AI Initiatives PhD Internship

Position: 2026 AI Initiatives PhD Internship
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 and our peerless intelligence across sectors, strategies, and geographies, we help identify the advantages and the answers our clients need to succeed.

Final date to receive applications:
January 30, 2026

The team you'll join

Step Stone's AI Initiatives team focuses on harnessing AI and machine learning to transform private markets investment research. The team spans the entire AI project lifecycle-from identifying high-impact use cases to deploying production-ready solutions-integrating cutting-edge technologies like LLMs, NLP, and advanced quantitative methods to drive strategic outcomes across portfolio analysis, investment performance, and risk assessment.

About the role

Step Stone is seeking highly analytical and technically skilled interns to join the AI Initiative team. This role is best suited for candidates with strong coding expertise, advanced quantitative skills, and an interest in applying AI/LLMs to financial markets. Interns will work on research-driven projects, model development, and large-scale data analysis.

We are looking for team players with a collaborative mindset and a strong work ethic-candidates who take ownership of their work but remain open to feedback, eager to learn from others, and committed to collective success. A low-ego, problem-solving approach is essential for success in this role.

What you'll do

Interns will develop and optimize AI/ML solutions-including LLM applications, data extraction pipelines, and retrieval systems-to enhance investment research and portfolio analytics. You'll work hands-on with large financial datasets, applying quantitative modeling techniques to support investment performance analysis and risk assessment across Step Stone's private markets portfolio.

Key responsibilities

* Develop and optimize financial models using Python, R, or VBA.

* Apply AI/ML techniques such as metadata extraction, vector length optimization, and retrieval optimization to enhance investment research.

* Analyze large financial datasets and apply statistical modeling techniques to identify market trends.

* Support quantitative research on investment performance, risk analysis, and portfolio construction.

* Document technical findings and communicate insights to internal teams.

What we're looking for

* Pursuing a Ph.D. in Mathematics, Physics, Econometrics, Statistics, Engineering, or a related quantitative field.

* Strong coding experience (Python, R, VBA), with demonstrated ability to work with large datasets.

* Experience or coursework in AI/ML (LLMs, NLP, data retrieval, vector embeddings) is highly preferred.

* Strong problem-solving skills with a detail-oriented, hands-on approach to work.

* Team-oriented and adaptable-able to balance independent work with collaborative projects.

* Open to feedback and continuous improvement, with a strong intellectual curiosity.

* Knowledge of SQL, Power BI, or cloud computing is a plus.

* Willingness to contribute at all levels-whether tackling complex modeling or assisting with data prep, no task is too small.

* We are open to interns working remotely to begin. Interns will be required to relocate to our La Jolla office starting June 2026.

Please note that this position is open for immediate hire. Interns will start working remotely and relocate to work in-person in our La Jolla office by June 1, 2026.

Why join us?

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 private markets.

Salary: $30 - $35 per hour

to learn more about the intern experience.

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…