A private equity internship is a valuable chance for students and career changers to gain practical experience investing in private companies. These internships help build key skills such as financial modeling, due diligence, and portfolio management — all essential for a successful career in finance.
Beyond the experience, these internships open doors to valuable professional networks and increase the chance of securing full-time roles. However, competition is tough, as top firms accept only about 1% of applicants. That makes preparation and networking essential.
At the same time, the private equity market is growing quickly, expected to nearly triple from $593 billion in 2025 to $1.35 trillion by 2034, assuming a 9.58% annual growth rate. This growth means more opportunities for interns to work on deal analysis, investment decisions, and portfolio management.
Let’s explore how to break into private equity, what to expect during an internship, and tips to help you stand out and succeed in this competitive field.
What is a private equity internship?
A private equity (PE) internship is a structured program, usually lasting up to six months, where interns work alongside investment professionals to support the evaluation, acquisition, and management of private companies.
Unlike investment banking (IB) internships that focus on deal execution and public markets or venture capital (VC) internships that target early-stage startups, PE internships emphasize long-term investments in mature companies with a focus on value creation.
A wide range of firms offer private equity, including the following:
- Mega-funds (bulge bracket PE firms)
Examples include Blackstone, KKR, Carlyle, and Apollo. These firms manage multi-billion-dollar funds and offer highly structured internship programs with formal training, mentorship, and a clear path to full-time offers. Interns often work in large teams and gain exposure to global deals.
- Mid-market and private firms
Smaller funds focused on niche sectors or regional markets (e.g., Five Arrows, CapitalD). These internships often provide more hands-on experience with direct involvement in deal sourcing, due diligence, and portfolio company management.
- Sector-specific funds
Some internships focus on industries like healthcare, technology, or infrastructure, offering specialized exposure and deeper industry knowledge.
For example, Five Arrows Private Equity, the alternative assets arm of Rothschild & Co., offers a six-month internship in London focusing on mid-market companies in data & software, healthcare, and technology-enabled business services, managing assets worth €26 billion.
Why pursue a private equity internship?
A private equity internship is a critical step toward building a successful career in finance. Here are the key benefits of a PE internship:
- Immersive experience
A PE intern participates in all stages of the investment process, including market research, financial modeling, due diligence, and portfolio monitoring. This hands-on involvement helps interns gain a deeper understanding of how private equity deals create value. For example, CapitalD interns build detailed financial and valuation models and prepare investment memos.
- Development of technical skills
Private equity internships enhance skills in Excel-based financial modeling, LBO (leveraged buyout) analysis, valuation, and presentation preparation — skills highly valued across financial sectors.
- Exposure to industry leaders and a professional network
Working alongside seasoned investors and portfolio company executives provides unique insights into how deals are structured and value is created. This exposure helps interns build a professional network that is instrumental in securing future roles.
- Career clarity and competitive edge
A PE internship helps clarify whether candidates prefer investing over advisory roles like investment banking, as the day-to-day work and impact differ significantly. Moreover, having PE experience on a resume signals to future employers a commitment and capability, giving interns a competitive advantage in the job market.
- Access to future opportunities
Many PE firms convert high-performing interns into full-time associates. Even if a full-time offer is not guaranteed, the skills and network gained open doors to related fields such as investment banking, consulting, or venture capital.
For those interested in the financial rewards of a private equity career, learn more about private equity carry compensation.
When and where to apply
Private equity internship timelines vary by education level and firm type.
- Undergraduates
Applications generally open from August to October for summer internships, with interviews from October to December. Offers are typically extended by early spring.
- MBA students
Recruiting tends to start later, from December to March, with internships beginning the following summer.
- Off-cycle internships
These positions are available year-round, often with more flexible start dates, especially at mid-market and smaller firms.
Private equity opportunities also vary by region, with certain cities offering access to specific markets, deal types, and firm concentrations.
- New York
This is the largest PE market in the US, home to many mega-funds and mid-market firms.
- San Francisco
This market offers a strong presence of PE firms focused on technology and growth investments.
- London
As Europe’s leading financial center, it offers numerous PE firms and cross-border deal activity.
- Paris, Frankfurt, and emerging markets
These areas are growing opportunities, particularly in mid-market and sector-focused funds.
Additionally, the type of PE firm significantly affects the recruiting process and day-to-day responsibilities.
- Bulge bracket PE firms
These companies provide very competitive, structured recruiting, often requiring prior IB or consulting experience.
- Mid-market/private firm
More accessible, with opportunities for greater responsibility and direct deal involvement.
This guide to recruiting for private equity breaks down what to expect across firm types and career stages.
How to get a private equity internship
Here are key recommendations for finding and securing competitive private equity internship opportunities.
1. Understand the application timeline
Private equity recruiting happens on a rolling basis and varies by firm type. Top firms often recruit early, sometimes a full year in advance, especially for undergraduates applying to summer internships. Mid-market and boutique firms may have a more flexible internship recruiting timeline.
Applicants should start researching and preparing at least 6–8 months before their target internship period.
2. Build a competitive profile
Most PE firms prefer candidates with prior finance experience. Candidates looking to strengthen their profile should incorporate the following:
- Intern in investment banking, consulting, or corporate finance before applying.
- Join finance-related clubs or student investment groups.
- Take relevant coursework in accounting, valuation, and financial modeling.
- Build a solid GPA (3.5+ preferred) and demonstrate quantitative skills.
What do private equity firms look for in candidates? Discover the secrets in our exclusive guide
3. Network strategically
Referrals play a big role in breaking into PE. Here’s how to network effectively:
- Use LinkedIn to connect with alumni working at PE firms. Personalize messages and ask for informational calls.
- Attend career fairs and finance networking events, especially those hosted by universities or local associations.
- Ask previous internship supervisors or professors for introductions when appropriate.
- Follow up politely and keep relationships warm over time.
4. Prepare thoroughly for interviews
Private equity interviews are a mix of behavioral questions, technical finance questions, and investment case studies. To prepare, keep the following in mind:
- Master financial modeling and LBO analysis — many firms test an applicant’s knowledge.
- Practice common technical questions: valuation methods, accounting rules, capital structure, and M&A concepts.
- Be ready to walk through a deal experience or investment pitch in detail.
- Read PE news and firm deal activity to stay current and tailor conversations.
5. Polish your resume and cover letter
Resumes should be concise, results-focused, and tailored to private equity. Highlight analytical work, deal exposure (if any), and leadership experience. Cover letters should show genuine interest in PE and the specific firm, not just generic ambition.
Want to stand out in interviews? To learn more, read our article on how to prepare for a private equity interview to boost your chances of success.
What do private equity interns actually do?
Private equity interns play a supporting but impactful role on deal teams. While responsibilities vary by firm size and focus, most interns are expected to assist with due diligence, financial analysis, and portfolio support.
A typical day might include the following:
- Market research and industry analysis
Interns analyze sectors and competitors to identify attractive investment opportunities and understand market trends. They also help analyze market trends and company performance to support investment strategies.
- Financial modeling and valuation
Apprentices may build and review complex Excel models to evaluate company performance, forecast cash flows, and calculate returns.
- Due diligence support
An intern’s day may involve reviewing confidential company documents, assessing risks, and preparing investment memoranda for internal committees.
- Portfolio monitoring
Interns are also responsible for tracking key performance indicators (KPIs), financial results, and strategic initiatives of portfolio companies to support value creation.
- Presentation and report preparation
Trainees may be expected to create pitch decks and reports for investment committees, clients, and potential investors.
- Project management and team collaboration
Interns should be prepared to coordinate with deal teams, portfolio company management, and external advisors to support ongoing projects.
- Use of tools
Candidates will be expected to be fluent in industry software, such as Excel for modeling, PowerPoint for presentations, and databases such as Capital IQ or PitchBook for research.
Best PE internships to apply for
Here’s a list of the best private equity internships, highlighting key details to help candidates choose and prepare:
1. Five Arrows Private Equity – Internship Program
Locations: London, Paris, New York, San Francisco
Duration: Six months
Overview: Five Arrows is the PE arm of Rothschild & Co, managing over €26 billion in AUM. Interns work on real deals within sectors such as healthcare, data & software, and tech-enabled business services. The program includes exposure to international teams and offers structured mentorship.
Ideal for: Candidates with strong analytical and teamwork skills, and an interest in mid-market private equity with global reach.
Application tips: A solid academic record (GPA 3.3+), quantitative aptitude, and clear motivation for PE are essential. Emphasize flexibility and an international mindset.
2. Project Destined – Virtual Internship
Location: Remote
Duration: Summer (6 sessions)
Overview: Aimed at students from underrepresented backgrounds, this program focuses on commercial real estate, with training in underwriting, modeling, and market analysis. Led by seasoned professionals (e.g., ex-Carlyle), it combines real-world case studies with career development.
Ideal for: Aspiring finance professionals looking to gain technical skills and mentorship in a flexible, virtual format.
Application tips: Demonstrate a strong interest in real estate, finance, and community impact. Prior experience not required, but enthusiasm and initiative are key.
3. Adams Street Partners – Summer Intern Program
Locations: Primarily U.S. offices
Duration: 10 weeks
Overview: Interns join deal teams focused on private equity and private credit investments. The program includes proprietary training modules, direct involvement in due diligence and market research, and formal networking events.
Ideal for: Students exploring private markets who want experience at a global investment firm with diverse strategies.
Application tips: While finance experience is a plus, focus on strong academics, communication skills, and the ability to work in teams under tight deadlines.
4. Partners Group – Private Equity Internship
Location: Baar, Switzerland
Duration: Six months
Overview: This internship offers in-depth exposure to global buyout deals. Interns contribute to deal sourcing, LBO modeling, ESG and tax due diligence, and portfolio value creation. The culture is entrepreneurial, with an emphasis on innovation and learning.
Ideal for: Highly analytical candidates with an interest in international private equity and long-term investing.
Application tips: Be prepared to demonstrate adaptability, global perspective, and initiative. A background in finance or economics is often expected.
5. Hamilton Lane – Emerging Talent Internship
Locations: U.S. and U.K.
Duration: 10 weeks
Overview: A structured internship in private markets investing. Interns complete a capstone project, attend training sessions, and gain exposure across PE, credit, and infrastructure strategies. The program targets undergrads and recent grads from diverse backgrounds.
Ideal for: Early-career professionals interested in gaining broad private markets experience with mentorship.
Application tips: Focus on communication skills, intellectual curiosity, and evidence of leadership or teamwork. High performers may receive full-time offers.
6. Nordic Capital – Private Equity Internship
Location: London
Duration: 10 weeks (Autumn)
Overview: Interns join transaction teams and support live deal processes, due diligence, and portfolio management. Nordic Capital emphasizes a collaborative culture, flexible start dates, and a “buddy system” for onboarding.
Ideal for: Candidates with prior finance or consulting experience looking to gain hands-on exposure to European PE.
Application tips: Demonstrate strong analytical and interpersonal skills. Expect multiple interview stages, including case studies and team assessments.
7. Halcyon Equity Partners – Summer Internship
Location: Athens, Greece
Duration: Eight weeks
Overview: An exclusive international internship for Brown University students, combining deal sourcing, market research, and portfolio work with structured mentoring. Strong focus on real-world exposure and professional development.
Ideal for: Brown students seeking global PE experience early in their careers.
Application tips: Apply via Handshake. Show commitment to finance, curiosity about international markets, and a proactive mindset.
8. OMERS Private Equity – Summer Internship
Location: Toronto, Canada
Duration: Eight weeks
Overview: OMERS offers interns exposure to every aspect of private equity investing, from sourcing to asset management and modeling. Interns rotate through weekly focus areas, attend training workshops, and work closely with senior mentors.
Ideal for: Students who want to understand the full PE deal lifecycle within a Canadian pension-backed firm.
Application tips: Emphasize accounting, valuation, and Excel modeling skills. The program values coachability and professional maturity.
Check out our guide to the best M&A firms and the services they offer.
Common challenges interns face
Private equity internships come with unique challenges that can be tough to navigate without preparation. Here’s a breakdown of common obstacles interns face and practical tips on how to manage them effectively:
| Challenge | Description | Solutions |
|---|---|---|
| Steep learning curve | Complex financial models, industry jargon, and fast-paced expectations can be difficult to absorb quickly. |
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| Heavy workload & tight deadlines | Juggling multiple tasks with fast turnaround times can feel overwhelming. |
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| Limited deal exposure | Interns may feel stuck with research or support work, away from core investment activity. |
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| Firm culture & expectations | Adapting to unspoken norms around communication, feedback, and work style can be tricky. |
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| Receiving critical feedback | Feedback is often direct and frequent, which can feel intense or discouraging. |
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What happens after the internship?
A private equity internship opens several valuable doors, depending on an intern’s performance and long-term goals. For pre-MBA interns, strong performance may lead to a return offer for a full-time analyst or associate role, though this is more common at larger firms with structured programs.
To maximize the chances of receiving an offer, it’s essential to demonstrate technical competence, professionalism, attention to detail, and the ability to take initiative. Building strong relationships with team members and seeking feedback also goes a long way.
If a full-time offer doesn’t materialize or isn’t part of the arrangement, interns can still leverage the experience. It strengthens a candidacy for investment banking, corporate finance, or other finance roles that are traditional pathways into PE.
For MBA students, an internship is often a key step toward landing a post-MBA associate position.
In both cases, maintaining contact with the firm, following up on feedback, and showing continued interest helps turn an internship into a long-term opportunity.
Key takeaways
- Private equity internships provide true investment experience — researching industries, analyzing companies, and building financial models. Interns also learn important skills such as Excel modeling, LBO analysis, valuation, and how to write investment memos.
- Having previous finance experience is a big help for internships in investment banking, consulting, or student finance clubs.
- Networking is key. Many people get interviews through referrals, so reaching out to alumni and professionals can really help.
- Interns often support deal teams, helping with research, modeling, due diligence, and tracking portfolio performance.
- Top firms offer structured programs with training and mentorship, while smaller firms provide more varied, hands-on work.
- Private equity is growing fast, which means more opportunities, but also more people competing for those positions.
- Doing well leads to full-time offers, especially at firms with structured return programs.
However, even without an offer, the experience boosts your career, opening doors to other roles in finance like banking, VC, or corporate development.
