MISSION CAPITAL, LLC.
Varun Raman

An economics major from Boston University in Massachusetts, Varun had just completed his junior year when he applied to the Washington Internship Program in February for a summer internship. Varun won a Congressional Award, was elected treasurer of the Undergraduate Economics Association, belonged to the Finance and Investment Club on campus as well the Mathematics Association, and his article “Thoughts on Ben Bernanke” was published within the Undergraduate Economics Association Newsletterin December of 2005. Varun worked as a telemarketer for New Jersey’s FOP Fund Center, at Boston University’s Audio-Visual Department, in BU’s Fitness and Recreation Center, as a hospital volunteer at Monmouth Medical Center, and for Ms. Fields Cookies. He took classes in finance along with related coursework in macro- and microeconomics, monetary and banking theory, and economic statistics. Varun’s family was concerned that many companies in D.C. wait until the last minute to select interns, but the Washington Internship Program reassured Varun that every intern accepted by WIP is guaranteed a placement of his or her choice – even though some organizations wait until the last minute to make final selections. Varun was accepted in late May by Mission Capital, LLC and Oppenheimer & Company, Inc. (both located within the same building in downtown Washington) as well as Earth-Day Network. Varun chose the former where he worked from the end of May through mid August. Varun decided to live at Logan House on 11th Street, N.W., which WIP purchased for interns, but since decorating the house was still in progress when Varun arrived, he stayed instead at International House – also run by WIP – where his Indian heritage and enthusiastic personality were appreciated by staff and students alike. Another economics student from Boston University, Zhenqiang Tang – who was working on a Masters degree after completing a Bachelors in China – was also accepted by WIP and placed at Oppenheimer & Company, but due to a change in Mr. Tang’s plans, his internship was deferred until next summer. Below is Varun’s discussion of his superb placement:    

“In the summer of 2006, I worked as an intern at Mission Capital, LLC, an asset-management company that pools money into a hedge fund called Reye Partners, LLC. My formal title was ‘Market Research Intern,’ and my duties included conducting research, locating potential investors, and brainstorming for ideas to attract new clientele. I gathered information online using search engines and various hedge-fund sites.”

“A hedge fund is a private investment vehicle with large minimum sums of money, and the venture is restricted in terms of the number of participants. These limited partnerships invest in a portfolio of securities that are lightly regulated by the SEC to attract only accredited investors (whose net worth must exceed a million dollars). Reye Partners, LLC is a collection of different hedge funds all managed by Mission Capital. Selecting an array of funds spreads the risk and reduces the chance of losses.”

“I worked directly with the head of Mission Capital, which is located on K Street, N.W. just blocks from the White House. The primary purpose of this firm is to take funds from investors, pool them together, and invest in the hedge fund. The company provides diversification, liquidity, and management service for a fee determined in advance. Mission Capital provides advice on which hedge fund an investor should choose and what risks are associated with each. The brains behind the operation, and the person who bore responsibility for growing Reye Partners, was my supervisor.”

“As an intern, my goal was to help expand the hedge fund by attracting potential investors and contacting companies that sought growth through alternative investments. We employed a variety of strategies ranging from sending mass mailings to certified public accountants, whose clients were high net-worth individuals, to setting up meetings with registered investment advisors. We wanted to make ourselves known to investors and up-and-coming companies in the Washington, D.C. area. We were successful with registered-investment advisors who belonged to companies growing at a steady rate that wanted to pursue alternative investments.”

“My boss and I worked together on most projects. Our days consisted of developing ways to market the fund and reach new clients. We kept in touch with third-party marketers, posted the fund on hedge-fund message boards, and contacted companies across the country that were buying or selling businesses. Recently, hedge funds have become an extremely ‘hot’ commodity, and we took advantage of that popularity. Instead of blindly sending out information to rich people, we planned strategic ways to inform accredited investors about this hedge fund of funds. The best prospects were individuals with whom we could form synergies and who would continue benefiting from this approach in the future.”

“Over the course of the summer, I gained valuable business skills and insight into the world of finance. My critical thinking was put to the test, and I faced an array of challenges on a daily basis. I had to think on my feet, solve problems, and find effective solutions to stay a step ahead of the competition. I learned to pursue tasks with a business-oriented mindset and approach situations carefully, paying attention to details. Strategic planning and patience were the necessary virtues at this internship. I saw myself grow professionally, and I walked away with experience that will be vital in my career. I am now in possession of unique insight that I can bring to the table when job hunting next year.” 

“The venue of the internship played an important role in its success. Mission Capital is located in the middle of Washington, D.C.’s financial district among the most promising upcoming hedge funds. More and more businesses are trying to acquire contacts in this area because of its political history within our nation’s capital. Washington is slowly overtaking New York City as the financial hub of the United States, and I am happy that I was able to take part in this gradual transformation.”

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