2027 Real Estate Investments Summer Analyst

2027 Real Estate Investments Summer Analyst

San Francisco

Step Stone is a global private markets specialist providing tailored investment solutions, advisory services, and data-driven insights to investors worldwide. Within Step Stone, Step Stone Real Estate ("SRE") serves as the firm's dedicated private real estate platform. With $210 billion of capital responsibility as of March 2026, SRE combines extensive investment experience with deep market expertise across the global private real estate landscape.

SRE brings together its investment and advisory capabilities, supported by rigorous market research and investment analysis, to identify compelling opportunities and construct tailored portfolios of fund investments, secondaries, and co-investments for institutional investors.

SRE's Investment Team deploys discretionary capital through its flagship GP-led secondaries fund, SREP, as well as through a number of separately managed accounts. The Advisory Team provides a comprehensive suite of services to institutional investors seeking scalable access to private real estate markets, including the development and implementation of fund commitment programs.

Step Stone is currently seeking undergraduate students graduating between December 2027 through June 2028 to join our Real Estate team as Summer Analysts. This internship offers an exciting opportunity to gain valuable learning experience with SRE's Investment Team. Summer Analysts will assist in the evaluation, due diligence, execution, and ongoing asset management of real estate investments across a wide range of property types, markets, and capital structures.

As a Summer Analyst, you will collaborate with the investment team to prepare and present recommendations to the Real Estate Investment Committee and our institutional investor clients.

• Participate in the underwriting and due diligence process for potential acquisitions, including financial analysis, market research, site visits, and document review
• Build financial models and perform sensitivity analyses to evaluate investment opportunities
• Develop and articulate independent views on the attractiveness of sectors or specific investment opportunities
• Construct and communicate investment theses clearly—both in writing and verbally—and defend your position in team settings, including Investment Committee meetings
• Draft investment memorandums and presentation materials for acquisition opportunities
• Assist with asset management tasks, including financial analysis and investor reporting for existing portfolio investments
• Support fundraising efforts by preparing presentation materials and analyzing historical fund- and asset-level performance
• Complete a case study for a mock investment which will be presented to Investment Committee

• 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
• Demonstrated interest in real estate investing

At Step Stone, 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 summer internship is a great opportunity to gain practical experience and develop critical skills that will help you launch a successful career in Real Estate.

Final date to receive applications:
September 7, 2026

Salary: $95,000 annually

The salary is an estimate of pay for this position. Actual pay may vary depending on job-related factors that can include location, education, skill, and experience. The salary does not include any benefits or other forms of possible compensation that may be available to employees.

Developing People at Step Stone