2027 Private Equity Infrastructure & Real Assets Intern

Location: London Department: Research and Investments

We are global private markets specialists delivering tailored investment solutions, advisory services, and impactful, data driven insights to the world’s investors. Leveraging the power of our platform and our peerless intelligence across sectors, strategies, and geographies, we help identify the advantages and the answers our clients need to succeed.

2027 Private Equity Infrastructure & Real Assets Intern

The team you’ll join

StepStone Infrastructure and Real Assets (SIRA), established in 2014, is part of StepStone Group, specializing in private market investments. In 2026, SIRA managed US$50 billion in infrastructure and real assets, advising on or committing over US$11 billion across primaries, secondaries, and co-investments. The team includes 12 partners with over 20 years of experience on average and over 75 professionals, providing expertise in infrastructure, agriculture, and natural resources across Australia, Europe, and North America.

About the role

StepStone is currently seeking candidates with excellent quantitative, qualitative and interpersonal skills for an industrial placement position on StepStone’s Infrastructure and Real Assets Team. StepStone offers Interns a unique opportunity to obtain valuable work experience within the private equity Infrastructure industry. Through analysis of underlying sectors and sub-sectors such as transportation, telecommunications, utilities, power, energy, logistics, renewables, social, sustainability and impact investing, Interns gain exposure to a wide array of companies, assets and capital structures, and become familiar with a wide variety of infrastructure funds and transactions.

What you’ll do

The Intern will work in a team environment to target and perform due diligence on opportunities across SIRA’s investment verticals including: infrastructure fund investments, co-investment transactions and secondaries transactions. The intern will have the opportunity to prepare recommendations, with the investment team, to SIRA’s Investment Committee.

StepStone prides itself on the Firm’s collegial atmosphere, encouraging team-building initiatives and a collaborative approach to accomplishing projects. The ideal candidate will possess strong academic achievement, a strong work ethic, high quality writing skills, a solid grasp of basic quantitative methods, and a demonstrated interest in the investment industry.

Key responsibilities

Perform market research using publicly available information and proprietary databases to identify, quantify and analyse trends across a variety of sectors

Interpret financial analyses prepared by target fund managers, including investment track records and financial statement analysis; prepare valuation analyses on private companies or privately-owned assets using a variety of methods including discounted cash flow and transaction comparables

Assist in the creation and sensitizing of Excel based financial models related to funds and investments

Support Senior Research staff on managing and tracking the inflow of investment opportunities

Help construct an argument regarding a decision to invest or not invest, and communicate that argument efficiently in written materials (in MS Word and PowerPoint form)

Form an independent opinion about the merits and considerations of a sector or investment opportunity by using creativity to analyse data; articulate findings

Assess marketing and supporting materials of prospective fund managers to identify key value drivers and important areas for further investigation

Analyse and monitor the performance of the firm's existing fund managers and underlying portfolio companies; participate in meetings with senior executives of target fund managers

Analyse and conduct diligence on co-investment opportunities and secondary transactions

What we’re looking for

Must be able to work full time for one year in our London office starting June or July 2027

Strong proficiency in Microsoft Word, PowerPoint and Excel

Excellent written and verbal communication skills

Demonstrable analytical capabilities, including strong quantitative/modelling skills

Collaborative mindset with a proactive and team-oriented approach

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 year-long internship is a great opportunity to gain practical experience and develop critical skills that will help you launch a successful career in private equity infrastructure and real assets.

At StepStone, we believe that our people are our most important asset and crucial to our success.  We are an Equal Opportunity Employer that strives to create an environment that empowers our employees and allows them to be heard, regardless of title or tenure.  Our organizational community features multiple Employment Resource Groups as well as mentorship programs to enhance the employee experience for all.

As an Equal Opportunity Employer, StepStone does not discriminate on the basis of race, creed, color, religion, sex, national origin, citizenship status, age, disability, marital status, sexual orientation, gender identity, gender expression, genetic information or any other characteristic protected by law.

Candidates must be at least 18 years old to apply.

Developing People at StepStone