Private Equity Lab
Information for Students
Private Equity 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
: Professor David Stowell
- Meeting with Professor Stowell. Each participant will meet with Professor Stowell three times during the quarter to provide progress updates on the assigned project and feedback regarding the process. The first meeting will take place the first week of the quarter before starting work for the private equity fund.
- Required readings must be 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 presentation on topics of relevance to the private equity market during the course of the quarter. Attendance at the presentation is mandatory.
- A project summary of the work completed for the fund must be submitted at the end of the quarter.
: The course grade is based on feedback from the private equity fund, attendance at meetings, and the quality of the work submitted to Professor Stowell.
This opportunity will be particularly beneficial to students who do not have extensive private equity experience but would like to pursue a career in the field. Students with previous private equity experience are also welcome to apply.
- Students must have completed the following:
Accounting for Decision Making (ACCT-430 or ACCT-438B) OR Turbo Accounting (ACCT-434) OR MMM Accounting for Decision Making (ACCT-440) AND Finance II (FINC-431 or FINC-441) OR Accelerated Corporate Finance (FINC-440).
We strongly recommend that students have completed the core requirements prior to applying to the program. We further recommend taking the following classes before, concurrently, or after the lab:
Entrepreneurial Finance and Venture Capital (FINC-445)
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).
: Registration is by application only. Professor Stowell, in consultation with the sponsoring firms, makes the final selections.
: Most participating firms are in the Chicago area, but some are not. Students who are sponsored by local firms will work at the firms' offices. Students sponsored by firms outside of the Chicago area will work remotely. Often firms based outside of Chicago will arrange for their students to be flown out to meet the fund managers and present their final products.
Application Instructions and Materials
The application period for Winter Quarter 2016 opened on Oct. 1. The deadline has been extended to 11:59 p.m. CST on Sunday, Oct. 11.
During this period, the online application can be found here.
A list of participating sponsor firms for the current quarter is included with the electronic application. This list will be continuously updated, and students should check the list for updates. Once an application is submitted it cannot be modified. If you submit early, and a firm that you are interested in applying to is added to the list, you will need to submit a new application. All applications for this course will only be accepted via this online 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 Private Equity 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 PRIVATE EQUITY LAB DURING THE SAME QUARTER, AND (2) THIS COURSE MAY NOT BE DROPPED DURING THE QUARTER.
Information for Sponsors
: This course offers Kellogg students an experiential learning opportunity in private equity by working at a private equity fund in the Chicago area. The host firm determines the project(s) that students will focus on and students commit to between 100 and 150 hours during during the 10-week quarter. There is no compensation paid to students and no expectation of a full-time position after the program is completed. Private equity firms select students by reviewing resumes online and then interviewing students (by phone or in person) during the weeks prior to the quarter start date.
: Consists of second-year 2Y students, second- or third-year JD/MBA students and 1Y students. Students enrolled must have completed substantial financial/accounting prerequisites. Many of them want to enter the private equity industry after graduation.
: These will vary considerably based on sponsoring firm. Each student is required to sign a confidentiality agreement. Past experiences/responsibilities have included analytics ranging from LBO modeling to financial engineering, detailed industry/investment research and deal execution.
Sponsoring Firm Commitment
: The firm is encouraged to supply the student with guidance in their respective responsibilities/tasks and give continual, constructive feedback throughout the 10-week period. The student’s grade is based principally on feedback the firm gives to the Kellogg faculty advisor.
: The sponsoring firm and student are strongly encouraged to make contact several weeks prior to the start of the quarter. This will allow for time to determine the nature of the student project prior to the beginning of the quarter. The student can then be ready to start the project immediately and thus be able to produce a finished product in the 10-week time frame.
Reeve Waud ’89, Managing Partner, Waud Capital Partners, LLC, with Skip and Lynn Heizer.
: Firms have the option to participate or not during each quarter during the academic year. Previous participants include: Madison Dearborn Partners, Sterling Partners, Waud Capital, McNally Capital, LaSalle Capital, Code Hennessey & Simmons, Prism Capital, Geneva Glen Capital, Frontenac Co, Shore Capital Partners, Granite Creek Partners, Smith Whiley & Co and 2x Consumer Products. See the detailed lists of past student and firm participants:
Those interested in becoming a Private Equity Lab sponsor should contact Professor David Stowell
for more information.