On cycle 2025 has started

Based on the most helpful WSO content, the 2025 on-cycle recruiting process has already seen interviews being rolled out by a prominent UMM fund. Historically, once one major fund begins, others tend to follow quickly. Here’s what you should keep in mind:

1. UMM and MF Funds: Top-tier UMM and MF funds often kick off the process in waves. If one fund has started, it’s likely others are either in the process of scheduling interviews or will begin soon. Keep an eye on funds like Warburg Pincus, Blackstone, KKR, and Bain Capital, as they are frequently among the early movers.

2. Off-Cycle Opportunities: While on-cycle recruiting is fast-paced, some funds may hold back spots for off-cycle recruitment. This is especially true for funds that are more selective or have specific hiring needs.

3. Preparation: Ensure you’re ready for interviews at a moment’s notice. The timeline for on-cycle recruiting is notoriously compressed, and interviews can happen within days of being notified.

4. Networking: Leverage your network to get insights into which funds are actively rolling out interviews. Alumni or current associates at these funds can provide valuable intel.

If you’re targeting UMM or MF funds, now is the time to be fully prepared. Brush up on your technicals, behavioral responses, and deal experience to ensure you’re ready to perform under pressure.

Sources: 2025 PE Recruiting (Post On-Cycle), https://www.wallstreetoasis.com/forum/private-equity/a-guide-on-how-to-navigate-on-cycle-pe-recruiting?customgpt=1, PE Recruiting Guide, Random Musings on the HF Interview Process, Random Musings on the HF Interview Process