Private Equity Associate Internships
Private equity associate internships give university students, recent graduates, and early-career switchers hands-on deal analysis and modeling experience, mentorship from working private equity associates, and, at many employers, a path toward a full-time offer. Openings are concentrated across {{top_industries_phrase}}, with Augr, FCP, and RGA among the employers posting roles now.
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Our 10-week Summer Analyst Program – taking place exclusively in Austin – offers undergraduate students hands-on private equity experience with exposure to multiple funds. Summer Analysts will build skills in valuation, due diligence, deal execution and portfolio value creation.
Upon completion of the program, successful Summer Analysts may be considered for full-time opportunities beginning in Summer 2029. These roles are expected to be available in one of our primary office locations, including Chicago, IL; Austin, TX; or San Francisco, CA, subject to business needs and availability.
Application Process:
To be considered, please submit your application and complete the following items: research our funds and submit the application form indicating your fund preferences, and complete the online cognitive assessment. All items must be completed by November 17, 2026, at 11:55 P.M. CT. A link to the assessment will be sent automatically via email once your application is submitted, and completion of the assessment is a required part of our holistic evaluation process. The assessment is considered complete once you are returned to the iCIMS application portal.
Please be sure to finish all parts of the assessment. You must go through each assessment prompt until you’re sent back to the application portal. Your application will only show as complete once you’ve answered each question and returned to the portal.
To best prepare for the role and recruitment process, please visit our Forage job simulation page to complete a short job simulation. This exercise is designed to help you learn more about the private equity industry and step into the role of a PE analyst to learn how to evaluate deals, analyze financials and communicate investment insights.
- Conduct due diligence and support deal execution: Work with deal teams to evaluate potential software investments through industry research and financial and operating analysis. Turn your findings into materials the team uses to assess the opportunity, and support live transactions through coordination with outside advisors.
- Build core investing skills: Learn financial analysis, deal valuation, and how software businesses operate through formal training and day-to-day mentorship, with regular feedback on your work.
- Learn how Vista works: Meet colleagues across the firm and see how portfolio operations, fundraising, and other functions connect to the investment process.
- Enrollment in an undergraduate program, graduating between December 2028 and June 2029
- A strong track record of academic achievement and/or professional pursuits
- High personal and professional maturity
- The ability to internalize feedback and improve through coaching and training
- Strong quantitative and analytical capabilities
- Excellent interpersonal and communication skills
- Self-motivation and a high degree of initiative
- Exceptional work ethic and a deep sense of accountability
- The ability to work both independently and collaboratively
- Interest in financial markets and technology industry sectors and trends
Our 10-week Summer Analyst Program – taking place exclusively in Austin – offers undergraduate students hands-on private equity experience with exposure to multiple funds. Summer Analysts will build skills in valuation, due diligence, deal execution and portfolio value creation.
Upon completion of the program, successful Summer Analysts may be considered for full-time opportunities beginning in Summer 2029. These roles are expected to be available in one of our primary office locations, including Chicago, IL; Austin, TX; or San Francisco, CA, subject to business needs and availability.
Application Process:
To be considered, please submit your application and complete the following items: research our funds and submit the application form indicating your fund preferences, and complete the online cognitive assessment. All items must be completed by November 17, 2026, at 11:55 P.M. CT. A link to the assessment will be sent automatically via email once your application is submitted, and completion of the assessment is a required part of our holistic evaluation process. The assessment is considered complete once you are returned to the iCIMS application portal.
Please be sure to finish all parts of the assessment. You must go through each assessment prompt until you’re sent back to the application portal. Your application will only show as complete once you’ve answered each question and returned to the portal.
To best prepare for the role and recruitment process, please visit our Forage job simulation page to complete a short job simulation. This exercise is designed to help you learn more about the private equity industry and step into the role of a PE analyst to learn how to evaluate deals, analyze financials and communicate investment insights.
- Conduct due diligence and support deal execution: Work with deal teams to evaluate potential software investments through industry research and financial and operating analysis. Turn your findings into materials the team uses to assess the opportunity, and support live transactions through coordination with outside advisors.
- Build core investing skills: Learn financial analysis, deal valuation, and how software businesses operate through formal training and day-to-day mentorship, with regular feedback on your work.
- Learn how Vista works: Meet colleagues across the firm and see how portfolio operations, fundraising, and other functions connect to the investment process.
- Enrollment in an undergraduate program, graduating between December 2028 and June 2029
- A strong track record of academic achievement and/or professional pursuits
- High personal and professional maturity
- The ability to internalize feedback and improve through coaching and training
- Strong quantitative and analytical capabilities
- Excellent interpersonal and communication skills
- Self-motivation and a high degree of initiative
- Exceptional work ethic and a deep sense of accountability
- The ability to work both independently and collaboratively
- Interest in financial markets and technology industry sectors and trends
Private Equity Associate Internship Market
Who's Hiring
Tips for Your Private Equity Associate Internship Search
Apply months before the summer start date
Large private equity firms recruit summer interns the preceding fall, often wrapping offers before the calendar year ends. Smaller firms and co-op programs post closer to the actual start date. Check listings in September and again in January so you catch both waves and don't miss the early cohorts.
Build deal work before you apply
Without a professional history, your coursework projects are the proof recruiters use to assess you. Put together a financial model, a comparable company analysis, or a short investment memo using real public data. Name the tools you used and make the work viewable, whether that's a shared file, a published write-up, or a case study you can walk through in an interview.
Work your campus network alongside direct applications
Campus career fairs surface structured programs that partner with your university, and professors or career center staff often know which firms recruit from your school before roles post publicly. At the same time, apply directly to smaller firms running their own cohorts, combining both approaches puts you in front of a wider range of opportunities than either channel alone reaches.
Practice the actual interview format out loud
Private equity associate intern screens typically include a modeling test, a paper LBO walk-through, or a case discussion built around a real company or deal. Practice your reasoning aloud, not just on paper, because interviewers weigh how you think through a problem as much as whether you land the right answer. Work through several cases before your first interview, not after.
Target structured summer analyst programs early
Large PE firms and their affiliated investment banks run cohort-based summer analyst programs designed for students entering the field for the first time. These programs include formal training, real deal exposure, and a defined return-offer process. They recruit in the first wave of fall recruiting and fill fast, so identify the programs that fit your school year and apply in the opening weeks.
Set your work-type filter before you start searching
On-site roles are 100% of the private equity associate internships listed here. Decide what you can realistically commit to before you start sorting through openings. Filtering by location and work type upfront on Migrate Mate means you're only reviewing roles you can actually take, which saves time and keeps your applications focused.
Private Equity Associate Internships: Frequently Asked Questions
How do I get a private equity associate internship?
Lead with coursework and projects rather than work history, hiring teams expect limited professional experience at the intern level. Build a portfolio of financial models, deal memos, or investment analyses that give recruiters something concrete to assess. Apply directly to firms posting openings and attend campus career fairs, where PE recruiters often move faster for students they meet in person.
Can a private equity associate internship turn into a full-time job?
Many employers extend return offers to strong interns, but conversion is never guaranteed. What drives it for private equity associate interns is performance on live deal work, available headcount on the team, and how early the firm communicates its return-offer timeline. Treat the internship as an extended audition, contribute meaningfully on every assignment, and ask your manager about the process early rather than assuming.
When should I apply for private equity associate internships?
Earlier than most expect. Large firms recruit for summer internship cohorts the preceding fall, so applications often open in September or October. Smaller firms and co-op programs post much closer to the start date, which means openings appear year-round. Check listings regularly and move quickly when a role fits, since PE internship slots are limited and fill without much public notice.
Are private equity associate internships paid?
Most professional private equity associate internships in the U.S. are paid. Compensation varies by firm size, industry focus, and location, and listings display it where the employer chooses to disclose it. Smaller boutique firms and nonprofit-affiliated programs may offer stipends or unpaid arrangements, so read each listing carefully before applying.
What should a private equity associate internship resume include?
Lead with projects, not work history. Include two or three complete, documented projects showing the financial models, valuation analyses, or investment memos you built, naming the tools you used, Excel, Argus, Capital IQ, or Python, and linking to the work where it's publicly viewable. Add relevant coursework in finance, accounting, or economics. Keep the resume to one page.
Are there remote private equity associate internships?
Yes. Remote and hybrid roles make up 0% of the private equity associate internship listings here, with the rest on-site. Remote cohorts tend to fill quickly since they draw applicants from across the country, so apply early and filter by work type to surface them without sorting through roles that don't fit your situation.
What is a private equity summer analyst internship program?
Many large PE firms and investment banks run structured summer analyst programs that target undergraduates and early graduate students with little professional experience. These programs are cohort-based, include formal training alongside live deal exposure, and recruit heavily through campus recruiting cycles. They are competitive and fill in the first recruiting wave, so identify the programs that match your background and apply as soon as they open.
Can international students get private equity associate internships?
Yes. F-1 students can intern through CPT while enrolled or through OPT work authorization after finishing a degree, and the employer does not have to file anything for either, so many companies are open to international interns. Confirm your eligibility and timing with your university's international student office before accepting an offer.
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