First Step to Final Offer 4/22/25

CAREER OPPORTUNITIES

RecruitU Partner Opportunities

• Solomon Partners 2026 Investment Banking Summer Analyst Program Link

• Raymond James 2025 Investment Banking Analyst I - Diversified Industrials Group - Chicago Link 

• Qatalyst Partners 2026 Full Time Investment Banking Analyst (graduating class of 2026) Link

• Warburg Pincus 2026 US Analyst Program (full-time) 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 Opportunities

• WTW Global Corporate & Investment Banking Analyst - Energy Finance Team Link

Class of 2027 Finance Opportunities

• Fifth Third Bank Summer 2026 Intern Public Markets - Bond Capital, Asset Backed Finance Link

• Fifth Third Bank Summer 2026 Intern Syndicated Leveraged Finance - Charlotte Link

• Fifth Third Bank Summer 2026 Intern - Investment Banking Link

To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

Yale Explores $6 Billion Private Equity Sale to Shore Up Endowment

Yale University is exploring the sale of a portion of its private equity holdings on the secondary market, potentially amounting to $6 billion, as reported by Secondaries Investor. This move aims to enhance liquidity within its $41.4 billion endowment, which is predominantly invested in alternative assets like private equity, venture capital, and real estate. Advised by Evercore, this marks Yale's first known transaction in the secondary market. The decision follows a period of underperformance, with the university's endowment returns falling below the 8.25% threshold required to maintain current spending levels over the past three fiscal years. Consequently, Yale has announced budget constraints for the 2026 fiscal year, including reductions in faculty hiring and campus construction projects.

Source: Yale Daily News

Hedge Funds Trim 'Magnificent Seven' Holdings to Two-Year Low Ahead of Earnings

Global hedge funds significantly reduced their positions in the "Magnificent Seven" megacap tech stocks—Apple, Microsoft, Amazon, Alphabet, Nvidia, Meta, and Tesla—bringing their exposure to the lowest point in two years. These seven companies accounted for over 60% of total hedge fund sell-offs from Monday to Wednesday last week, signaling a cautious outlook ahead of their earnings reports. Tesla is set to report on April 22, followed by Alphabet on April 24. All seven stocks have underperformed the S&P 500 index in 2025, with Alphabet down about 22% and Tesla off 44%. Investor sentiment has shifted, with only 24% of investors now considering these stocks the most crowded trade, down from nearly 60%. Gold has emerged as a favored asset, deemed the most popular trade by 49% of respondents. Hedge funds also reduced positions in sectors like healthcare insurance, aerospace, defense, biotech, and leisure. ​

Source: Reuters

M&A DEAL OVERVIEW

GTCR to Reap Significant Returns from Worldpay Sale to Global Payments

Private equity firm GTCR is set to earn approximately double its original investment from the 2023 acquisition of a 55% stake in Worldpay, following Global Payments' $24.25 billion purchase of Worldpay. This marks one of the largest private equity exits in recent years, especially notable amid a slowdown in large leveraged buyouts due to high interest rates. GTCR's strategic appointment of Charles Drucker as CEO and investment in technology and product innovation led to a growth acceleration at Worldpay, increasing annual growth from 1–2% to 6%. As part of the deal, GTCR will receive 41% of its payment in Global Payments stock, resulting in a 15% stake in the combined entity upon deal closure in early 2026

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: