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- First Step to Final Offer 10/14/25
First Step to Final Offer 10/14/25
Brooks Gammill
October 14, 2025
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
RecruitU Partner Opportunities
North Highland Summer Intern 2026 Link
RecruitU partners are companies that have recruiters actively using RecruitU to find students for their full-time and internship roles. So if you’re signed up, you have direct visibility with these companies.
Class of 2026 Finance and Consulting Opportunities
Oliver Wyman Oliver Wyman – Actuarial Intern (2026) – Health Link
Point72 2026 Summer Internship - Sector Analyst, Proprietary Research Link
Citi Banking, Commercial Banking, Full Time Analyst - Multiple Roles and Locations Link
CIBC 2026 Commercial Banking Full-Time Analyst Training Program - Healthcare Specialty Lending Link
MUFG 2026 Corporate, Investment Banking and Markets (CIBM) Full-Time Analyst Program – Corporate Banking TMT | New York Link
Class of 2027 Finance Opportunities
KeyBank Summer 2026 Commercial Bank Internship - Multiple Roles and Locations Link
JPMorgan Chase & Co. 2026 Asset & Wealth Management Risk Summer Analyst Program Link
JPMorgan Chase & Co. 2026 Global Private Bank Investment Solutions Program (Summer Analyst) Link
Piper Sandler 2026 Summer Internship Program – Public Finance Link
CIBC 2027 Summer Intern - Private Wealth - Multiple Roles and Locations Link
Blackstone 2026 Blackstone Global Treasury Summer Analyst Link
Barclays Banking Analyst Summer Internship Program 2026 San Francisco Link
Baird Internship – Chautauqua Capital Management Equity Research Analyst (Summer 2026) Link
Apollo Global Management 2026 Summer Analyst, Corporate Credit Portfolio - Multi Credit Team Link
Citi U.S. Personal Banking Summer Analyst, New york, NY - USA 2026 Link
Citi Banking - Corporate Banking Real Estate Finance, Summer Analyst, New York City - US, 2026 Link
Class of 2027 Consulting Opportunities
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2028 Finance and Consulting Opportunities
Piper Sandler 2026 Summer Internship Program – Public Finance Link
TECHNICAL QUESTION OF THE WEEK:
A PE firm buys a company with $100 EBITDA, growing to $150 in 7 years, and sells it at a 10x EBITDA multiple. Starting with $500 Debt and $300 Net Debt at exit, the firm earns a ~10% IRR. What was the purchase multiple? |
MARKET NEWS
Hedge Funds Pivot to Global Industrials, Pull Back from U.S. Stocks Amid Trade Volatility
Hedge funds sharply shifted strategy in early October, ramping up exposure to global industrial stocks while cutting positions in U.S. equities, Goldman Sachs reported. The sell-off in U.S. markets—triggered by renewed trade tensions and a government shutdown—led to the worst one-day drop since April. For the first time in seven weeks, hedge funds held more short than long U.S. positions. Meanwhile, buying surged in sectors like machinery, aerospace, and electrical equipment, especially in Europe and developed Asia. This repositioning pushed industrial sector trading to a five-year high.
Source: Reuters
JPMorgan Launches $1.5 Trillion Investment Drive to Boost U.S. Strategic Sectors
JPMorgan has unveiled a $1.5 trillion, decade-long investment initiative targeting critical areas of the U.S. economy, including supply chains, defense technology, energy resilience, and frontier tech like AI and quantum computing. The plan includes up to $10 billion in direct equity and venture investments and builds on the bank’s previous $1 trillion domestic commitment. CEO Jamie Dimon emphasized the initiative is “100% commercial,” distancing it from political motives despite its alignment with Trump-era industrial policy goals. JPMorgan will support firms across these sectors through financing, advisory, and capital deployment.
Source: Axios
M&A DEAL OVERVIEW
Goldman Sachs Acquires Industry Ventures to Expand Alternatives Platform
Goldman Sachs has announced a deal to acquire Industry Ventures, a $7 billion venture capital platform known for secondary and early-stage hybrid strategies, for $665 million upfront plus up to $300 million in contingent payments. The acquisition enhances Goldman’s $540 billion alternatives business by adding deep expertise in venture capital and technology investments. Industry Ventures will integrate into Goldman’s External Investing Group (XIG), with all 45 employees—including CEO Hans Swildens—joining Goldman Sachs Asset Management. The move broadens access to fast-growing tech sectors and aims to support long-term innovation across the venture ecosystem.
Source: Goldman Sachs
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, Combined P/E: 10x, Combined EV/EBITDA: ~6.5x. — An Acquirer with an Equity Value of $500M and Enterprise Value of $600M has Net Income of $50M and EBITDA of $100M. The Target, purchased for an Equity Value of $100M and Enterprise Value of $150M, has Net Income of $10M and EBITDA of $15M. In a 100% Stock deal, assuming equal tax rates, what are the combined P/E and TEV/EBITDA multiples?
Explanation: The combined company has total equity value of $600M and enterprise value of $750M, with combined net income of $60M and EBITDA of $115M. Dividing gives a P/E of 10x ($600M ÷ $60M) and an EV/EBITDA multiple of roughly 6.5x ($750M ÷ $115M).