Positions: 1–2 part-time, unpaid internships for students (from the same or different universities)
About Castle Hill Management
Castle Hill Management is an investment holding company that acquires and invests in established, cash-flow-positive businesses and franchises across New York, New Jersey, and Connecticut. We focus on the lower middle market — typically businesses generating $1–5 million in EBITDA — with a current emphasis on consumer services businesses.
The firm was founded by David Richman, an investor with 25 years of private equity and private credit experience. David most recently helped build the private credit platform at AGL Credit Management where he served as the Head of Private Credit Underwriting, and, before that, served as the Deputy Chief Investment Officer for Direct Lending at The Carlyle Group.
We are an extremely small, hands-on firm. The Founder of Castle Hill is the sole full-time staff member. Everyone else (including lawyers, advisors, accountants, etc) works on a part-time, consulting, ad hoc or project basis. As such there will be no layer between you and the person making investment decisions.
For more information, please see: www.castlehillmanagement.com
What This Internship Is
This is a structured learning program in lower middle market private equity investing, built around live examples of the work rather than classroom hypotheticals. It is designed for students who want to understand first-hand how deals actually get found, evaluated, and financed. This is excellent experience for students who are thinking about careers in private equity, at family offices, or are thinking about launching their own search funds.
You will be supervised directly and closely by the firm’s founder. Expect regular working sessions where we walk through what we’re looking at, why, and how the analysis is built.
Learning areas
Market and industry research: You will learn about and work on sizing a local market, estimate a TAM, map competitors and look for underserved opportunities.
Deal sourcing and origination: You will learn about and help the founder market Castle Hill Management, source investment opportunities, track investment opportunities and help maintain a database of live investment opportunities and past deals. You’ll learn the mechanics of multi-channel origination and why sourcing, not analysis, is often the binding constraint in small-cap investing.
Investment due diligence: Quality of earnings concepts, customer concentration, owner dependence, working capital, add-backs and their abuse, and the diligence questions that separate a real business from a good-looking P&L.
Financial modeling Building an LBO-style acquisition model for a small business: sources and uses, SBA 7(a) and conventional debt structures, seller notes and earnouts, debt service coverage, and returns analysis. You’ll learn to build sensitivity ranges rather than point estimates, and to be explicit about which inputs are sourced and which are assumed.
Mentorship
This is an unpaid, educational internship. The genuine compensation is time and access. You will get:
- Direct, regular instruction from a senior private markets investor
- Candid conversations about career paths across private equity, private credit, search funds, and independent sponsorship
- A reference and a continuing resource for your job search, well past the end of the internship
- Undergraduate or graduate students in finance, accounting, economics, business, or a related field who are interested in private equity, search funds and/or family office investing
- Experience working with Excel to build models from a blank sheet
- Genuinely curious about small and mid-sized businesses — the operating reality of businesses should interest you, not just the “deal” work
How To Apply
Send a resume and a short note on what draws you to lower middle market investing to: Internship@CastleHillManagement.com
Please include any relevant information about academic and time constraints (school should come first while you are a student!) and whether your university will grant academic credit for the internship. If so, please include the name of your faculty or career services contact.
Applications reviewed on a rolling basis.
