Top Private Equity Internship Programs in 2025 (and How to Stand Out)
Explore the top private equity internships in 2025, including deadlines, firm insights, and expert strategies to stand out and land an offer.
Posted July 30, 2025
Table of Contents
Private equity internships are some of the most competitive and career-defining opportunities in the finance world. With only a small percentage of interested candidates earning offers, these internships often serve as direct pipelines to full-time roles at prestigious firms and long-term careers in private equity investing. Interns are expected to hit the ground running, contributing to real deals, performing financial analysis, and gaining exposure to the investment process from day one.
Whether you're an undergrad aiming for a mega-fund, a pre-MBA professional exploring alternatives to investment banking, or a career switcher with a consulting or economics background, this guide is for you. We’ll cover top programs, timelines, what interns actually do, and exactly how to stand out, even if you're coming from a nontraditional path.
Read: What is Private Equity and How Does It Work?
What Do Private Equity Interns Actually Do?
Private equity interns are treated as junior investment professionals, not passive observers. Across most firms—especially top-tier ones like Blackstone, KKR, and Bain Capital—you’ll work directly on live deals, building detailed financial models, conducting due diligence, analyzing market trends, and helping evaluate potential investment opportunities.
Your day-to-day responsibilities might include researching industries, assessing company financials, supporting portfolio companies on strategic initiatives, or attending investment committee discussions. At mega-funds, the pace is fast and the stakes are high, with interns often rotating across teams and sectors. At middle-market or growth equity firms, you may get more direct exposure to management teams and hands-on involvement in deal execution.
To succeed, you’ll need a solid grasp of accounting, valuation, Excel modeling, and financial statements, along with sharp attention to detail and the maturity to work independently. Interns walk away not just with technical reps but with a deeper understanding of what makes a company a great investment, how private equity firms create value after the deal closes, and what it takes to partner with CEOs and operators to grow a business.
Read: Private Equity Roles: The Different Career Paths
Who Can Apply for Private Equity Internships?
Private equity internships are notoriously selective, with most roles going to candidates who already have technical training and some exposure to high-stakes deal work. Historically, firms have focused on investment banking analysts and undergrads at top-tier schools. But the landscape is expanding slowly.
Most common applicant profiles:
- Undergraduates, typically rising juniors at target schools (e.g., Wharton, Harvard, NYU Stern) with prior internships in investment banking, private equity, or asset management
- Pre-MBA professionals who’ve spent 1–3 years in investment banking, management consulting, Big 4 transaction advisory, or corporate development
- Students studying finance, economics, or business at highly ranked universities with strong modeling skills and deal exposure
Gaining traction:
- Candidates with prior experience in venture capital, family offices, or search funds, especially if they’ve sourced deals or built LBO models
- Students from underrepresented backgrounds, supported through diversity recruiting programs like SEO, Girls Who Invest, and firm-led initiatives (e.g., KKR’s DEI programs)
- Master’s students in finance, accounting, or financial engineering, particularly those with strong internship experience and technical training
While most PE internships still favor candidates who’ve done time in investment banking, firms are increasingly open to high-performing candidates from nontraditional backgrounds—if they can demonstrate technical readiness, investing instincts, and a strong understanding of the private equity industry.
Read: Private Equity Analyst: Role, Responsibilities, & Salary
Recruiting Timeline and Process
| Stage | Undergraduate Internships (Rising Juniors) | Pre-MBA Internships (1st-Year MBAs) | Off-Cycle / International / Mid-Market |
|---|---|---|---|
| Application Opens | Late July–September 2024 | December 2024–February 2025 | Rolling year-round (varies by firm) |
| Resume + Cover Letter Deadline | Typically by October 2024 | Varies: Feb–Mar 2025 | Rolling; often posted without strict deadlines |
| Initial Screen / Resume Review | September–October 2024 | February–March 2025 | Ongoing; depends on immediate firm needs |
| First-Round Interviews | October–November 2024 | March–April 2025 | Varies — sometimes 1–2 weeks after application |
| Behavioral Interviews | "Why PE?", teamwork, leadership, interest in investing | Same as undergrad, with MBA-level depth | Similar structure, more flexibility |
| Technical Interviews | Accounting, valuation, DCF, LBO modeling basics | More advanced LBOs, public/private comps, returns analysis | Often less formal; may test Excel/valuation |
| Modeling Tests / Case Studies | Timed 2–3 hr take-homes or live modeling (especially mega-funds) | Investment committee memo, 3-statement model, LBO walkthrough | More common at mid-market firms; varies |
| Final Rounds / Superdays | November–December 2024 | April 2025 | Rolling — often 1–2 rounds with investment team |
| Offer Decisions | As early as November 2024, latest by January 2025 | By late April–May 2025 | Rolling; offers often extended quickly after final round |
| Program Start | June 2025 (10-week summer internship) | Summer 2025 (typically post-MBA Year 1) | Can start anytime; some are 3–6 months, part-time or full-time |
Additional Notes:
- Mega-funds (Blackstone, KKR, Carlyle) recruit super early and run structured processes aligned with investment banking recruiting.
- Pre-MBA internships are limited and highly selective, usually at 5–10 top firms. Many offer them as a feeder to associate roles.
- Off-cycle internships (especially in Europe, Asia, or at growth equity firms) offer more flexibility but require proactive sourcing and networking.
- Expect game-based assessments (e.g., Pymetrics) at firms like Blackstone or Bridgewater.
- Some firms use HireVue or SparkHire video interviews for early screens.
Pro Tip: Start early by prepping at least 4–6 months in advance. Many successful applicants begin preparing technicals while still recruiting for IB or consulting internships.
Top Private Equity Internship Programs in 2025
Mega-Funds
Blackstone
One of the most competitive internship programs in the private equity industry, Blackstone’s Summer Analyst Program is a unique opportunity for rising juniors and first-year MBA students to work on live deals and directly support portfolio companies. Interns contribute to due diligence, valuation, and help source investment opportunities across strategies.
- Duration: 10 weeks (summer)
- Location: New York, Miami, Wayne, and global offices
- Timeline: U.S. apps open Jan–Mar, interviews run through December
- What They Look For: Top academic performance, initiative, and strong cultural fit. Expect game-based screening and rigorous interviews.
View Blackstone’s careers site →
KKR
KKR’s Private Equity Internship offers a deeply immersive experience in private equity investing. Interns work directly with deal teams to source investments, conduct due diligence, and support portfolio companies across sectors like healthcare, tech, and industrials. Students contribute meaningfully to the investment process, engaging in both qualitative and quantitative analysis.
- Duration: 10 weeks during the summer
- Location: New York, Menlo Park, London, and select global offices
- Application Timeline: Opens January; interviews run February–April
- What They Look For: Analytical rigor, demonstrated interest in investing, and strong
Interpersonal skills. Prior internships in investment banking, consulting, or at a PE firm are highly valued. Interns should expect fast-paced work, real responsibility, and exposure to senior leaders. The program is highly selective and a direct pipeline to full-time analyst roles.
Carlyle Group
Carlyle’s Private Equity Summer Internship places students alongside senior investors and analysts across a range of global buyout, growth, and sector-focused funds. Interns evaluate new investments, prepare diligence materials, and participate in investment committee discussions.
- Duration: 10–12 weeks
- Location: Primarily Washington, D.C., New York, and international hubs
- Application Timeline: Typically opens in December/January for undergrads and pre-MBAs
- What They Look For: Academic excellence, financial foundation, and a team-first mindset.
Carlyle seeks candidates who are intellectually curious and excited by the diversity of global markets. Interns gain exposure to a wide array of strategies and sectors—from market research to financial modeling to real-time support of live deals.
Apollo
Apollo’s internship program puts interns directly on investment teams where they help source deals, conduct valuation and risk analysis, and engage in operating partner meetings. The program emphasizes responsibility and initiative.
- Duration: 10 weeks
- Location: New York, Miami, and select global locations
- Application Timeline: Applications typically open in late fall
- What They Look For: High performers with resilience, intellectual horsepower, and a passion for private equity investing. I
nterns sit in on weekly IC meetings and may help create memos or models that directly support firm-wide strategy. It’s an intense and rewarding internship opportunity.
Bain Capital
Bain Capital’s internship program is known for its collaborative, apprentice-style model. Interns conduct due diligence, help build financial models, and evaluate investment opportunities across a variety of asset classes.
- Duration: 10 weeks
- Location: Boston (HQ), New York, and select global offices
- Application Timeline: Campus and open applications typically launch in January–February
- What They Look For: Strong modeling and communication skills, clear interest in investing, and a growth mindset
Interns often work closely with both junior and senior team members on active deals, offering a rare level of exposure to how Bain executes its investment strategy.
[top private equity coaches]
Upper Middle Market / Growth Equity
TPG
TPG’s internship program emphasizes high-growth investing across tech, healthcare, consumer, and impact verticals. Interns support sourcing, industry analysis, and company-level diligence.
- Duration: 10 weeks
- Location: San Francisco, Fort Worth, and international offices
- Application Timeline: January–March
- What They Look For: Highly analytical students with a strong understanding of business models, financial statements, and macroeconomic context
Interns are expected to conduct market research, benchmark competitors, and analyze the viability of early-stage or pre-IPO investments.
General Atlantic
General Atlantic offers a growth-oriented internship where students work with deal teams to develop investment theses, support active diligence, and assist portfolio management.
- Duration: 10 weeks
- Location: New York, London, and select international offices
- Application Timeline: Opens in early January
- What They Look For: Academic strength, an investor’s mindset, and prior experience in strategy, banking, or startups
Interns are exposed to a fast-paced environment and learn how to think like growth investors evaluating potential investment opportunities in high-growth markets.
View General Atlantic careers →
Summit Partners
Summit’s interns focus on outbound deal sourcing, screening inbound leads, and assisting in thematic industry research.
- Duration: 10–12 weeks
- Location: Boston, Menlo Park
- Application Timeline: Rolling applications, often filled via early referrals
- What They Look For: Energetic, curious students who can identify strong business models and communicate investment rationale clearly
Interns gain experience reaching out to founders, learning real sourcing strategies, and contributing to IC prep.
View Summit Partners careers →
Silver Lake
Silver Lake offers one of the most prestigious technology-focused private equity internships. Interns assist with financial analysis, diligence, and deal structuring across software, fintech, and data businesses.
- Duration: 10 weeks
- Location: New York, Menlo Park, London
- Application Timeline: Opens in January, interviews by March
- What They Look For: Quantitative and qualitative thinkers with a passion for technology and investing
Expect a rigorous, fast-moving program with exposure to some of the world’s largest tech transactions.
Warburg Pincus
Warburg Pincus interns rotate across sectors and stages, from venture capital to growth equity to buyouts. They help with due diligence, market mapping, and valuation analysis.
- Duration: 10–12 weeks
- Location: New York, Hong Kong, London
- Application Timeline: Late winter–early spring
- What They Look For: Global mindset, intellectual rigor, and the ability to thrive in unstructured environments
Interns work closely with management teams and investment professionals to shape strategy around new investments.
Middle Market / Specialist Firms
Audax Group
Audax is known for its operational focus and disciplined buy-and-build strategy. Interns support deal teams in evaluating add-ons, performing due diligence, and preparing presentations.
- Duration: 10 weeks
- Location: Boston
- Application Timeline: Winter–Spring
- What They Look For: Detail-oriented, self-starters with strong analytical chops and an interest in working closely with operators
Interns help identify investment opportunities, conduct industry analysis, and shadow deal execution from start to finish.
Genstar Capital
Genstar interns participate in high-growth verticals like healthcare, software, and industrials. Responsibilities include evaluating LBO candidates, conducting financial analysis, and preparing IC memos.
- Duration: 10 weeks
- Location: San Francisco
- Application Timeline: Typically opens in February
- What They Look For: Finance-savvy students who’ve had prior experience in IB, TAS, or relevant roles
Interns learn to think like investors, mastering how to analyze financial statements and assess company value propositions.
L Catterton
With a global portfolio of consumer brands, L Catterton’s interns support diligence processes, analyze customer metrics, and help identify promising targets.
- Duration: 10–12 weeks
- Location: Greenwich, CT; London; Singapore
- Application Timeline: Winter recruiting cycle
- What They Look For: Passion for consumer investing, storytelling, and business analytics
Interns assist with sourcing, deal evaluation, and portfolio strategy sessions, especially around brand growth levers.
Thoma Bravo
As a software-focused PE firm, Thoma Bravo offers technical internships that involve deal structuring, financial modeling, and portfolio company diligence.
- Duration: 10 weeks
- Location: Chicago, Miami, San Francisco
- Application Timeline: Opens in January
- What They Look For: Highly technical, detail-oriented students with a passion for software and enterprise tech
Interns support buyouts and platform roll-ups, often preparing models and IC support decks for the firm's senior team.
Insight Partners
Insight’s analyst internship program emphasizes outbound sourcing and founder engagement. Interns help build these, conduct market research, and contribute to pipeline building.
- Duration: 10 weeks
- Location: New York
- Application Timeline: Early deadlines (September–November) for undergrads
- What They Look For: Hustle, persistence, and a passion for early-stage investing and technology
Interns learn how Insight identifies top founders and performs diligence on companies poised for breakout growth.
Insight Partners join insight →
How to Stand Out as a Private Equity Internship Applicant
Build a Strong Financial Foundation
Firms expect technical readiness from day one. That means you should be able to build an LBO, analyze a set of financials, and understand how deals are sourced, structured, and exited. The best way to get there? Start early. Sophomore investment banking internships, finance clubs, and online modeling courses (like Wall Street Prep or Training the Street) can all help demonstrate traction and skill-building on your resume.
Craft a Targeted, Results-Oriented Resume
Your resume needs to speak the language of private equity. Recruiters scan for signals: Have you done diligence? Can you build models? Do you understand valuation frameworks? Highlight impact, deal exposure (even shadowing or sourcing), and use industry-relevant terms like “investment thesis,” “portfolio company,” or “operating leverage.” If you come from consulting, show how your work ties to growth strategy or M&A.
Prepare Relentlessly for Interviews
Private equity interviews are rigorous and unforgiving. On the technical side, expect deep dives into LBO mechanics, three-statement modeling, return drivers, and the full investment process. Behaviorals are equally critical; firms want to know why you're drawn to investing, how you’ve demonstrated grit, and whether you can operate as part of a high-performing team. If you have prior deal experience, be prepared to walk through it in detail, just as you would with a VP on the desk.
Read: The 50 Most Common Private Equity Interview Questions
Network Strategically and Proactively
Most top interns didn’t just cold apply—they got referred. Building relationships with analysts, associates, or firm alumni can give you an edge in both understanding the firm's investment approach and getting your resume to the top of the pile. Reach out early, ask good questions, and follow up. A 15-minute coffee chat can lead to a strong internal endorsement.
Show That You're an Actual Investor
Beyond technicals and polish, firms are looking for future investors, not just prestige chasers. Read public filings. Build your own short-form investment memos. Join investing clubs or follow firms’ portfolios to develop real opinions. The most compelling candidates can talk intelligently about market trends, what makes a great business, and how they think about risk and value creation.
What If You Don’t Land One? Alternatives That Build Experience
Not getting a PE internship isn’t the end, but a redirection.
- Land an investment banking internship. This is the most proven path to break into PE later. Even a sophomore rotational or boutique IB role can set you up for full-time recruiting or off-cycle internships.
- Intern at a search fund, family office, or VC firm. These lean teams often let you do real investing work—deal sourcing, market research, and even sitting in on IC meetings. You’ll build reps faster than at a larger firm.
- Build your own investing project. Create an LBO model for a public company, write up a short investment memo, or analyze a portfolio company from a PE firm’s site. This shows initiative and investor thinking.
- Join a consulting firm or Big 4 Transaction Advisory Services (TAS). These roles give you exposure to diligence, strategy, and operations, especially if you're on M&A or PE-facing engagements. Many PE firms actively recruit from these pipelines.
Landing a Private Equity Internship
Private equity internships are among the most competitive opportunities in finance, for good reason. Firms are small, expectations are high, and they’re usually only hiring a handful of interns per cycle. But every year, candidates from a range of backgrounds break in—not just IB analysts or target-school undergrads, but also career switchers, international students, and nontraditional applicants.
The difference comes down to preparation, persistence, and positioning. You don’t need to be perfect on paper; you need to show you're coachable, credible, and committed to the work. That means knowing your story, mastering the technicals, and building authentic connections in the industry.
Work With a Private Equity Coach Today
If you’re serious about landing a PE internship or making the jump from banking, consulting, or another role, a coach can dramatically accelerate your progress. Leland has coaches who’ve worked at Blackstone, Carlyle, Insight Partners, and other top firms. They’ve helped students craft standout resumes, prep for technicals and case studies, and navigate real offer decisions.
- Browse top private equity coaches on Leland
- Read verified reviews from past mentees
- Join the Private Equity Bootcamp to master the technicals and interview strategy
- Attend free private equity events to learn from insiders and meet other candidates
- Book a free intro call with a Leland advisor to map your personal path into private equity
The process is tough, but you're not meant to do it alone. With the right guidance and prep, you can absolutely get there.
See: The 10 Best Private Equity Career Coaches for Interview Prep & Training
Read these next:
- 10 Finance Internships for Freshmen in College
- How to Land a Private Equity Internship During College
- Analyst vs. Associate: Role, Responsibilities, & Salary
- How to Get Into Private Equity: The Ultimate Guide
- The Different Types of Buy-Side Firms–and How to Choose One
Private Equity Internship – FAQs
Do you need investment banking experience for a PE internship?
- Not always, but it helps. While many interns come from IB, others come from consulting, corporate finance, or even master’s degree programs. Show that you understand the investment process, modeling, and company evaluation.
What’s the typical pay for private equity interns?
- It ranges widely. Mega-funds may pay $8,000–$12,000/month in the U.S., while middle-market firms offer ~$5,000–$8,000. Some summer analysts also get pro-rated signing bonuses.
Are there PE internships for first-year undergrads or non-finance majors?
- Yes, though they’re rare. Look for diversity programs or roles at search funds and family offices where a bachelor’s in any field can still be competitive, especially with finance coursework and development projects.
Can you get a full-time PE offer from an internship?
- Absolutely. These internships are designed to hire interns into full-time roles. At many firms, your internship is the main interview.
What is the career outlook for private equity?
- There has been some impressive growth in the private equity sector over recent years, and the industry is expected to remain buoyant over the coming decade. Starting a career in private equity, therefore, should provide good opportunities for the right individuals.
