Intern Global Private Credit (f/m/d)

Join us now as an Intern in our Munich office within the Global Private Credit Team.

About the Job  

In this role you will be part of the AllianzGI Private Markets investment platform which manages more than EUR 100 billion in assets and comprises 150+ 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.

We are looking for a highly motivated individual to contribute to the sourcing, analysis, and execution of private credit investments, support investment committee approvals, and further develop portfolio monitoring and client reporting. This role offers a fast-paced and demanding environment of 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.

Good To Know:

Please attach a Cover Letter (max. 400 words) where you clearly describe:

• Your motivation to work in private credit
• Your availability (exact desired start and end dates, plus flexibility)
• The expected end date of your student status, and
• Whether the internship is voluntary or compulsory per your program.

What you 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;

A Typical Day as an Intern:

• Collaborate with the team on live due diligence workstreams, including manager meetings and review of investment materials
• Support the identification of investment themes and opportunities through market research and interaction with internal teams and external managers
• Work on models and written materials that help the team present opportunities to the investment committee
• By the end of the internship, you will have developed a solid understanding of capital structures, key credit concepts, and the levers for value creation; you will have contributed to real investment work in an agile, high-performing team environment
• Work closely with experienced team members and gain practical insight into Master KVG operations in an international asset management environment.

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
• Proven interest in a career in Investment Management; prior internship experience in a relevant area is preferred
• Strong interest in capital markets and investments; fixed income know-how is beneficial
• Excellent 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), German language skills are a plus
• 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 

• Mental health and wellbeing programs (EGYM Wellpass) 

• Mobility solutions (Subvention Jobticket, Deutschlandticket etc.) 

• Canteen subsidy 

• Corporate benefits 

• … and so much more 

About Allianz Global Investors  

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 look to attract, and actively nurture, individuals with the drive to achieve excellence at every stage of the investment experience.

We believe an inclusive culture is key to a flourishing workforce. Not only do we celebrate the broad range of experiences, backgrounds, and attributes that our workforce brings, but we support our people to live and work in a way that promotes their own wellbeing. 

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. Their needs inspire our thinking and guide our actions.   

Together, we can build an environment where everyone feels empowered and confident to explore, grow and shape a better future – for our clients and for the world around us. At Allianz, we stand for unity: we believe that a united world is a more prosperous world, and we are dedicated to consistently advocating for equal opportunities for all. The foundation for this is our inclusive workplace, where people and performance both matter, and where integrity, fairness, inclusion and trust are at the heart of our culture.   

We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, social class, disability or sexual orientation, or any other characteristics protected under applicable local laws and regulations.  

If you feel inspired to promote the active asset management experience, this is the place for you. Join our international, technology-enabled, and agile environment. Simply upload your CV in English to apply for this position.  If you need support to navigate our websites or at any stage during your application, please send an email with your request to recruiting@allianzgi.com.  

Join us. Let’s care for tomorrow. 

How to Apply: Applying is quick and easy. Simply upload your CV, complete your personal details, confirm your consent for AI support in the “Additional Information” section, and submit your application. 

To support our recruiters, we use Fit Score—an AI‑powered tool that highlights how closely your profile aligns with the role. This helps us review applications more efficiently and focus on what matters most: your skills and experience. 

Good to know: The Fit Score is a support tool only. At Allianz, technology never replaces human judgment. Every application is carefully reviewed by our recruiting teams, ensuring a fair, thoughtful, and personal hiring process. 

94736 | Asset & Investment Management | Student | n.a. | Allianz Global Investors | Full-Time | Temporary