2025-2026 Private Equity Intern

The team you’ll join

StepStone’s Private Equity (PE) team diligences and invests in opportunities across the private equity landscape. The team will invest directly in companies alongside other sponsors, complete LP and GP - led secondary transactions, and evaluate primary investments on behalf of StepStone’s advisory and discretionary clients. Through analysis of leveraged buyout deals and funds, StepStone’s PE team works across a wide array of industries and capital structures.

About the role

StepStone is currently seeking penultimate and final year undergraduate students or students enrolled in a master’s degree with excellent quantitative, qualitative and interpersonal skills for an intern position on StepStone’s Private Equity Team. StepStone offers Interns a unique opportunity to achieve a valuable learning experience working across the private equity industry. Through analysis of private equity funds and investments, Interns gain exposure to a wide array of industries and capital structures, and become accustomed to a variety of private equity funds and investment strategies.

What you’ll do

Interns will work in a team environment to target and perform due diligence, including financial modelling and preparation of investment memorandums, on opportunities across the Private Equity team’s three investment verticals: private equity fund investments, co-investment transactions and secondaries transactions.

Key responsibilities

• Analyze and conduct diligence on co-investment opportunities and secondary transactions
• Interact with fund managers/portfolio company management teams to conduct in-depth portfolio and asset-level underwriting and analysis
• Perform quantitative and qualitative research and financial modeling/analysis on companies and assets across industries and geographies
• Conduct due diligence on potential fund investments (team, strategy, performance), and synthesize findings in an investment memorandum to be presented at the Firm’s Investment Committee
• Speak with senior executives to gather insights regarding the style and effectiveness of target fund managers
• Perform market research using publicly available information and proprietary databases to identify, quantify and analyze macroeconomic trends across a variety of industry sectors

What we’re looking for

• Pursuing a bachelor’s or master’s degree, expected to graduate in 2026 or later
• Completed at least one relevant 3- or 6-month internship, and able to work on-site at StepStone’s Beijing office at least four days per week 
• High proficiency in MS Word, Power Point and Excel
• Exceptional written and verbal communication skills
• Demonstrable analytical capabilities, including strong quantitative/modeling skills
• Ability to represent the Firm credibly in written and interpersonal communications
• Flexibility-StepStone is a dynamic and entrepreneurial organization; all professionals are expected to perform multiple functions as the firm continues to grow and develop
• Promote and demonstrate a positive, team-oriented attitude
• Foreign language skills (desirable)

Why join us?

At StepStone, we foster a supportive and inclusive team culture where collaboration and learning are the core of what we do. Our collegial atmosphere encourages teamwork, mentorship, and professional development. This summer internship is a great opportunity to gain practical experience and develop critical skills that will help you launch a successful career in Private Equity. 

#LI-Hybrid