Intern-Private Alternative Credit

Principal International; New York (NY); On-site; USD 40,000 - 55,000; Full time

Benefits offered by this job

Intern stipend

Tax gross-up on stipend

Job summary

Principal Asset Management is seeking Interns for the Lower Middle Market Direct Lending program for Summer 2027. You will gain hands-on experience on live transactions across sectors, assisting with due diligence, credit underwriting, execution and portfolio monitoring.

You are pursuing a degree in finance or accounting, with a Spring/Fall 2028 graduation, a GPA of 3.5+, and the ability to build three-statement and Leveraged Buyout models.

Qualifications

• Candidates pursuing a degree in finance, accounting, or related field.
• Strong financial modeling abilities including three-statement models and LBOs.
• GPA of 3.5 or higher is preferred.

Responsibilities

• Assist in evaluating new leveraged buyout transactions and investment opportunities.
• Build financial models and perform downside analyses for borrowers.
• Help prepare investment committee materials and support deal teams.
• Work with Senior Underwriters on transactions and receive real-time feedback.
• Monitor portfolio company performance and assist with covenant tracking.
• Participate in due diligence including business and industry research.

Skills

Financial modeling

Deal evaluation

Due diligence

Education

Pursuing degree in finance or accounting

Graduation Spring/Fall 2028

GPA 3.5+

Job description

What You'll Do

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 (LBO, refinance, dividend recapitalization) 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! Check us out at www.principalam.com.

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 pursing 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 belocatedat either our Global Headquarters in Des Moines, IA, New York City, NY, or Chicago, IL. Check out what our global headquarters looks like here:

Our Internship Culture

Join an established program that provides hands‑on experiences for 200+ interns each year!You'lllearn new skills with dedicated teams and mentors, build your professionalnetworkand collaborate across a global Fortune 500 company. We care about offering you diverse experiences and exciting challenges that push you toreach forbigger 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! https://www.principal.com/about-us/careers/internships

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 financialbenefit, butis not intended to compensate for all tax liabilities.

Work Authorization/Sponsorship

At this time,we'renot considering applicants that need any type of immigration sponsorship (additionalwork 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. Foradditionalinformationaroundwork authorization needs please use the following links.

Nonimmigrant WorkersandGreen Card for Employment‑Based Immigrants

Investment Code of Ethics

For Principal Asset Management positions,you’llneed 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.

Experience Principal

At Principal, we value connecting on both a personal and professional level. Together,we’reimagining a more purpose‑led future for financial services – and that starts with you. Our success depends on the unique experiences, backgrounds, and talents of our interns.

Operating at the intersection of financial services and technology, Principal builds financial tools that help our customers live better lives. We take pride in being a purpose‑led firm, motivated by our mission to make financial security accessible to all. Our mission, integrity, and customer focus have made us a trusted leader for more than 140 years!

Principal Asset Management, a subsidiary of Principal Financialgroup, offers global asset managementexpertiseacross a diverse set of traditional and alternative asset classes. Check us out at www.principalam.com!

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.

Posting Window

We will accept applications for 3 full days following the Original Posting Date, after which the posting may remain open or be removed based upon applications received. If we choose to post the job again, we will accept additional applications for at least 1 full day following the Most Recently Posted Date. Please submit applications in a timely manner as there is no guarantee the posting will be available beyond the applicable deadline.

Original Posting Date

9/29/2026

Most Recently Posted Date

9/29/2026

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