Good morning,

The first week of December signals the start of investment banking summer internships.

Across the country, groups of anxious 20-somethings are shining their shoes and slipping on pumps in what they hope will be their first step towards becoming a hotshot dealmaker. If you look closely, you can spot them with their blue banker bags emblazoned with the logos of each hallowed investment bank (or is it all about Patagucci and puffers these days?)

For an IB-wannabe, securing an eight-week internship at a bulge bracket bank such as UBS, Bank of America, Goldman Sachs or JPMorgan is everything. Any of these will do, but the most sought-after are those at the top of the league tables/those with top marks from Peter Lee.

A coveted spot can set you up for your career – a way to get in the door and make essential connections. Students prep for months, filling out application forms, sweating through written tests, attending lengthy interviews, charming their way through networking events and searching around for answers to market-sizing questions such as “how many lightbulbs are there in NSW”.

Being the best and brightest will get you far, but who you know and which high school you went to also play their part.

Once you’re in, it’s not exactly a walk in the park, as you’re exposed to the long hours, cutthroat culture and hefty workload that go hand in hand with investment banking. Better brush up on those PowerPoint skills too. About 1 in 3 are lucky enough to be chosen for a grad role at the end of it – a fact they’re told on day one – which adds competitive undertones to drinks at the Ivy. If you’ve seen Industry, it’s a pretty accurate depiction. Still, those who get through it describe it as a rewarding experience and an unforgettable summer.

Happy reading,

• Plenary Group has tapped Highbury Partnership to kick off a global capital raising.
• Palisade has launched a $1 billion raising for its Intera Renewables platform.
• Perpetual advisers worked KKR’s Colonial First State before the break-up announcement.
• Sigma Healthcare is closing in on a deal to reverse-list privately owned Chemist Warehouse on the ASX boards.
• Boss Energy is targeting a US uranium mine owned by Canada-listed Encore Energy.

• Soul Patts has lobbed a $3 billion offer to acquire Perpetual and break up the funds management business, writes Jonathan Shapiro.
• Carson Block said he’s short Blackstone Mortgage Trust, saying the publicly traded real estate investment trust is exposed to a perfect storm, Bloomberg reports.
• The top bosses of JPMorgan, Morgan Stanley and Goldman Sachs warned that capital hikes and other new rules will hurt lending, Reuters reports.

Palisade’s Intera Renewables platform has $2 billion worth of up-and-running assets and forecasts a pathway to $7 billion in the next three years against a backdrop of strong demand for renewable energy and the electrification of legacy sectors.

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