Answer
Internships are typically three‑month, time‑boxed roles where you perform predefined tasks (market maps, pitch‑deck reviews) under close supervision, often earning school credit.
Fellowships, by contrast, are mission‑oriented apprenticeships: you own deliverables that matter to the fund (e.g., sourcing two investable deals), receive structured curriculum (weekly workshops, mentor check‑ins), and sometimes share in upside via carry. Interns sit near the bottom of the org; fellows are treated as junior colleagues whose judgement can sway an investment committee.
Moreover, internships rarely provide founder‑facing exposure; fellowships almost always involve direct calls with CEOs and participation in partner meetings. Compensation differs too: internships may be unpaid or stipend‑only; fellowships increasingly offer a blend of stipend plus carry.
Finally, alumni benefits diverge—fellowships continue as lifelong networks, while internships end when your badge deactivates. Think of a fellowship as closer to a medical residency: scoped autonomy, high expectations, and a defined learning arc.