Associate (Post MBA)

And MD had my resume from my MBA program's resume book. I had very specific technical experience (I was building the techno-economic models for my companies Corp Dev Guys - think specific software eng), was part a sexy start up in the space, and then a shitty lower market PE fund in the space.

I had 3 formal calls with the MD, Group Head, and a senior associate. I also had 3-4 coffee chat calls with people I knew.

I did not had a formal 'super day' or technical's. It was a bit unclear if I would or not (I knew the MD for two years - he was pissed in a joking way I didn't apply for the internship a year prior).

HR finally called and said they weren't saying no, just 'no for right now' as they wanted a strong VP in place first.
I think they really meant it as a polite no.