Are fewer 2025/2026 analysts interested in PE?

Among the classes of 2025 and 2026, I have noticed fewer people who seem locked in on PE.

A lot of analysts would rather stay in banking or eventually move into corporate development, corporate strategy, or a startup. More noticeably, many are not even prepped and ready to interview for PE, not just for certain funds, but for any fund.

Are others seeing the same thing? Is PE genuinely becoming less appealing, or is this just specific to the people I know on the west coast?

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