Investment Research Intern

ABOUT ZIMMER PARTNERS

Zimmer Partners is a multi-billion dollar alternative asset manager specializing in utilities, energy, and infrastructure. Our flagship market-neutral utility fund has compounded at 17% annually since 1997 without a single down year. We operate three distinct funds — the Utility Fund, Infrastructure Fund, and Midcap Fund — and manage fixed income portfolios for our affiliated specialty insurance company, Ategrity Specialty Insurance (NYSE: ASIC).

Our investment edge is built on deep fundamental research, proprietary channel checks, and unparalleled corporate access — including direct relationships with utility CEOs and C-suite executives across our coverage universe. We are growing our industrial and infrastructure coverage with a focus on AI data center buildout, power generation, grid modernization, and electrification capex.

ROLE OVERVIEW

This internship is a highly selective, immersive research experience embedded directly on the investment team. You will work alongside portfolio managers and senior analysts on live investment ideas across our core coverage sectors: AI infrastructure, data centers, power & utilities, industrial electrification, EPC/construction services, and digital assets. This is not a rotational program — you will be expected to contribute to real investment decisions from day one.

KEY RESPONSIBILITIES

• Build and maintain detailed financial models for companies across the coverage universe, including income statement, balance sheet, and cash flow projections
• Conduct deep-dive fundamental research on specific companies and industries, synthesizing findings into concise investment memos and presentations
• Monitor earnings releases, investor days, SEC filings, and news flow for portfolio names and flag material developments to the team
• Assist in preparing materials for corporate access meetings, including CEO and management team engagements
• Perform channel checks and primary research to develop differentiated data points and investment theses
• Analyze industry data including power load forecasts, utility capex budgets, data center pipelines, and construction services backlog trends
• Support portfolio P&L monitoring and trade idea generation across long/short positions
• Contribute to ad hoc research projects and sector thematic work as directed by the Director of Research

COVERAGE SECTORS

Interns will develop exposure across one or more of the following sectors depending on team needs and candidate background:

• AI Infrastructure & Data Centers: hyperscaler capex, colocation, power procurement, cooling, networking
• Power & Utilities: regulated and merchant power, grid operators, renewable integration, rate cases
• Industrial Electrification & EPC: engineering & construction services, grid equipment, switchgear, transformers, wire & cable
• Crypto Miners & HPC: Bitcoin mining, high-performance computing hosting, energy cost structures
• Energy: midstream, LNG, oilfield services with relevance to power and industrial demand

QUALIFICATIONS

Required:

• Currently enrolled in a top undergraduate or MBA program, pursuing a degree in finance, economics, engineering, or a related quantitative field
• Exceptional analytical and quantitative skills; comfort with financial statements and valuation methodologies (DCF, comps, sum-of-the-parts)
• Advanced proficiency in Microsoft Excel; ability to build and navigate complex multi-sheet financial models
• Strong written and verbal communication skills; ability to distill complex information into clear, actionable insights
• High intellectual curiosity, strong work ethic, and the ability to thrive in a fast-paced, high-expectations environment
• Genuine interest in public markets and the energy/infrastructure transition

Preferred:

• Prior internship experience at a hedge fund, investment bank, equity research firm, or utility/energy company
• Coursework or demonstrated interest in energy systems, electrical engineering, power markets, or data center infrastructure
• Experience with financial data platforms (Bloomberg, FactSet, Capital IQ)
• Prior exposure to long/short equity investing or sector-specific fundamental research

WHAT WE OFFER

• Direct mentorship from the Director of Research and senior portfolio managers
• Hands-on exposure to live portfolio management, including idea generation, position sizing, and risk monitoring
• Corporate access to C-suite executives and industry experts through our network
• Opportunity for return offer consideration for full-time Analyst positions
• Competitive compensation commensurate with top-tier alternative asset managers

HOW TO APPLY

Interested candidates should submit a resume, cover letter, and brief investment thesis (1-2 pages) on any publicly traded company within our coverage sectors. Applications will be reviewed on a rolling basis. We are an equal opportunity employer committed to building a diverse and high-performing team.