PEs that run off cycles (London)
Any PEs than run off cycles? Is networking important for this? There is also BX off cycle in PE, anyone got experience there? I’d love to ask questions because peeps on LinkedIn are probably very busy to answer (no sarcasm here)! Hit me up! :)
Based on the most helpful WSO content, here's what you need to know about off-cycle private equity (PE) internships in London:
Off-Cycle Internships in PE: In London, PE firms often recruit for off-cycle positions. Unlike the structured on-cycle recruiting in the US, London PE recruiting can be more ad-hoc, with firms hiring as needed through headhunters.
Networking: Networking is indeed important for securing off-cycle positions. It's a way to get your foot in the door, especially since these roles aren't always publicly advertised. Building relationships can give you an edge and potentially lead to referrals or insights about upcoming opportunities.
Blackstone (BX) Experience: While specific experiences at Blackstone's off-cycle PE internships weren't detailed in the context, it's a well-regarded firm, and an internship there would be a valuable experience. If you're looking to connect with someone who has firsthand experience, consider reaching out on the WSO forums or utilizing the networking guide to craft effective outreach messages.
If you're looking to dive deeper into networking strategies for PE off-cycle roles or want to prepare for potential interviews, the WSO Networking Guide and PE Interview Prep could be invaluable resources. Remember, persistence is key, and while professionals may be busy, a well-crafted and respectful message can often yield a response.
Sources: 20 Most Frequently Asked Questions - London Edition, 2025 PE Recruiting (Post On-Cycle), London Off-Cycle 2024, Top-tier London PE firms with best culture?, Off-Cycle IB 2019 London
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In general, PE don't really run off-cycles like that in comparison to summers at least from what I've seen. Just to let you know, most PE firms that run OCs don't recruit for FT, but to answer your question, I'll list the active ones below:
Carlyle - European Private Credit team (March start for 6 months, HR told me)
GBL - Private Equity Fund & Co-investments (via SEO London)
Ardian - Buyout & Infra teams
Neuberger Berman - secondaries & primaries (been up for a while though)
IK Partners - Mid Cap UK PE team (March start)
did you hear back from mubadala, ardian or roths five arrows?
Haven’t heard back from Ardian, didn’t apply to Mubadala or Roths
What are ‘off cycles’? Internships? There is no such thing as ‘on cycle’ associate recruitment if that’s the question
No, I’m talking about off-cycle roles, ie outside of normal cycle. A good bunch of PEs offer internships (mostly without any possibility of conversion) but most of the times you just have to know of these shops through the word of mouth or to be directly reached out as opposed to the roles being directly advertised. So I was just asking which ones do fall under that umbrella
do off cycle internships count as full time experience?
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