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Based on the most helpful WSO content and prior years' trends, the firms you listed—Carlyle, KKR, Sycamore, CD&R, NMC, Bain, Advent, Berkshire, Apollo, H&F, GA, TPG, Oaktree, and Centerbridge—are indeed strong candidates for participating in the 2027 on-cycle recruiting process. Historically, these firms have been active in on-cycle recruiting, often targeting top talent early in the process.
For further insights or updates closer to the recruiting season, you can check threads like the "On Cycle 2025 Advice" or "On Cycle 2023 Master Thread" on WSO. Here's a relevant link for reference:
url: https://www.wallstreetoasis.com/forum/private-equity/on-cycle-2025-advi…
Sources: Updated view on Carlyle (specifically TMT Group)?, 2020 On-Cycle Recruiting Kicks Off, On Cycle 2025 Advice, Recent Moelis NYC Exit Ops?, BofA NYC FSG Culture, Deal flow, etc.
Bump
STG also goes on cycle now
stg went on cycle last year as well
you guys are morons
coming from someone who graduated last year, I remember very clearly how people were ridiculing those who foresaw on cycle starting really early last year. i mean look at how early sa 2026 recruiting is this year.
if on-cycle is something you want to do, then definitely prep asap. you can laugh at how early it is now, but just know it is actually earlier than most think.
Would also add GTCR and AEA (to my knowledge) based off of first years at my firm recruiting on-cycle last June
Any idea what MM's firms will go on-cycle, if any?
Lindsay Goldberg? Bumping to see if anyone else has something to add
Don't think LG went last year, but please correct if wrong.
Golden Gate
American Securities as well. Have been visiting campuses
Have it on very good authority that they are a zombie fund. Haven't raised in years and are way behind target on current fund raise. Maybe one of the single worst funds to join right now. Any other MM/UMM names likely to go on-cycle.
American Securities closed fundraising for their latest fund at $2.7 billion, it was a quiet close since they missed their $7 billion target so just adding another point to your case on them
May seems wildly early. Plenty of shops are still filling 2025 and 2026 classes.
Doesn’t it get pushed up every year? When did it start last year?
I feel like it has been ~August lately but admittedly we did off-cycle last year, so maybe I'm mis-remembering.
Had a HH call and they said it started June and ran until July during my call with them. They aren't sure if it will be pushed up or not, but it will start by latest by then. Not targeting the MF's personally so not even sure there are any names for me to do on-cycle for.
Want to note that all of the largest HHs have started scheduling calls for the class of 2027, including CPI, which is the largest HH. Would still assume most PE firms are not going on-cycle, as last year was a pretty small list of firms going on-cycle.
Would love for anyone in PE to get a sense of what MM/UMM firms do on-cycle alongside the MF ones.
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