Private Debt Summer Analyst

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 andour peerless intelligence across sectors,strategies, and geographies, we help identify the advantages and the answer sour clients need to succeed.

Step Stone Private Debt (SPD) is a global private debt investor with over $81B in AUM/AUA including $14B based on the latest Q2 firm figures. SPD covers the breadth of the private debt market and constructs bespoke portfolios on a primary, secondary and co-investment basis. SPD focuses on two areas of the market: performing and non-performing debt across the corporate, real estate, and infrastructure sectors.

SPD is a subsidiary of the Step Stone Group, a global private markets firm specializing in Private Equity, Infrastructure, Private Credit and Real Estate.

Step Stone is currently seeking undergraduate students graduating between December 2027 through June 2028 to join our Private Debt team as Summer Analysts. This internship offers an exciting opportunity to achieve valuable learning experience working across the private debt industry. Through analysis of direct lending, opportunistic lending and specialty finance funds and investments, Summer Analysts gain exposure to a wide array of industries and capital structures and become accustomed to a variety of private debt funds and investment strategies.

As a Summer Analyst, you’ll work in a team environment with other Step Stone team members to review private debt opportunities and perform due diligence on selected GPs. The investment opportunities can encompass Primary Funds, Separately Managed Accounts, Secondaries or Co-Investments. This experience will provide you with opportunities to interact with many of the top fund managers in the private credit industry.

• Interpret financial analyses prepared by target fund managers, including investment track records and financial statement analysis
• Conduct market research using publicly available information and proprietary databases to identify, quantify, and analyze macroeconomic trends across a variety of credit strategies
• Assist Senior Research staff in managing and tracking the inflow of investment opportunities
• Evaluate marketing and supporting materials of prospective fund managers to identify key value drivers and important areas for further investigation
• Construct and communicate arguments regarding investment decisions, and defend positions in team environments, including Investment Committee meetings
• Write Fund Summaries and Investment Memorandums in line with Step Stone standards
• Utilize creativity to analyze data and to test hypotheses regarding attractiveness of specific sectors and investment opportunities
• Form independent opinions about the attractiveness of a credit strategy or funds as investment opportunities and clearly articulate findings
• Monitor and analyze the performance of the firm’s existing fund managers and underlying investments; prepare for and participate in meetings with assigned managers, and conduct ongoing due diligence

• Must be able to work legally in the U.S. without requiring visa sponsorship now or in the future
• Undergraduate student graduating anywhere from December 2027 through June 2028
• GPA of 3.5 or higher
• Strong proficiency in Microsoft Word, PowerPoint and Excel
• Excellent written and verbal communication skills
• Demonstrable analytical capabilities, including strong quantitative/modeling skills
• Collaborative mindset with a proactive and team-oriented approach

At Step Stone,…