Intern-Private Alternative Credit

Internship Opportunity

We're looking for interns to join our Lower Middle Market Direct Lending platform for the summer of 2027! In this role, you'll gain hands-on experience by participating on live transactions across a variety of sectors. You'll assist in the due diligence, credit underwriting, execution, and portfolio monitoring of private debt investments. Evaluate new leveraged buyout transactions and investment opportunities, attend management presentations, review deal terms and credit agreements. Build detailed financial models and conduct downside sensitivity analyses of borrowers. Assist in the preparation of investment committee materials and provide analytical support as a member of deal teams. Work alongside senior underwriters on all transactions, getting real-time feedback to develop and grow your investing skills. Actively monitor portfolio company performance and assist with ongoing credit surveillance and covenant compliance tracking. Participate in key areas of due diligence, including business and quantitative analysis, as well as industry and competitive research.

Principal Asset Management, a subsidiary of Principal Financial group, offers global asset management expertise across a diverse set of traditional and alternative asset classes. Our mission, integrity, and customer focus have made us a trusted leader for more than 140 years!

Who You Are: Passionate about pursuing a career in investing. Prior internship experience in investment banking, leveraged finance, private debt or equity, and/or related transactional experience. Currently pursuing a degree in a technical field of finance (i.e. finance, accounting, or related). Graduation date of Spring or Fall of 2028. GPA of 3.5 or above. Ability to construct financial models such as three statement financial models and leveraged buyout models.

Skills That Will Help You Stand Out: Additional exposure to investment concepts through involvement in student organizations. Involved on campus or within the community including leadership. Collaborative, able to build and maintain strong relationships, manage expectations, attention to detail, ability to multi-task and prioritize effectively.

Salary Range Information: Salary ranges below reflect targeted base salaries. Non-sales positions have the opportunity to participate in a bonus program. Sales positions are eligible for sales incentives, and in some instances a bonus plan, whereby total compensation may far exceed base salary depending on individual performance. Actual compensation for all roles will be based upon geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salary Range (Non-Exempt expressed as hourly; Exempt expressed as yearly) $29 - $40 / hour.

Time Off Program: Paid company holidays and any time off required in your state. Pension Eligible: No.

Locations: This internship will be located at either our Global Headquarters in Des Moines, IA, New York City, NY, or Chicago, IL.

Internship Culture: Join an established program that provides hands-on experiences for 200+ interns each year! You'll learn new skills with dedicated teams and mentors, build your professional network and collaborate across a global Fortune 500 company. We care about offering you diverse experiences and exciting challenges that push you to reach for bigger life goals, all while enjoying our flexibility and work life balance. Join us for events such as our Executive Speaker Series, gain career direction, and much more!

Internship Stipend: You will receive a lump sum stipend of $4,000. This amount is intended to support incidental expenses you may incur as part of your internship. The company will provide a tax gross-up on this stipend as a financial benefit, but is not intended to compensate for all tax liabilities.

Work Authorization/Sponsorship: At this time, we're not considering applicants that need any type of immigration sponsorship (additional work authorization or permanent work authorization) now or in the future to work in the United States. This includes, but is not limited to: F1-OPT, F1-CPT, H-1B, TN, L-1, J-1, etc.

Investment Code of Ethics: For Principal Asset Management positions, you'll need to follow an Investment Code of Ethics related to personal and business conduct as well as personal trading activities for you and members of your household. These same requirements may also apply to other positions across the organization.

Principal is an Equal Opportunity Employer: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.