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At a larger UMM fund and helped do some admin work around off-cycle recruiting, so can give some direct color.

Our process usually has candidates speak with ~2 people before the case. Last off-cycle we brought 15 candidates total what is effectively a full-day in-person superdays for 2 spots (both offers were accepted) on a rolling basis. 

By the time you’re at superday everyone is already very strong. At that point it’s mostly about how you think about businesses and whether you’re a fit for that specific fund. It’s very possible you’re a good candidate but others are slightly better, had a strong referral from their banker who a partner knows, or just clicked with a senior partner who pushed for them in the deliberations. Off-cycle generally tends to be even tighter since firms can run longer funnels and be more selective.

 

I’ve been told there are 2 one hour long interviews w VPs / Principals, 2-3 quick ones with other assos and senior guys, and a 1.5 - 2 hour model test. I assume the model test he complex LBO and a mix of technical and behavioral (but largely technical per the thread)

 

Think this is pretty standard. Most firms I’ve heard of run ~30 minute interviews across the board, but you end up meeting effectively all the seniors and a good portion of the mid-levels / juniors. Shocked no partner chats. Good chance you'll have to talk to one or two afterwards; doubt PE firms are hiring without at lesat one partner sign offs. Had something similar where my off-cycle superday had no partners, but had to talk to two afterwards before formally getting the offer at a 5-10bn UMM fund. 

Given you also have a model test, it sounds like your process might just be combining what some firms run as separate stages, a modeling round (some firms do both case + modeling in off-cycle processes) and the superday process poster described above, so it naturally might have more people than their firm's process does at.

 

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