Course Description

Buyout Lab is an experiential learning course that allows Kellogg students the opportunity to be placed in a quarter-long internship with a local or national private equity firm. Participants will be exposed to the day-to-day working life of the fund, and will assist with their deal selection, due diligence and/or investment efforts. Enrollment in the course is by application only.

• Course Requirements
  • Meeting with Professor Stowell. Each participant will meet with Professor Stowell three times during the quarter to update on their assigned task, progress, and feedback. The first meeting will take place the first week of the quarter before starting work for the buyout fund.
  • Required readings completed during the quarter.
  • Students are expected to work one to two days each week with the private equity fund.* This work, combined with other course requirements translates to 100-150 hours during the quarter.
  • Students are expected to attend a talk on topics of relevance to the private equity market during the course of the quarter. Attendance at the talk is mandatory.
  • A project summary of work completed for the fund must be submitted at the end of the quarter.


• Grading: The course grade is based on feedback from the buyout fund, attendance at meetings and the quality of the work submitted to Professor Stowell.


• Faculty Advisor: Professor David Stowell


• Target students: This opportunity will be particularly beneficial to students who do not have extensive buyout experience but would like to pursue a career in the field. Students with previous buyout experience are also welcome to apply.


• Pre-requisites: Students must have completed Accounting for Decision Making (ACCT 430) and Finance II (FINC 441 or FINC 440). Other recommended courses included Strategy and Organization (MGMT 452), Hedge Funds and Private Equity (FINC 931), Financial Decisions (FINC 442), Corporate Restructuring (FINC 448), Derivative Markets I (FINC 465), Financial Strategy and Tax Planning (FINC 447), Investment Banking (FINC 461).


• Selection Process: Registration is by application only. Professor Stowell, in consultation with the sponsoring firms, makes the final selections.


• Sponsors: Sponsors change each quarter. You can find a list of firms that have previously participated in the Buyout Lab here and can find the list of students at participating firms here.  Please see each firm’s website for information on investment focus.  The list for fall quarter 2012-13 can be found here. The list for Spring Quarter will be included with the electronic application and is continuously updated. We urge students to check for updates. Each quarter, different firms may participate and new firms may be added. More information about 2x Consumer Products, one of the sponsors, is available here. Information about Privatus is available here.


• *Participating Firms: Most participating firms are in the Chicago area, but some are not. Students that are sponsored by local firms will work at the firm's office. Students sponsored by firms outside of the Chicago area will work remotely. Often firms based outside of Chicago will arrange for their student to be flown out to meet the fund managers and present their final product.

Application Instructions and Materials

The application for Spring Quarter 2012-13 will open on Feb. 1, 2013 and the deadline will be on Feb. 15, 2013. To apply for this course, click here. Once an application is submitted it cannot be modified. All applications for this course will only be accepted via this online application.

If you encounter any technical issues while using this application, please email kis-appdev-support@kellogg.northwestern.edu for assistance.

A list of participating sponsor firms for Winter 2012-13 and prior quarters can be found here. The list for the current quarter is included with the electronic application and will be continuously updated. We urge students to check for updates. If you submit early, and a firm is added to the list that you are interested in applying to, you will need to submit a new application.

Applicants will be notified whether they have been selected approximately one week prior to the start of the quarter. We recommend bidding for classes as if you will not be taking Buyout Lab, yet be prepared to drop a course if accepted to the program. Since the demands of this course are significant, it is recommended that class schedules be kept flexible since buyout firms often have investment committee meetings on Mondays, which should be attended, if possible.

PLEASE NOTE: (1) STUDENTS CANNOT APPLY TO BOTH THE VCLAB AND BUYOUT LAB DURING THE SAME QUARTER, AND (2) THIS COURSE MAY NOT BE DROPPED DURING THE QUARTER.