Investment Analyst

Location: Milan, Italy 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 workstreams 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 MA, 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 workstreams 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, 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 workstreams • 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 workstreams 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!