How did Oncycle go for you?

Based on the most helpful WSO content, here’s a breakdown of on-cycle and off-cycle experiences shared by users:

On-Cycle Insights:

1. Fund Size and Preferences:

   • Many candidates aimed for UMM (Upper Middle Market) or MM (Middle Market) funds, with some targeting megafunds (MFs). Fund sizes ranged from $2bn to $20bn+.
   • Candidates often prioritized fund size, sector focus, and geographical location when deciding where to interview.

2. Rounds of Interviews:

   • On-cycle interviews were extremely fast-paced. Some candidates completed the entire process, including multiple rounds, within a single day.
   • Interviews often included:
     • Fit questions (e.g., motivations, preferences for fund size/sector).
     • Deal experience discussions (candidates were grilled on their deals and investment cases).
     • Technical components like modeling tests or paper LBOs, though these were often described as straightforward.

3. Challenges and Difficult Decisions:

   • Time Pressure: Candidates had to make split-second decisions about which interviews to prioritize. Scheduling conflicts were common, and some funds required immediate travel or virtual attendance.
   • Exploding Offers: Some funds issued offers that had to be accepted on the spot, leaving no time for deliberation.
   • Managing Outreach: Candidates received hundreds of calls, texts, and emails during the process, making it chaotic to manage.

4. Notable Stories:

   • One candidate canceled an interview with a lower-priority fund after receiving outreach from a UMM fund they were more interested in. This decision was made based on their pre-prepared fund ranking list.
   • Another candidate had to decline an in-person interview with their top choice fund due to the logistical challenge of traveling, which would have meant forfeiting other opportunities.

5. Headhunter Reviews:

   • Top Tier: CPI and Henkel were highly rated for their client lists and ability to secure interviews.
   • Mixed Reviews: SG Partners and Amity were noted for their opportunities but had some organizational issues.
   • Lower Tier: Firms like GloCap and Oxbridge were less involved in on-cycle processes but were mentioned for off-cycle roles.

Off-Cycle Insights:

1. Pros:

   • Candidates had more time to build relationships with funds through networking events and one-on-one calls.
   • Off-cycle recruiting was more common for MM funds, offering additional opportunities for those who didn’t secure on-cycle offers.

2. Cons:

   • The process could be drawn out and unpredictable. Candidates reported spending hours in interviews and case studies, only to face long periods of silence from funds.

Most Difficult Parts:

• The speed and intensity of on-cycle recruiting were frequently cited as the most challenging aspects.
• Candidates had to be prepared for anything, from casual coffee chats to intense case studies, often with little notice.

Memorable Moments:

• Some candidates shared stories of being held in Zoom breakout rooms for hours, only to be cut from the process when they were allowed to leave.
• Others recalled the chaos of juggling multiple interviews and offers, with one candidate describing how they managed to schedule four interviews in a single day.

If you’re preparing for on-cycle or off-cycle recruiting, having a clear strategy, ranking your target funds, and staying organized are key takeaways from these experiences!

Sources: My on-cycle experience / guide, Q&A - Offcycle offer from UMM fund ($9bn latest fund size), My on-cycle experience / guide