Understanding the role of an intern in the Co-Investment team at Ardian

Sami Elaoumari, a former ESSEC student, discovered the world of finance during his studies, first through an internship in M&A and later through an internship in Private Equity at Ardian. Following these first experiences, he completed a final internship in M&A before returning to Ardian as a permanent member within the Co-Investment team. Time has passed since his internships, but he still vividly remembers this crucial step of his career and his first encounter with Ardian as an intern.

Co-Investment: understanding the team activity

The Co-Investment team takes minority stakes alongside other investment funds and can manage up to 50 lines per fund, which is significantly more than majority funds that typically handle around 15. The team relies on the analysis provided by the majority fund they partner with. They engage in the investment process through “co-underwriting” or participate once the transaction is signed during the “syndication” phase. This unique position allows the team to manage a substantial volume of deals annually, typically ranging from 5 to 10.

When a new deal arises, a dedicated “deal team” is formed, usually composed of a Managing Director, a Director or Senior Investment Manager, an Investment Manager or Analyst, and two interns. The team collaborates to produce an Investment Memorandum, a document presenting the opportunity to Ardian’s Investment Committee for approval. Each team member is responsible for overseeing the monitoring of several portfolio companies as well as the reporting to investors.

The Co-Investment team operates in Europe, the United States, and Asia, with dedicated sub-teams in each region.

Interns: central team players at Ardian

Within the Co-Investment team, interns play a vital role in the deal teams. Their primary responsibility is to assist in the preparation of Investment Memorandums, which involves conducting analyses, drafting summaries, and formatting results to support the deal team. As interns progress in their roles, they are entrusted with more complex tasks, eventually writing certain sections of the memo independently. By the end of their internship, this can account for up to half of their workload.

Interns also participate in monitoring the companies the team has invested in, engaging in KPI analysis and drafting documents that summarize the companies’ performance. Additionally, a portion of their time is dedicated to sourcing, where they help identify market prospects and write summary notes on potential investment opportunities.

Sami recalls a particularly specific project during his internship: Ardian’s investment in Palex, a medical equipment distributor in Southern Europe. His role as a deal team member, along with his significant contributions to writing the investment memo, provided a rewarding learning experience. After being hired full-time, he had the opportunity to work on Palex again when the Co-Investment team reinvested in the company with its latest fund generation.

Since becoming an Analyst, Sami’s responsibilities have evolved. He now oversees the entire drafting of investment memos and supervises the work of interns.

Necessary skills: how to succeed as an intern

Analytical skills are crucial during the due diligence phase, where interns break down complex financial, operational, or market problems.

The ability to synthesize information is equally crucial. Interns must navigate a wide range of due diligence documents, expert reports, and other informational materials, extracting key points and communicating the information clearly and coherently. For Sami, the transition from M&A internships—where the focus is primarily on execution—to an environment more oriented toward analysis presented a challenge. However, this shift enabled him to develop valuable new skills. A solid foundation in financial knowledge and proficiency in office tools (Excel, PowerPoint, Word) is also essential. These technical skills are complemented by soft skills, like communication. The ability to communicate clearly about deadlines and challenges encountered is highly valued, especially during the internship.

Ardian’s work environment, characterized by high expectations, can be challenging. Sami emphasizes the importance of adopting a committed attitude from the start and focusing on continuous improvement to meet these high standards.

Professional development: Ardian’s legacy

Sami’s internship at Ardian confirmed his desire to begin his career in a Private Equity fund. Following his final M&A internship, he returned to Ardian as a permanent contract within the Co-Investment team. His involvement in the entire investment process (from sourcing to monitoring) and the diverse skills developed by junior team members (due diligence, financial modeling, etc.) are what motivated Sami’s choice.

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