As we look to the off-cycle, it seems that there are more spots than ever still available. To my knowledge, the only firms that are completely or mostly filled are Apollo, KKR, CD&R, and Apax. If you guys know of any others please let us know.
Let this be a thread to track off-cycle processes and firms that are still available/have spots left. Good luck everyone!
| +205 | PE Recruiting Prep Guide - 2024 | 23 | 10h | |
| +37 | MF PE Analyst Programs Ranked | 32 | 11h | |
| +32 | Is PE worth it? | 19 | 1d | |
| +28 | Is Thoma Bravo fucked? | 17 | 5d | |
| +26 | How to exit from Continental Europe IB to London PE? | 9 | 41m | |
| +22 | PE Tier List - Any ideas? | 19 | 7h | |
| +21 | For PE folks who don’t make partner, how much $ is left on the table? | 8 | 3s | |
| +20 | PE and Balance Sheet Heavy Businesses | 6 | 2d | |
| +18 | LMM PE vs. MF PE? | 6 | 21s | |
| +18 | Down after rejection | 8 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Anyone know roughly how many offers were extended? Feels like not many people got offers on-cycle this year.
If I had to guess, maybe 20-25 across reputable firms? Although the total spots available is likely lower this year due to macro worries.
Guessing 30-40
Same here. I’m in a pretty strong group and only ~20% got offers. Another group at my bank (one of the top 3 on the street) only had ~10% get offers on-cycle.
Havnt seen much coming out of the HHs except for one MM fund and infra stuff since on cycle.
Same. They’ve been pretty silent
what have you seen for infra other than MS Infra and DigitalBridge?
Any insight on what it’s like working at these funds?
CD&R filled ~75%, so handful of slots left for off-cycle.
How are the off-cycle interviews like for CD&R what would be the best way to prep.
Do you know which groups at CD&R have spots left for off cycle?
CD&R Industrials has 1-2 spots open for off cycle
Anyone interviewing for Apollo tech credit?
How many first years still don’t have offers? I’m assuming majority don’t have offers for 2025 yet. And has anyone hear about any off-cycle processes?
My group typically does well with recruiting, and this year only 20% of the class got offers from on cycle. I’d expect that most people are going for off cycle.
I’d echo the same experience on my end especially since it happened during exam prep for us. Yes on-cycle is great to get an offer so early but also many didn’t want to jeopardize their chances on passing the exams
Does anyone know if Apollo PE is completely filled?
They filled
Anyone know if vista went
Bump, any info on Vista?
No they didn’t go on cycle
Are HH sending anything? It seems things have been a bit silent from their part
Pretty silent from my end as well
Are headhunters just not sending anything for off cycle? I want to recruit for 2024 and 2025 but I feel that the emails have seriously died down. I'm a senior analyst now so a bit worried about where things are headed / whether my resume is good enough for recruiting. For reference I came from a strategy consulting background into IB
Things in general have been quiet. Many firms probably waiting as this cycle was just very early. Heard from friends in PE that many of the firms the firms themselves were not prepared to kick things off as early as it did.
Still getting emails every day, if not every hour from HH’s. They’ve sent off-cycle emails, many firms holding informational sessions.
What???? Not getting anything from HHs since on-cycle
Why cap on an anonymous forum lol.
Just know the MS is from non target, bottom bucket analyst that aren’t getting recruited lol
Has Blackstone gone yet?
Heard from source that they interviewed a small batch before putting process on pause for foreseeable future. No 2025 offers yet I believe.
I heard their core PE group didn't run a process?
How about tactical ops?
bump, any updates on Blackstone if anyone knows?
following
when does vista normally do off cycle?
Tomorrow
Things are def starting to get a bit more active I feel. For the past week and a half, I'm starting to have more HHs reach out for MM funds having networking events. No outreach especially for MFs yet and I'm at a group that feeds mostly to UMMs/MFs. Seems like a round of interviews for a solid chunk of firms will kickoff next month and October. Seems like MMs may try to grab some analysts who aren't patient enough to wait until later in the year/early 2024 for the bigger fun ont know any people having official networking events with MFs right now. Lowkey coffee chats are happening for some funds though I know.Things are def starting to get a bit more active I feel. For the past week and a half, I'm starting to have more HHs reach out for MM funds having networking events. No outreach especially for MFs yet and I'm at a group that feeds mostly to UMMs/MFs. Seems like a round of interviews for a solid chunk of firms will kickoff next month and October. Seems like MMs may try to grab some analysts who aren't patient enough to wait until later in the year/early 2024 for the bigger fun ont know any people having official networking events with MFs right now. Lowkey coffee chats are happening for some funds though I know.
Have HHs been reaching out for 2025? I've got mostly emails for 2024, but nothing much for 2025.
Also - anyone have any deal with unresponsive HHs? What do we do in those cases?
Heard Advent is running a process now/very soon for some of their groups (24 and 25)
Which groups?
Consumer and Business Services confirmed
Anyone know if MFs will be going during this next round? Or will it strictly be MMs?
?
There is no next round, it’s just when firms are ready to interview
Anyone hearing anything re: firms kicking off soon?
Have had a bunch of reach outs from MM funds in the past week through HHs. They are starting to hold sessions and preparing to interview later this month or October it seems. Things are heating up fast.
Anybody hear anything on growth funds?
Is it worth reaching out to HHs if not getting any emails yet? Have a call scheduled with one HH but no contact with any others so curious if others just haven't reached out yet since it seems no MM/UMM/MFs have really started
When are things gonna kick off? Hoping things start soon, would rather just get this settled ASAP so we don’t have to think about it anymore
Things have already kicked off, know of multiple funds interviewing this week.
FYI just so that everyone calms themselves - Elliott is doing coffee chats, I believe so is Bain. Many shops are doing coffee chats, but doing things have kicked off in terms of actual processes
Bump, has anyone heard any updates? What UMM and MF are full as of now? Headhunters seem to be very slow with emails or reaching out with opportunities
Has anyone heard anything about H&F running a process? Got an email a month ago but never heard back from the HH after
I think a lot of HH are trying to gage interest. Have gotten the email from several funds as well, also coffee chats. No huge processes have started yet
Does anyone have any updates? Feel like I heard October was the time, but dying for sure.
Bump
Still not much going on, a few firms are running processes
Which firms are you hearing from? Mostly UMM and MM from my perspective.
Bump.
Anything new? Have only been approached with one LMM PE firm in recent months
Have you talked to all of the HHs?
Slow af, multiple HHs have told me many shops are waiting until after Christmas to start since most analysts are not ready uet
Same
Has BX already filled their PE class?
Also, does anyone know how many spots they have / how they choose candidates for coffee chats?
TPG’s impact funds are doing some off cycle superdays in a week or two
-
Does anyone know when recruiting will pick back up? Currently a first year analyst looking to to get a UMM / MF offer
I’m hearing that things will start to pick back up in late Q1 / early Q2. Still a super tough fundraising environment and firms aren’t certain on their headcount needs one and a half years out
Any updates on TPG or Carlyle kicking off processes for 2025?
Tpg interviewing now, got an invite couple days ago
Who is the HH?
Any updates on TB or H&F?
Which firms (MF/UMM) are recruiting at the moment or hasn't yet kicked off? At a top EB group but have been getting mostly MM/LMM opps from HHs, not sure if it's because the market is slow in general at the MF/UMM level and firms are still delaying their processes.
A ton have already started, have friends with offers and first rounds/final rounds and events at a variety of MF and UMM
Which ones specifically? Can someone confirm this?
Which firms have finished recruiting for 2025 associate positions?
Most of the big ones r done at this point
Do you know if sixth street or Francisco Partners is done?
Are you sure? Can someone confirm this?
Was under the impression that many MF/UMMs will be recruiting well into Q2 for 2025 roles.
Did anyone hear about APO 25?
Had a coffee chat with them a few days ago and spoke to the HH about it. They filled 75% of their class in on cycle and are looking to add 2-3 more. Have spoken with others who have friends that have had superdays recently.
Gotcha - sounds like no more new people in the process then?
Maybe a stupid question, but what is on cycle and off cycle like coming from a boutique? I don't mean an EB, I mean a boutique. Am I going to get zero looks when I start FT? How can I get looks, I know almost all of peak and am nervous for the recruitment. Sorry again if a horrible question and best wishes to all recruiting.
What do you mean by boutique but not EB? Could mean anything from Qatalyst/Raine/Liontree/Guggenheim/Ducera/Allen/Ardea/etc. to some 5-person regional boutique. If the latter, I'd recommend trying lateral first.
boutique here (m klein / raine / allen flavor) - stay in touch with your friends a year or two above at the places you want to go, ask them to pass your resume along, and get networking. Otherwise, you definitely get ignored during on cycle even though you're probably smarter than a lot of the BB kids. pretty much every MF/UMM opportunity I had was because of friends
Thank you for your reply. I’ll be going to a non well known boutique. Will definitely network and grind. I feel like I am kinda screwed (but genuinely have no clue what to expect regarding potential reach outs from Headhunters with interviews) without having a good brand name, but am confident if I can just get a look I could perform. Assuming I (who go to a school that doesn’t place very well) don’t have many contacts, is it a taboo to cold reach out to associates in PE? These could be ridiculous questions (again idk) so sorry in advance.
Has CVC kicked off?
No, they’re still doing 2024 recruiting
Have not heard this but are they currently deeper in a process?
Has anyone heard about 25 on the growth side? Have only been seeing emails for 24 and feels super dry generally. Any color?
TA is going on right now / may have already wrapped up (but not sure u can really call them growth equity these days). GA is done, haven’t heard anything on Insight, think Summit was planning on launching something soon but I didn’t engage so idk.
Thanks. Who are HH for Summit and Insight?
Does anyone know which MFs still have spots for 2025?
Permira is starting coffee chats for 2025 next week
thanks! what HH covers them?
did they wrap up their process / do you know if any spots still open?
Things seem to be pretty silent for me. Have people been getting a lot of inbounds from HHs?
Are you referring to 2025 opportunities? At a top BB/EB group and feel like things have gotten quieter since last month at the UMM/MF level, with mostly the same MM/LMM opportunities shown a few times every week. Not sure if it's just me or the broader market is slow.
Mostly quieter bc the “second wave” of on cycle is pretty much finished. I’m sure off cycle opportunities are still out there but probably will come slowly one at a time
Bump - any update on processes going?
Any detail on the top Chicago shops? MDP / GTCR / BDT?
All finished to my knowledge
I’ve fell like I haven’t heard of any tech buyout opportunities come through HHs. Would love any insight on where these tech firms stand in their recruiting process. I thought I had really strong conversations with HHs but nothing interesting seems to be coming through
Believe Thoma / Vista are filled and SL still has spots. Not sure about H&F
Has TJC run their process yet?
Yes
Did they fill their entire class?
Did Kelso run a process yet?
bump
Did you receive an email from CPI about them?
Has Cinven given out rounds yet ? Know they sent out an email and had a chat but nothing else
Bump on Cinven
Del
Anyone know if any UMM / MFs are still going?
Some (including our firm) are kicking off coffee chats for 2026 already, so I would say no. Heard we’re targeting May/June this year instead of July/Aug as is BX/APO
Bruh is this actually true? Jesus
28 months in advance. This is getting extremely clown. We need a system reset.
Has anyone had any experiences with Sentinel lately? Anyone on a second round?
Anyone hear from Platinum on any 25 activity?
Anyone heard back from Cinven first round yet?
What firms are still interviewing? Off the top of my head I only know of New Mountain that is actively interviewing candidates
Bump how do off-cycle 2025 spots look. Are most filled at reputable UMM / MM places?
I’m actively in process with a MF and another UMM/have gotten some other MF outreach. So I’d say no
What kind of bank are you at? (BB, EB etc)?
Anyone have an update / know anything about TowerBrook? Heard they launched their process last week.
Anyone hear back after last week’s Carlyle resume submit?
What group?
Where did you find their resume submit? Is that happening through HHs or through their website?
Heard someone got an offer there today, not sure if that’s the case for all groups
Do you know which group?
advent sent out first rounds
Atque ipsam ex aliquam minus eos inventore et. Magnam dolorum et totam ullam consequatur. Nisi ut quas iusto consequatur ratione.
Dolor laboriosam ut impedit odit quia. Nulla omnis error tempore architecto. Iusto rem qui vero qui non facere inventore.
Expedita asperiores debitis architecto sed. Magni vero rerum aut. Corrupti qui consequatur sit amet. Est minus eos qui porro ea magni.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sit a beatae mollitia magnam ut facere. Quos ut ipsa eos rerum sapiente qui dignissimos. Et dolorem et sit excepturi incidunt suscipit.
Cupiditate reprehenderit accusamus illo. Deserunt velit fugiat non quo. Omnis nisi iure nemo et quis. Dolorum aliquam perspiciatis eos quia adipisci ut veritatis.
Incidunt adipisci quis nostrum tempora. Distinctio dolorem quos facere necessitatibus quod aut.
Inventore optio assumenda ea inventore nam et rem. Dolor aperiam et autem quo beatae. Deserunt delectus assumenda dignissimos illum quaerat corporis.
Ea rerum quia eos et tenetur. Aperiam ut et ipsam vel. Molestiae repellendus cupiditate omnis voluptatum.
Officiis et similique ducimus tempore sed. Libero quaerat atque dolor culpa velit. Optio maiores perspiciatis sint ut. Quia itaque sequi asperiores quos consectetur.
Nam totam voluptatem sint voluptate delectus unde. Qui et est molestias sed. Consequatur dolorem sed expedita rerum odit eos.
Voluptates voluptas voluptas facilis ut et et facere. Omnis consequatur nam eligendi a dolores et deleniti. Quas quos assumenda ut. Quos harum quam iusto ut consequatur ducimus. Accusantium deleniti rerum sit enim voluptas quo officiis. Quidem quaerat tempore cum molestiae dolorem necessitatibus.
Earum odio in ratione ea. Molestias ipsam vel temporibus sit sed est illo. Reiciendis aspernatur voluptatum aut est veritatis sint commodi. Ab commodi sapiente minima ut officia unde ipsum. Consequatur nemo eos asperiores aut minus a.
Sint hic neque asperiores. Possimus vero vitae laborum voluptate non occaecati culpa dolor. Nemo neque et quisquam et reiciendis reprehenderit a. Assumenda illum nisi voluptates facere.
Dolorem ut ab a voluptas tenetur eos ipsa. Qui qui aut nam repellat asperiores itaque. Id eos voluptas velit esse harum error aut. Mollitia enim aut consequatur odio. Itaque occaecati amet quos numquam.
Dolore sunt rerum quasi ad molestiae enim. Veritatis totam at ut et quasi. Dolorum dolores tempore tempore qui saepe facilis non. Velit inventore asperiores repellendus odio quo dolorem sunt.
Id ut sit nemo cupiditate quam ipsa dolorem. Non sequi asperiores ut aut. Ducimus animi consectetur et qui at consequatur perspiciatis dolores. Et rerum rerum iste quia qui id.
Enim et illo molestiae eos similique. Et possimus nihil recusandae fugit. Inventore nostrum consequatur et ducimus voluptas quibusdam. Sed expedita ut temporibus dolor. Distinctio est aliquam corporis aut soluta consequatur nihil corporis. Eaque eius eveniet nihil recusandae a illum.
Doloremque nobis et et esse. Consectetur in accusantium inventore aut vel dolores laborum.
Quod qui consequuntur nam odit iste a. Culpa libero soluta error dignissimos.
Sequi animi quibusdam at quia aut. Rerum dignissimos quam debitis nobis vitae. Quae dignissimos eos id. Aut blanditiis ea omnis ipsa quod voluptatibus soluta. Quia ratione voluptatem quia et exercitationem. Omnis dolor voluptate natus totam eius impedit sunt.
Est sunt in quia molestiae corrupti neque. Ab praesentium ut dolorem itaque necessitatibus ut voluptas. Quo voluptates reiciendis optio. Illo sapiente deserunt velit eveniet fugiat.
Autem voluptatibus iste est incidunt aut consequatur. Tempore itaque est qui ipsa illo distinctio sint. Et nemo aliquam optio occaecati error. Nisi impedit quod in iusto molestiae.
Autem minima cum voluptas non. Dolores ut minima cum corrupti eligendi ea illum. Et nesciunt excepturi autem sunt necessitatibus. Aliquam aliquam repellat consequatur amet culpa. Et perferendis a quidem quae.
Voluptates omnis saepe ex non voluptas. Sunt sint quo nemo suscipit. Inventore aliquid cupiditate delectus dolore quia sit porro. Fugiat ad quam aspernatur velit at suscipit rem. Vel libero et explicabo tempore doloremque rem vel excepturi. Sed repellat dolorum eum aut omnis.
Qui esse ratione officiis minus autem officia. Explicabo est eos quis eos voluptate. Minima earum nostrum dolor vitae quis ut. Rerum non vel voluptatibus quos. Quis in repellat labore facilis.