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- First Step to Final Offer 12/24/24
First Step to Final Offer 12/24/24
Brooks Gammill
December 24, 2024
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
Class of 2027 Opportunities
Opportunities released in the last two weeks:
Lazard 2026 Financial Advisory Summer Analyst Program - San Francisco Healthcare Link
Lazard 2026 Financial Advisory Summer Analyst Program - San Francisco Technology Link
Lazard 2026 Financial Advisory Summer Analyst Program - New York M&A / Restructuring Generalist Link
Lazard 2026 Financial Advisory Summer Analyst Program - Minneapolis Link
Lazard 2026 Financial Advisory Summer Analyst Program - Los Angeles Link
Lazard 2026 Financial Advisory Summer Analyst Program - Houston Power, Energy & Infrastructure Link
Lazard 2026 Financial Advisory Summer Analyst Program - Chicago Healthcare Link
Lazard 2026 Financial Advisory Summer Analyst Program - Charlotte Technology Link
Lazard 2026 Financial Advisory Summer Analyst Program - Boston Technology Link
Lazard 2026 Financial Advisory Summer Analyst Program - New York Corporate Strategy & Strategic Acquisitions Link
Cantor Fitzgerald Summer 2026 Investment Banking Internship Link
William Blair Investment Banking Summer Analyst, Summer 2026 Program Link
William Blair Investment Banking Summer Analyst, Private Capital Markets, Summer 2026 Program Link
Lazard 2026 Financial Advisory Summer Analyst Program - Chicago Restructuring & Liability Management Link
TD Securities 2026 Summer Analyst Program (Investment Banking, Global Energy – Houston) Link
MUFG 2026 Intrepid Investment Banking Summer Analyst Program | New York, NY Link
MUFG 2026 Intrepid Investment Banking Summer Analyst Program | Los Angeles, CA Link
Atlas SP Summer 2026 ASPire Internship Link
To see all 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Opportunities
Financial Technology Partners 2025 Research and Business Development Summer Analyst Link
Piper Sandler Campus Recruiting – 2025 Investment Banking Summer Analyst – Private Funds Group New York Link
Piper Sandler Campus Recruiting – 2025 Investment Banking Summer Analyst – Secondary Capital Advisory Group New York Link
Piper Sandler Campus Recruiting – 2025 Investment Banking Summer Analyst – Capital Solutions Group New York Link
Leerink Partners 2025 Investment Banking Summer Analyst, Biopharma M&A Link
Truist 2025 Credit Delivery - Real Estate Corporate & Investment Banking - Summer Analyst Program (Internship) Link
Deloitte Deloitte Corporate Finance - Investment Banking 2025 Summer Analyst Link
TECHNICAL QUESTION OF THE WEEK:
How does the mid-year convention affect the output of a DCF? |
MARKET NEWS
Apollo Global Management Highlights Private Credit Market Near $20 Trillion Milestone
Apollo Global Management has highlighted that the private credit market has already reached nearly $20 trillion, marking significant growth toward a projected $40 trillion in the coming years. This rapid expansion reflects the rising demand for higher returns as investors seek alternatives to traditional fixed-income assets. The surge in private credit is driven by institutional investors looking for more stable yields amid volatile market conditions. However, concerns have emerged about the risks associated with the sector, particularly around defaults and liquidity challenges as the market continues to scale.
Source: Bloomberg
KKR Warns FX Volatility Could Undermine Markets in 2025
KKR & Co. has cautioned that foreign exchange volatility may pose significant risks to financial markets in 2025. The firm notes that unpredictable currency fluctuations can disrupt global trade and investment strategies, potentially leading to increased market instability. This concern arises amid ongoing geopolitical tensions and economic uncertainties that have heightened FX market volatility. KKR emphasizes the need for robust risk management practices to navigate these challenges effectively.
Source: Bloomberg
M&A DEAL OVERVIEW
BNP Paribas to Acquire AXA's Asset Management for €5.1 Billion
BNP Paribas has agreed to acquire AXA Investment Managers for €5.1 billion, aiming to create Europe's second-largest asset management firm with approximately €1.5 trillion in assets under management. This strategic move is expected to enhance BNP Paribas's capabilities in private markets, including real estate and private debt, aligning with the growing investor demand for alternative investments. The acquisition is anticipated to be completed by the end of the year, marking a significant consolidation in the European asset management industry.
Source: Bloomberg
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, To account for the fact that cash flows are received evenly throughout the year — Why do you use the mid-year convention in a DCF analysis?
Explanation: The mid-year convention in a Discounted Cash Flow (DCF) analysis adjusts the timing of cash flows to reflect that they are typically received evenly throughout the year, rather than all at the end. This adjustment improves the accuracy of the valuation by accounting for the time value of money more precisely, as cash flows realized earlier in the year have a higher present value compared to those received later.