2027 Summer Intern, Investments & Portfolio Management

About the role

Summer 2027 Internship: Investments & Portfolio Management

RCLCO

Fund Advisors (RFA) is the investment management arm of RCLCO, one of the most respected names in real estate consulting. As a SEC Registered Investment Advisor, RFA advises pension funds, sovereign wealth funds, and other major institutional investors on how to deploy capital across the real estate landscape. With approximately $88 billion in assets under advisement and $11+ billion in equity investments guided to date, RFA sits at the intersection of high-level strategy and hands-on portfolio management - giving our team a rare vantage point on how the world's largest investors think about real estate.

We're looking for driven, analytically-minded students to join our Investments & Portfolio Management team for a 10-week summer internship based in our Los Angeles office. This isn't a coffee-run internship - you'll be doing real analytical work on real deals, working shoulder-to-shoulder with the people making investment decisions for institutional capital.

Why You Should Join Us

• Real work, real impact. From day one (after a structured two-week ramp-up), you'll be shadowing analysts and associates on live transactions. Your research and analysis will directly inform underwriting decisions and client recommendations.
• A front-row seat to institutional investing. Few internships offer direct exposure to how pension funds and sovereign wealth funds evaluate real estate risk and return. You'll learn how capital moves at the highest levels of the industry. Interns also complete a CapStone Project: Evaluating an investment opportunity and constructing the business plan for potential acquisition.
• Mentorship that's built in. Every intern is paired with an analyst or associate mentor, ensuring you get consistent guidance, feedback, and access.
• A clear path forward. Strong performers are considered for full-time analyst roles upon graduation. This internship is designed to prepare you to walk into that seat on day one.
• A firm that invests in how you think. RFA's culture centers on rigorous, structured problem-solving - you'll leave with sharper analytical instincts and a professional toolkit that will serve you no matter where your career goes next.
• Competitive pay for meaningful work. $5,800/month for a 10-week program, reflecting the caliber of work you'll be doing.

What You'll Do

• Conduct primary and secondary research on economic, demographic, and real estate market trends
• Support underwriting on new investments - building financial models, analyzing cash flow assumptions, and preparing waterfall structures
• Research potential investment opportunities across operating companies, separate accounts, joint ventures, and funds
• Evaluate existing assets through performance reporting, hold/sell analyses, compliance reviews, budget reviews, and restructuring analyses
• Prepare polished reports and presentations for Investment Committee members and institutional clients

What We're Looking For

• Rising seniors pursuing a degree in economics, real estate, finance, or a related quantitative field
• A strong academic record (please include GPA for all relevant academic programs)
• Sharp problem-solving instincts - comfortable moving between quantitative modeling and qualitative judgment
• Advanced proficiency in Excel, PowerPoint, and Word, along with strong research skills
• Excellent written and verbal communication
• A professional, self-starting attitude
• Excellent critical thinking abilities
• Genuine interest in building a long-term career in Los Angeles or Denver
• Program Details
• Duration
• 10-week paid internship
• Compensation $5,800 per month, less required taxes and withholdings
• Location

Los Angeles office in Brentwood; in-office 4 days/week; option to work remotely on Fridays

Interview Process

• Skills Assessment, Zoom Video Interview, Remote Case Study, Final Interview (In-Person or virtual, depending on location)
• Please indicate your preferred office location and include GPA(s) for all relevant academic programs in your application.
• RCLCO is an EEO Employer.