Private Equity Investment Analyst Intern

Making a DifferenceThe State of Wisconsin Investment Board (SWIB), founded in 1951, is a premier global investment organization responsible for managing the more than $156 billion of assets of the fully funded Wisconsin Retirement System (WRS), the State Investment Fund and other state funds. Through SWIB’s effective and innovative investment management, WRS remains one of the only fully funded US public pensions. We are the 9th largest public pension fund in the U.S. and the 25th largest public or private pension fund in the world. SWIB is recognized by the investment industry for our teamwork and innovation. SWIB pursues sophisticated global investment strategies across the asset and risk allocation spectrum. Providers across the investment ecosystem seek to partner with SWIB.Serving more than 691,000 beneficiaries of the WRS, SWIB is a mission-driven organization focused on providing a strong financial future to those who committed their careers to public service. For public employees and the 1,500 Wisconsin employers who contribute on their behalf, we are a trusted partner. Our team innovates continuously to meet the challenges of an evolving investment landscape while growing and protecting the assets of the WRS.SWIB provides a strong, steady economic pillar for the state of Wisconsin by growing the trust funds under its management, managing risk, and optimizing costs of the long term. We are a mission-driven organization and the participants we serve are our mission. By bringing a disciplined, prudent, and innovative approach to market opportunities, SWIB has been successful in generating required returns and maintaining the trust of the beneficiaries and stakeholders of the funds we oversee.Home To Top TalentOur high-performing staff is key to what makes us a premier investment manager. SWIB is committed to investing in talented professionals to implement our robust, sophisticated investment strategies and to keep the organization at the forefront of the investment industry. We encourage innovation and offer professional development opportunities to help staff sharpen and expand their skills. Approximately 61 percent of SWIB’s investment professionals are Chartered Financial Analyst (CFA) charterholders.

Job Description:

About the Team

The Private Equity team consists of nine investment professionals that actively manage approximately $24 billion of AUM.  The Private Equity team is responsible for sourcing and selecting private equity firms to invest in through fund investments and co-investments.  The private equity portfolio is managed to generate both attractive absolute returns and relative returns versus the private equity benchmark. 

Private Equity’s investment process includes significant qualitative and quantitative diligence focused on managers, investment strategy, stage of investment, geography, and historical track record.  Investment professionals meet with existing and prospective private equity firms in Madison and across the globe to evaluate quality of return and fit within the portfolio.   

Position Overview

SWIB is seeking a student intern to join its Private Equity team, who is responsible for the selection and oversight of SWIB’s active external private markets managers. These include private equity and private credit strategies. This position lends the opportunity for the intern to gain exposure to different investment strategies across the private equity asset class. The intern will be assigned to a lead Portfolio Manager but is expected to leverage the broader team. The intern will work up to 40 hours per week during the summer. 

Essential activities:

• Assist Portfolio Managers and Investment Analysts with the due diligence process on private equity funds and co-investments through quantitative and qualitative methods resulting in an investment recommendation.
• Become well versed with Private Equity’s portfolio management system and track new funds and co-investments in the portfolio management system’s deal log.
• Review and report on portfolio and compliance issues for managers.
• Special projects, as assigned.

The Ideal candidate:

• Ability to work in Madison, WI for an approximate 10-week period beginning late May/early June 2026.
• Undergraduate or graduate student with Finance, Economics or Business major. 
• Relevant coursework in Computer Science or Data Analytics.
• Proficiency in Microsoft Office Suite, especially Excel.
• Familiarity with AI tools, especially ChatGPT and Microsoft Copilot.
• Excellent written and verbal communication skills.