ABSTRACT Assumptions about fostering human capital for national competitiveness underpin higher education policy drivers regarding employability. Departing from this focus on human capital development, research has highlighted the importance of relationality for employability, but there is a gap in scholarship about the role of peer relationships. Drawing on interview data about a curriculum-based intervention in an English university business school, we examine how students reflect upon and what they gain from peers in peer-focused employability learning experiences facilitated by external professionals. A ‘graduate capitals’ lens is used to illuminate student learning. Through group coaching, students’ identity capital grows by comparing themselves to peers and recognising mutual concerns; and through group activities in an assessment centre, students’ cultural capital expands through observation of peers and interaction with each other. We conclude by discussing the importance of reflexivity stimulated by peer interactions, and how to address student reluctance to engage with peer-based learning.