of your internship, you can consider applying to our Full-Time Analyst Programme.

Key responsibilities:

• Participation to the elaboration of credit memorandum on investment opportunities
• Elaboration of LBO models including scenario sensitivity
• Review of due diligence materials (Commercial DD, Financial DD, Legal DD, etc.)
• Participation to management presentation, Q&A sessions with experts and other parties (e.g. PE fund, consultants, etc.)
• Comps analysis (EV, leverage multiples and through-cycle analysis)
• Participation to Investment Committees where opportunities are discussed and assessed
• Support the team in deal execution incl. ownership of several workstreams (e.g. Financial Crime clearing, allocations, etc.)
• Reporting and monitoring of portfolio companies (e.g. general business performance, financial performance, covenant headroom, etc.)
• Leverage a broad range of AI tools to support investment research, analysis, due diligence, and workflow efficiency

Requirements:

• Currently in the final year of a bachelor’s degree, between bachelor’s and master’s, or enrolled in a master’s degree
• Fluency in English and German
• Unrestricted right to work in Germany
• At least one previous internship in Germany

Important:

• We are currently recruiting interns to join us in March 2027
• Application deadline: 30 September
• Applications will be reviewed on a rolling basis, so we encourage you to apply early.
• Candidates can apply for only one programme (e.g., Off-Cycle Internship Programme or Summer Internship Programme) and up to two functions within that programme (e.g., Investment Research and Analytics & Modeling). You must apply for both opportunities using the same programme application. If you withdraw your application, you cannot submit another application for this programme this year.

Next Steps

Once you submit your application, you will receive an email to complete a pre-interview assessment. You have up to five days to submit your pre-interview assessment; if you fail to do so, your application will be automatically withdrawn.