Overview
The Private Equity and Venture Capital Lab lets students combine an intensive internship at a PE or VC firm with an academic course. Students selected for the Lab intern with their firm for approximately 15-20 hours per week (a two-day equivalent) over a minimum of 10 weeks any time between January and late May. In some cases—if the firm so desires—the internship is extended into the summer. The internship is complemented with a winter or spring term course, which offers lectures and instruction on topics such as developing term sheets, negotiating deals, performing due diligence, and managing a portfolio.
Internships this winter/spring may range from fully in-person to hybrid to fully virtual. We encourage firms work directly with their intern to identify a plan that works for both parties. If the internship will be fully remote, we encourage firms to discuss accommodations with their intern that will allow them (to the extent possible) to “sit in” on conference calls and video meetings, participate in Slack conversations, receive virtual mentorship, and delve into longer-term projects to ensure a valuable learning experience. In addition, there is funding available to offset the costs of travel for students with out-of-state internships to participate in one or more in-person experiences with the firm.
This program is a win-win for everyone. Host firms benefit from an association with Chicago Booth through exposure to bright, energetic MBAs with strong analytical and management skills. The students, in turn, gain first-hand experience working in PE or VC. The course is highly rated and attracts an exceptional caliber of student.
Terms and Responsibilities for the Lab
- Intern selection: Firms wishing to participate in the Lab are asked to complete an online survey to outline the criteria they wish us to use in screening resumes. Based on these criteria, we will send firms a set of resumes to review. Firms may interview as many candidates as they wish and choose their intern.
- Supervision and evaluation: It is required that one of the firm’s partners or managing directors supervise and review the intern’s performance through a final evaluation, which are taken into account when determining the student’s course grade.
- Project identification: The firm is responsible for identifying projects or responsibilities for the intern. Students have worked on a range of projects through this program, from evaluating new market or business opportunities for investment to working on specific issues for portfolio companies. Each internship assignment varies depending on the particular firm and its needs; however, it is encouraged that firms provide as immersive and dynamic a learning experience as possible for the student, which includes constructive interaction with senior professionals and insight into the firm’s daily operations.
- Sponsorship fee: Students are not compensated for their internships; however, host firms are asked to make a sponsorship payment to Chicago Booth ($1,500 per intern), which enables us to administer the program and reimburse students for out-of-pocket expenses for transportation and educational materials. The sponsorship fee is processed by the University as a gift and is fully tax deductible.
Internship Details
Firms’ intern(s) will be expected to work for approximately 15-20 hours per week with a partner or managing director at the firm. The format, days of the week, and content of the work will be discussed individually between the intern(s) and the firm. Remote vs. in person work is to the discretion of the student and host firm. The internship may take place any time between early January and late May. Some firms may wish to employ their student beyond the end of the course (during the summer); it is up to the firm and the student to negotiate this separately.
Terms and Expenses
The sponsorship fee for your firm to participate is $1500 per student, payable to The University of Chicago Booth School of Business by the end of the spring quarter (late May). This payment will cover the Polsky Center’s management of the program and reimbursement of out-of-pocket expenses for student transportation between Chicago Booth and your firm (if working on site), as well as publications and materials supporting student work.