Pros
A bit of introductory exposure to how search funds operate. The partners are not unpleasant people, but they are knowingly and willingly taking advantage of clueless college students looking for real experiences. Read below.
Cons
Your day-to-day workflow looks like this: they give you a massive spreadsheet with a bunch of companies. You find the companies on Google and fill in information such as the names of the CEO's, the industries they're in, the website URL's, etc. Needless to say, you don't gain real "private equity experience" by doing this grunt work. It's brain dead and a trained monkey could do it. In fact, I believe the team is just too lazy to find a way to automate this process, instead relying on a bunch of young and hungry college kids to do it for them. To the team, you're just free labor... they don't even train you. And most of the college student interns don't realize they're being exploited for free work. A quick LinkedIn search will also reveal that career outcomes for past Ten20 interns are absurdly poor. Don't waste your time.
BTW- If you do end up applying and get the role, you'll see what I'm saying. Don't delude yourself, and don't listen to the "potential to do more meaningful work later on" story that the partners try to sell you. I worked a full year at Ten20 and did the same monkey grunt work, day in and day out. If you still want to work here and see for yourself, fine– but don't be afraid to quit once you realize the experience is meaningless and that you don't gain ANY analytical or financial skills.