First Step to Final Offer 5/12/26

CAREER OPPORTUNITIES

Class of 2028 Finance and Consulting Opportunities

• Ziegler 2027 Investment Banking Summer Analyst - Senior Living Link

• Ziegler 2027 Investment Banking Summer Analyst-Healthcare Link

• Apollo Global Management 2027 Summer Analyst, Credit Trading Link

• The D. E. Shaw Cove Private Equity Intern – Summer 2027 Link

• Boston Consulting Group Associate, Internship (US Offices), US Campus Link

• Stifel 2027 Public Finance Summer Analyst - Multiple Roles and Locations Link

• BNP Paribas 2027 – Summer Analyst Internship - Securities Services, Loan Solutions Link

• Bridgewater Associates 2027 Investment Associate Intern Link

• Nomura Securities International 2027 Investment Management Summer Analyst Program Link

To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker

Class of 2027 Finance and Consulting Opportunities

• Berkeley Research Group, LLC 2026 Summer Associate (Intern) Link

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

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

Hedge Funds Circle Distressed Litigation Finance Assets at Deep Discounts

A prolonged downturn in litigation finance is drawing in hedge funds and alternative investment managers looking to acquire legal claims at heavily discounted prices. Firms including Davidson Kempner Capital Management and Attestor are reportedly seeking to purchase such assets at valuations as low as 10 cents on the dollar, with some deals structured where distressed assets are taken on for free, with sellers receiving a small payout only if the underlying lawsuit succeeds. The $20 billion litigation finance industry, which doubled in size over the past decade, has been rattled by a combination of lengthy court battles, tougher regulations, and investor withdrawals — leaving some traditional funders cash-strapped and flooding the market with supply. The sector was dealt a further blow in March when a $16.1 billion judgment against Argentina was overturned on appeal, sending shares of funder Burford Capital down 47% in a single day. For alternative managers, the appeal of these distressed bets lies in their low entry cost, the availability of insurance to cap downside risk, and their lack of correlation to broader market movements. Meanwhile, traditional funders face little near-term relief, with US market conditions described as remaining tight and many players still struggling to raise fresh capital from investors.

Source: Bloomberg

M&A DEAL OVERVIEW

OpenAI Launches $4 Billion Enterprise Deployment Unit with Acquisition of Tomoro

OpenAI is establishing a new majority-owned subsidiary, the OpenAI Deployment Company, backed by over $4 billion in initial investment, aimed at helping businesses build and integrate AI systems at scale. To accelerate the unit's launch, OpenAI is acquiring Tomoro, an AI consulting firm formed in 2023 in alliance with OpenAI, which counts Mattel, Red Bull, Tesco, and Virgin Atlantic among its clients. The acquisition brings approximately 150 AI engineers and deployment specialists into the new venture from day one. The unit will embed frontier AI specialists directly within client organizations to identify and maximize the impact of AI across their operations. The partnership is structured as a multi-year commitment led by private equity firm TPG, with Advent, Bain Capital, and Brookfield serving as co-lead founding partners alongside 19 firms in total. The move comes as OpenAI intensifies its push into the enterprise market, where it faces growing competition from Anthropic, whose Claude models have seen rapid adoption among corporate clients.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: