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Booth Investment Thesis Challenge (BITC)

Launched in 2011, the Booth Investment Thesis Challenge (BITC) enables Chicago Booth student teams to work with mentors at private equity firms over several months to develop original investment theses and recommend execution strategies.

The following firms participated in the 2026 BITC:

  • Author Capital Partners
  • GTCR
  • Maxim Partners
  • Periscope Equity
  • The Pritzker Organization
  • Thompson Street Capital Partners

If you’re looking to join a team or to add people to your team, please check out our  BITC Team-Building Spreadsheet.

Upcoming Events and Deadlines

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Program Timeline

  • October: Application opens
  • October – January: Students form teams and develop an investment thesis
  • January: Application deadline and theses shared with firms
  • February: Teams are matched with host firms
  • February – May: Teams work with host firms and program advisors to develop investment thesis
  • May: Teams present their final investment thesis to the host firm’s investment committee

Application and Eligibility

Application

For your application, you will need to provide information (including a resume) about each team member, identify the title and sector focus of your proposal, and upload the complete investment thesis proposal. Sample proposals are available for review from the Polsky Center upon request.

Your investment thesis proposal should:

  • Not exceed 10 slides (widescreen format)
  • Summarize your team’s investment thesis
  • Explain why this particular thesis was selected
  • Introduce your team members and the experience you each bring
  • Outline a strategy for developing your full investment thesis (including specific milestones)

Selection will be based on the willingness of one of the hosting private equity firm sponsors to provide support and mentorship to the team.

View the list of firms interested in reviewing proposals for the 2026-27 program here. This gallery is currently password protected. It is recommended that teams take these firm profiles into consideration as they identify and develop their proposals.

Eligibility

BITC is open to current Chicago Booth students in the MBA Full-Time and Part-Time programs, EMBA program, Master in Management program, and Master in Finance program. Prior experience in private equity is not needed to be considered.

The recommended team size for BITC is two to four students. Individual applicants will not be considered. Teams may include any mix of full-time and part-time students, as well as first-year and second-year students.

Expectations

  • Contact with host firms: Students may not contact any participating firms directly regarding their proposal or application status without approval from the Polsky Center. Doing so is considered an ethical violation and may render a student ineligible for the challenge.
  • Recording BITC participation on resumes: Students may post participation in BITC as a bullet on their resume; however, students may not list the research they complete as work experience for the host firm without seeking prior approval from the firm.
  • If you’re looking to join a team or to add people to your team, please check out our  BITC Team-Building Spreadsheet.

Sponsorship