Intern - Global Private Credit (f/m/d) in London

At Allianz Global Investors we foster a culture of professionalism, fulfilment, and an inclusive working environment. We are committed to giving our people – experienced and energetic professionals alike – the opportunities and experiences they seek to thrive and gain personal fulfilment. This position will be based in our London office and is a 12-month placement, subject to candidates’ availability. The start date will be June 2026.

In this role you will be part of the AllianzGI Private Markets investment platform which manages more than EUR 98 billion in assets and comprises around 170 investment professionals. The Global Private Credit team invests globally in corporate, real estate, infrastructure as well as energy transition private debt funds with a focus on senior, subordinated and opportunistic credit strategies. This role offers a fast-paced and demanding environment with one of the world’s largest private credit investors. You will work directly with senior investment professionals, be encouraged to be proactive, and take ownership of projects across the full investment lifecycle, from due diligence and investment decision-making to ongoing portfolio monitoring.

What You Will Do

• Primaries
  • Perform market analysis and research on private debt investment opportunities across regions, managers, strategies and asset classes.
  • Contribute to fund investment proposals through qualitative and quantitative due diligence analysis (e.g., investment strategy, structuring expertise, ESG profile, track record, risk/return expectations).
  • Help assess and present the strengths and weaknesses of potential investments on both a qualitative and quantitative basis.
  • Work closely with the investment team on preparing presentations and documentation for investment committee discussions and approvals.
  • Prepare for and actively participate in meetings with asset managers and stakeholders.
• Direct Co-Investments
  • Conduct fundamental credit analysis for co-investment opportunities by evaluating business models, industry dynamics, downside risk, and return potential.
  • Utilize LBO and credit models to calibrate returns, stress-test assumptions, and evaluate capital structure considerations.
• Secondaries
  • Support the screening of private credit secondary opportunities (LP‑led and GP‑led), including initial cash flow modelling and formation of preliminary investment theses.
  • Build and refine cash flow models for both LP‑led and GP‑led secondaries to calculate projected IRR, return multiples, and scenario sensitivities.
  • Prepare investment committee memos, including portfolio analytics, performance attribution, qualitative assessment, and key risks.
• Client & Product Support
  • Help construct marketing and client materials such as pitchbooks, Due Diligence Questionnaires (DDQs), and case studies.
  • Support regular and ad-hoc portfolio monitoring, performance evaluation, and client reporting.
  • Contribute to data analytics and ongoing portfolio management initiatives.

What You Bring

• Completed undergraduate studies in finance, economics, mathematics (or similar) with excellent results and currently enrolled in a master’s program in one of those fields.
• Previous roles / internship in one of the following areas: Private Credit or Private Equity, M&A, Structured, or Leveraged Finance team of a leading investment bank, Debt advisory, Transaction Services team of audit firms, Strategy consulting.
• Strong interest in capital markets and investments; fixed income know‑how is beneficial.
• Excellence in Excel skills and strong quantitative capabilities.
• Strong credit, financial modelling, and analytical skills, with a good understanding of financial and accounting valuation methods.
• Self‑starter with confidence in asking questions and the ability to work independently in a fast-paced environment.
• Willingness to take initiative and drive projects to completion.
• Strong organizational skills, high attention to detail, and ability to prioritize under time pressure.
• Excellent interpersonal skills, collaborative mindset, and strong team player.
• Understanding of key capital structure and credit concepts.
• Fluent in English (written and spoken). Other language skills are beneficial.
• Ability to use Microsoft Copilot, with a strong commitment to ethical and responsible AI practices.

What We Offer

• Balanced work environment: A dynamic office culture that supports flexibility and collaboration.
• Support for what matters: Mental health and wellbeing programs.
• Investments in your career: Career opportunities within the entire Allianz Group.
• Investments in your skills: Comprehensive learning and development offerings, including certificates and professional qualifications.

Allianz Global Investors is a leading active asset manager, managing assets for individuals, families, and institutions worldwide. Our shared goal to shape a future of opportunity for our clients is foundational to our culture and our values. We believe an inclusive culture is key to a flourishing workforce. Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges is what makes us a unique employer. We are united by a shared commitment: to put our clients first and at the centre of everything we do.