Project Destined: A Private Equity Virtual Internship Program Review

A private equity internship offers students and those changing careers invaluable practical experience in investing in private companies. These internships provide access to valuable professional networks and increase the likelihood of securing full-time employment. However, competition is fierce, with top firms accepting only approximately 1% of applicants. The private equity market is rapidly expanding, with projections indicating a near tripling in size from $593 billion in 2025 to $1.35 trillion by 2034, assuming an annual growth rate of 9.58%.

The Value of Private Equity Internships

A private equity (PE) internship is a crucial step towards a successful career in finance. Interns participate in all stages of the investment process, including market research, financial modeling, due diligence, and portfolio monitoring. This hands-on experience provides a deeper understanding of how private equity deals generate value. Working alongside experienced investors and portfolio company executives offers unique insights into deal structuring and value creation. A PE internship helps candidates determine if they prefer investing over advisory roles like investment banking, as the day-to-day work and impact differ significantly. Many PE firms convert high-performing interns into full-time associates.

Navigating the Private Equity Internship Landscape

Applications for summer internships typically open from August to October, with interviews taking place from October to December.

Several key factors influence private equity recruiting:

Recruiting Timeline: Private equity recruiting occurs on a rolling basis and varies by firm type. Top firms often recruit early, sometimes a full year in advance, especially for undergraduates applying to summer internships.
Prior Experience: Most PE firms prefer candidates with prior finance experience.
Networking: Referrals play a significant role in breaking into PE.
Interview Process: Private equity interviews involve a mix of behavioral questions, technical finance questions, and investment case studies.
Resume Presentation: Resumes should be concise, results-focused, and tailored to private equity, highlighting analytical work, deal exposure (if any), and leadership experience.

Private equity interns support deal teams in a meaningful way by analyzing sectors and competitors to identify attractive investment opportunities and understand market trends.

Project Destined: Bridging the Gap

Project Destined is a program designed to provide students, particularly those from underrepresented backgrounds, with exposure to the world of commercial real estate and private equity. Through partnerships with leading firms, Project Destined offers internships, training, and mentorship opportunities.

Overview of Project Destined

Project Destined started with 15 students in Detroit, led by CEO & Co-Founder, Cedric Bobo. Now, the program has impacted over 5,000 students worldwide and continues to grow. The program focuses on equipping students with the skills and knowledge necessary to succeed in the commercial real estate and private equity industries.

Key Components of the Program

Internship Experience: Students participate in real-world projects, such as analyzing property fundamentals, building valuation models, and reviewing investment documents.
Financial Modeling Training: Project Destined provides master classes on financial modeling, where students learn to build pro formas and analyze investment opportunities.
Networking Opportunities: The program facilitates connections between students and industry professionals through corporate outreach and mentorship programs.
Stipends: Students participating in Project Destined programs receive stipends to support their involvement.
Bridge Programs: Project Destined offers various bridge programs, such as the CBRE HBCU Bridge Program, to provide students with additional training and networking opportunities.

Student Experiences

Many students have reported transformative experiences through Project Destined. One student shared how their experience as an Intern, current Ambassador, and Program Lead at Project Destined was monumental. Describing it as similar to "Shark Tank," the student's team (Brookfield Properties D.C.) pitched a fictional property to real estate professionals, competing for investment. The team emerged as Division Champions and placed third in the National Competition.

The student further noted that because of Project Destined, they updated their resume and gained experience in corporate outreach and market research by contacting real estate executives to partner with the program. They also completed a master class on Financial Modeling, where they built a pro forma, and participated in other Bridge Programs. Before the internship, they had no knowledge of real estate but now have a strong interest in affordable housing and plan to pursue a career in the field.

Another student became a Co-Lead for the CBRE Program in 2023, leading over 40 Fellows from more than 15 HBCUs. Student Ambassador pep rallies are held to discuss methods of reaching out to students for upcoming cohorts.

Read also: What is Project-Based Learning?

Impact and Recognition

Project Destined has received positive feedback from industry professionals and partner organizations. Reviewers consistently praise the positive user experience, highlighting the engaging and interactive nature of the programs. Consumers are highly satisfied with the product, finding it valuable and practical for gaining core knowledge and skills. The service provided is frequently mentioned as helpful and supportive, with many appreciating the opportunity to apply what they learn through group exercises and real-world case studies.

Firms including Blackstone, Brookfield Properties, CBRE, Greystar, JLL, and J.P. Morgan have partnered with Project Destined.

Executives from partner organizations have also lauded the program:

An executive at Link Logistics noted their collaboration with Project Destined to host their inaugural Industrial Real Estate Bridge Program, with 30 students participating.
A leader in affordable housing development praised Project Destined's efforts in creating new pathways for talented students to enter the commercial real estate industry.
An executive at ONE Community highlighted the opportunity to serve students through Project Destined as an example of their mission.
An executive at Greystar expressed pride in partnering with Project Destined to mentor, educate, and financially support the next generation of business leaders.

Examples of Private Equity Internship Programs

Several firms offer structured internship programs that provide valuable experience in private equity. Here are a few examples:

Five Arrows (Rothschild & Co): The PE arm of Rothschild & Co, managing over €26 billion in AUM. Interns work on real deals within sectors such as healthcare, data & software, and tech-enabled business services. A solid academic record (GPA 3.3+), quantitative aptitude, and clear motivation for PE are essential.
Aimed at students from underrepresented backgrounds: This program focuses on commercial real estate, with training in underwriting, modeling, and market analysis. Demonstrate a strong interest in real estate, finance, and community impact.
Interns join deal teams: focused on private equity and private credit investments.
Global Buyout Deals: This internship offers in-depth exposure to global buyout deals. Interns contribute to deal sourcing, LBO modeling, ESG and tax due diligence, and portfolio value creation. Be prepared to demonstrate adaptability, global perspective, and initiative.
Structured Internship: in private markets investing. Interns complete a capstone project, attend training sessions, and gain exposure across PE, credit, and infrastructure strategies. Focus on communication skills, intellectual curiosity, and evidence of leadership or teamwork.
Transaction Teams: Interns join transaction teams and support live deal processes, due diligence, and portfolio management. Demonstrate strong analytical and interpersonal skills.
Brown University Internship: An exclusive international internship for Brown University students, combining deal sourcing, market research, and portfolio work with structured mentoring. Apply via Handshake.
OMERS: Offers interns exposure to every aspect of private equity investing, from sourcing to asset management and modeling. Emphasize accounting, valuation, and Excel modeling skills.

Maximizing the Internship Experience

Private equity internships present unique challenges that require preparation. To increase the chances of receiving a full-time offer, interns should demonstrate technical competence, professionalism, attention to detail, and the ability to take initiative. Even if a full-time offer is not extended, the experience gained during the internship can be leveraged for future opportunities.

Read also: Benefits of Service Learning

Private equity internships provide valuable investment experience, including researching industries, analyzing companies, and building financial models. Networking is crucial during the program.

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