Know which part of the investment you would work on
A screening assignment asks whether a business deserves more investigation. Diligence tests the assumptions behind an investment. Portfolio operations asks what to improve after ownership. Sourcing may concentrate on finding and contacting businesses. Those roles can all be useful, but they require different work samples.
Ask: 'What did an intern last produce for this team, and who used it?' A description of a market map, a customer analysis or a cash-flow model lets you prepare. A promise of exposure to deals does not establish which part you would do.
The same earnings growth can produce 12.2% or 3.3% annually
Original fictional case, all amounts in millions: buy a business with EBITDA of $10 at an 8× multiple. Enterprise value is $80, funded by $40 debt and $40 equity. Assume no opening cash, fees or other purchase adjustments.
Five years later, EBITDA is $12 and debt is $25. Assume no intermediate distributions, additional equity investments, exit fees or cash balance. Compare two exit multiples.
- At 8×: exit enterprise value is $96; equity proceeds are $96 − $25 = $71. The equity multiple is $71 ÷ $40 = 1.775×. With only the entry and year-five cash flows, the annualized return is (71 ÷ 40)^(1/5) − 1, about 12.2%.
- At 6×: exit enterprise value is $72; equity proceeds are $47. The equity multiple is 1.175× and the corresponding annualized return is about 3.3%.
- The $24 difference in equity proceeds comes entirely from the exit multiple. Earnings and ending debt are identical in the two cases.
The debt reduction is an assumption you still have to fund
The endpoint calculation assumes debt falls from $40 million to $25 million. It does not demonstrate where the $15 million comes from. A fuller model must show cash after interest, taxes, capital spending and working-capital needs, and then apply the actual repayment terms. Otherwise the spreadsheet can create an attractive return by assuming away the hard part.
For a student case, show the entry price, sources of funding, operating assumptions, cash available for repayment and exit sensitivity. Keep the simple calculation above separate from a full leveraged-buyout model. Change one assumption at a time so you can explain what moves the result.
A useful one-page conclusion might say: 'The case depends heavily on the exit multiple and on cash generation sufficient to reduce debt. Before recommending the investment, I would investigate maintenance spending and customer retention.' Those are next questions, not facts established by the fictional figures.
In an interview, be ready to explain why the seller would sell and what could go wrong under new ownership. Do not add a claimed acquisition or investor role to your résumé because you completed an educational model.
Before you apply
- Eligibility
- Ares's 2027 summer program targets current students expecting to graduate December 2027–August 2028. Other firms and roles have their own entry requirements.
- Timing
- KKR describes a ten-week U.S. summer internship. Use the current team-specific vacancy for recruiting dates; that duration is not an application window.
- Location
- Check the investing strategy and office, then ask whether the position is on a deal team, with portfolio operations or in another function.
- Pay
- Obtain the stated internship compensation. Do not include an unconfirmed bonus, carried interest or future return offer in your comparison.
Sources: Ares early careers · KKR student careers
Job titles to search
- Private equity summer analyst
- Support company screening, diligence and investment analysis.
- Growth equity intern
- Study growth, unit economics and financing needs; the investment may not resemble a leveraged buyout.
- Portfolio operations intern
- Work on an operating problem at an owned business, rather than underwriting a new acquisition.
Where to look
Search routes, not confirmed vacancies.
Blackstone student programs
Use student listings to identify the business and responsibilities. A role at an investment firm is not automatically a deal-team placement.
Search: private equity · growth · summer analyst
KKR student careers
KKR's student-careers page links to current opportunities and explains its U.S. internship process. Select the actual strategy before preparing a case.
Search: private equity · summer analyst
Compare the work and try an example
Use a role comparison or worked exercise to choose your preparation before tailoring an application.
Sources
Employer information applies to the linked program. Our practice cases are not employer assessments.
- Ares early careers
2027 summer program, stated graduation window, paid ten-week term, and investment-function routes. Confirm the strategy and office in the requisition.
Checked - KKR student careers
Ten-week U.S. summer program and training overview. This landing page is not evidence that a particular investment strategy has an open internship.
Checked - Blackstone student programs
Summer analyst and separate MBA routes, academic-stage guidance, and student applications across functions. The firm's name alone does not establish investment-team work.
Checked
About this guide
Published by InternshipDeadlines. Guide reviewed . How we use sources.
Cite this guide
InternshipDeadlines. Private equity internships: understand the team and the return calculation. Reviewed . https://internshipdeadlines.com/industries/private-equity/
Use the dates attached to the sources behind your claim. An editorial update does not reverify every source or confirm that an internship is open.