Private equity

You spend a summer helping a private equity investment team check companies, funds and deals before clients' money goes into them. This is the 2027 Summer Analyst internship in StepStone's Private Equity team in London. The team puts money to work in three ways. It commits to private equity funds run by other managers, it invests directly in companies alongside other buyout firms, which is called a co-investment, and it buys existing stakes in funds from investors who want to sell, which are called secondaries.

The team invests on behalf of StepStone's clients. Some are advisory clients, who take the team's advice and make the final decision themselves, and some are discretionary clients, who let the firm decide for them. Much of the analysis is of leveraged buyout deals, where a private equity firm buys a company using a mix of its fund's money and borrowed money.