Intern - Real Asset Debt Fund Modelling (f/m/d), Düsseldorf

CapMan is a leading Nordic private assets management and investment company with a large international network. Rooted in the Nordics, we have successfully invested across a wide range of private asset sectors for over 35 years. We invest in real estate and infrastructure assets, natural capital and businesses. As active owners we create growth journeys, success stories, and turnarounds, improve Nordic infrastructure, strengthen societies and make businesses more sustainable.

Our teams are locally based and guided by Nordic values, committed to honesty, teamwork, and action. Driven by our passion for growing businesses, driving sustainable change, and helping to build the society of tomorrow. CapMan employs around 250 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Düsseldorf, Luxembourg and Paris. We are listed on Nasdaq Helsinki since 2001.

This is an opportunity for you to join CapMan in the role as Intern in Düsseldorf (with the option for hybrid/mobile working) as part of the CAERUS Real Asset Debt team.

About the team

CAERUS Debt Investments AG is a long-established investment manager specialising in real asset debt. It is one of the market leaders in credit funds for senior/whole loans and mezzanine loans established for institutional investors, with annual financing in the triple-digit million range. The financing horizon covers all real estate segments and extends across continental Europe, with a particular focus on the DACH region and the Benelux countries.

In June 2025, CapMan established CapMan Real Asset Debt by acquiring a stake of 51% of CAERUS Debt Investments AG.

About the role

This role offers a unique opportunity to gain hands-on experience at the intersection of real estate finance and institutional investment management. The intern will work closely with the Business Development Manager as well as the Investment Manager on financial modelling tasks related to individual real estate loans, as well as broader investment structures such as debt funds and separate accounts. At CAERUS/CapMan Real Asset Debt, you’ll be part of a respected and growing team where your expertise is valued.

In this role you will:

Loan Modelling Support

• Assist in building and updating cash flow models for senior, mezzanine, and whole loan structures.

• Model interest payments, amortization schedules, loan covenants, and exit scenarios.

• Support risk/return analysis for potential debt investments based on borrower financials and collateral performance.

Fund & Investment Vehicle Modelling

• Support the creation and further development of financial models for existing and prospective debt funds or separate account structures.

• Assist in projecting fund-level cash flows, waterfall distributions, IRRs, and sensitivity analyses.

• Help model capital calls, distributions, leverage structures, and performance metrics.

Data Management & Analysis

• Support the collection, cleaning, and analysis of market and asset-level data to feed into underwriting models.

• Maintain and improve internal model templates used across investment proposals and internal reporting.

Reporting & Presentation

• Assist in preparing investment committee materials, pitch decks, and internal reports based on model outputs.

• Summarize modelling assumptions, scenarios, and key financial metrics in a clear, investor-focused format.

Who you are

To be successful in this role we believe that you;

• Are currently enrolled in a Master's program in Finance, Real Estate, Economics, or a related field.

• Have strong analytical and quantitative skills with prior experience in financial modelling (e.g., internships, coursework).

• Are proficient in Excel; experience with Argus, VBA, or Python is a plus.

• Are familiar with real estate finance concepts and debt instruments.

• Are detail-oriented with the ability to work independently and manage multiple tasks under deadlines.

• Have strong communication skills, both written and verbal in English as well as German.

What we offer

At CAERUS/CapMan Real Asset Debt, you have the chance to make a meaningful impact. As a leading private asset management company in the Nordics, we possess a unique opportunity and responsibility to help our society thrive.

Our most valuable asset to accomplish this is our talented and driven team. Our colleagues are characterized by ambition, results-orientation and professionalism, feeling at home when working with challenging tasks, growing with large responsibility. With an entrepreneurial mindset, we help our assets and companies grow, while also being energized by developing our own business and skills.

Together, we’ve built a culture of fairness, honesty and inclusivity. At CapMan, we can all be ourselves. And together we can make fantastic things happen.

We offer competitive benefits and a central office location with the possibility to work remotely.

Our recruitment process

We hire for potential as well as experience. While certain skills and qualifications are important, we believe the ability to grow, adapt, and bring new perspectives matters just as much. Our recruitment process consists of a combination of screening questions, skills- and personality assessment, interviews and reference checks.

This is a fixed-term, part-time position (minimum 10 hours per week) starting in September. The duration of the assignment is between three to six months.

Your application

We will conduct application screening and interviews on an ongoing basis. Please apply by sending your CV in English no later than 15th July . For additional information, please email Matthias Thomas, Business Development & Client Relationships, at [email protected]

We look forward to your application!