Pre-MBA internship at distressed PE/activist fund?

Hi everyone:

I'm an incoming student at a W/C/Booth type MBA program with previous experience in debt and VC outside of US. Pre-MBA, I'd like to seek a pre-MBA internship with a distressed PE/activist fund in US through school networks (my undergrad is also in US).

I was just wondering, for a person who work informally (can't count me as an employee because I won't have a employment Visa for US yet) in such a fund, would that be okay? Would there be any regulatory licenses that I would have to qualify for if I only work for 3 months at one of those funds, without taking a pay? I do intend to put it on my resume but I would obviously mention it's informal/not paid due to Visa constraints.

Thanks!

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