Question about Capital Development at Millennium

So recently I applied to the capital development internship at Millennium, not expecting much since I am a non target sophomore, but I just got an email saying I am still in their active pipeline. My first question is, what does this mean? Does it mean that my application is waitlisted, or does it mean I have beat out the first round of resume screening. My second question is what capital development does. From what I've read it sounds a lot like a investor relations job, but I am still a bit confused by it. 

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