Off-Cycle Infrastructure Investment Internship (Milan)

Off-Cycle Infrastructure Investment Internship – 2026

Location: Milan (Italy)

Start date: Q1 2026

Duration: Six months, potential conversion to a full-time Analyst role thereafter

The opportunity

We are seeking a highly motivated Off-Cycle Infrastructure Investments Intern to join our Investment Team in Milan for a six-month internship starting in Q1 2026. The role is designed for candidates with prior relevant professional experience and offers meaningful exposure across the full investment lifecycle. Subject to strong performance, the internship may lead to a full-time Investment Analyst role.

About Vesper Infrastructure Partners

• Vesper Infrastructure Partners, based in Milan, London, Hamburg and Madrid, acts as advisor to Next Generation Infrastructure Fund I’s AIFM by providing advice regarding the acquisition, structuring, financing, monitoring performance, and disposal of the fund’s assets.
• The Fund  is a first-time fund aiming to raise EUR 800m to deploy across companies in the infrastructure space, targeting high-teens returns and leveraging a “value-add” operating and ownership strategy.
• Vesper Infrastructure pursues a thematic investment approach focusing on four key verticals: (i) Clean, digital and decentralised energy, (ii) Decarbonised mobility and connected logistics, (iii) Data centric, low latency digital infrastructure and (iv) Sustainable, circular and healthy living
• To date, The Fund has reached over EUR 720m in commitments, and is now on its way to achieving its final close in Q1 2026, potentially exceeding the EUR 800m target.
• Since June 2024, Vesper made six investments: RAD-X (a leading diagnostic imaging and social infrastructure platform in Germany and Switzerland), two investments in bioenergy space (EAG Bioenergy, UK and BioHold, Italy), two data centre investments (Thésée DataCentre, France and Terakraft, Norway) and SAF Aerogroup (a French aviation emergency services business).
• The founding team of Vesper Infrastructure is comprised of six founding partners with transaction experience of over 120 years, over EUR 25bn of deployed capital experience and over EUR 350bn of broader transaction experience. Currently Vesper operates as a team of 13 professionals from its offices in London, Milan, Hamburg and Madrid.

Key responsibilities

• Performing quantitative and qualitative analyses to screen, research, and evaluate infrastructure investment opportunities across multiple sectors
• Supporting the development of financial models, including valuations and scenario analyses
• Assisting with transaction due diligence across financial, commercial, legal, tax, and technical workstreams, as well as participating in management meetings
• Contributing to the preparation of investment memoranda and materials for Investment Committee discussions
• Supporting portfolio monitoring, investor and product reporting, market research, internal analyses, and selected marketing initiatives

Candidate profile

We are looking for candidates who demonstrate strong analytical skills, intellectual curiosity, and a clear interest in private market investing:

• Outstanding academic record; open to final-year undergraduate and graduate students from any field of study
• Prior experience in investment banking, private equity, infrastructure, or strategic consulting
• Solid understanding of financial statement analysis, with familiarity in financial modelling and valuation techniques
• Fluent written and spoken English is required; additional European languages are a plus
• Strong work ethic, proactive mindset, and willingness to learn
• Ability to manage multiple priorities while maintaining a high level of attention to detail

What we offer

• Hands-on exposure to the private infrastructure investment process within a growing and entrepreneurial platform
• Significant deal flow across a diversified set of infrastructure sectors
• A flat organizational structure, enabling close interaction with senior investment professionals
• A collaborative and inclusive environment, with continuous feedback and on-the-job coaching
• How to apply

HOW TO APPLY >> Interested candidates are invited to submit their CV and a brief cover letter to

Applications will be reviewed on a rolling basis.