Investment Analyst

Location: Medolago

Location:

Milan, Italy

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About Circeus
Circeus is an AI-native holding company that acquires and evolves mission-critical software for the AI era. Through a centralised AI platform deployed across our portfolio, we expand software from systems of record into systems of action.
We have raised $220m+ from leading global institutional investors and serve 250,000+ businesses worldwide, focusing on high-retention, deeply embedded software that powers the everyday economy. We operate as long-term owners, bringing the benefits of innovation and AI to the real economy.

The Role
This is an analyst seat on the team that sources, evaluates and executes the acquisitions that bring new software businesses into Circeus, based in our Milan office. You will work on live transactions from first look to signing, building the analysis that decides whether we pursue a target and on what terms.
A large part of the job is holding diligence together. You will run the financial, legal, commercial and technical work streams to a single timeline, keep advisers moving, and pull their findings into one view that shows what matters for price, structure and pace. Alongside deal work, you will help prepare investor relations and fundraising material, translating portfolio performance into the numbers and narrative our investors see.
It suits someone one to three years out of a sell-side seat who wants ownership earlier than a coverage team will give them, and who is as interested in how a software business actually runs as in how it is valued. Strong internship track records are welcome in place of full-time experience.
What You'll Do
Screen inbound and proprietary deal flow against our acquisition criteria
Build and maintain valuation and operating models across live opportunities
Coordinate financial, legal, commercial and technical diligence, holding advisers and internal teams to one timeline
Consolidate diligence findings and flag the issues that change price, structure or decision
Analyse SaaS economics, including net revenue retention, churn, cohort behaviour and revenue quality
Write screening and investment memos for the investment committee
Prepare investor relations and fundraising material, including portfolio reporting and investor updates
Use AI tools to compress research, data extraction and first-draft analysis
Maintain pipeline data across sourcing, diligence and execution stages
What We're Looking For
One to three years in sell-side M&A, leveraged finance or equity research, or a strong internship record in those environments
Financial modelling and valuation skills built on live transactions rather than coursework
Ability to run several work streams and external advisers to deadline with limited supervision
Clear, concise written analysis that stands on its own in front of decision-makers
Commercial judgement and genuine interest in how B2B software businesses make money
Fluent English, written and spoken
Highly organised, xpavfwm with the instinct to structure messy inputs before being asked
Nice to Have
Exposure to SaaS or vertical software, through deals, coverage or personal research
Experience alongside technical or product diligence, not just financial work streams
Italian alongside English
Demonstrated use of AI in your own research, diligence or reporting workflow
SQL or Python for data analysis
Why Circeus
Deal exposure across a portfolio of software businesses rather than a single sector mandate
Ownership of work streams from first look to signing, with direct access to decision-makers
AI applied to real commercial problems, with impact you can measure
Direct collaboration with our central AI team
One team across London, Milan and Sarajevo, operating as a single system
Competitive compensation and a clear route to greater deal responsibility
Let's shape the future of AI-driven software together — apply now to join our team!