one example: past week I saw a ft/wsj/bloomberg article saying that Asian investors (LPs) are distancing themselves from investment funds and shifting towards investing directly in energy companies/projects (it seems that Asians are smart enough to understand that funds ripe investors off).

China/Japan are significant investors in US funds, so it may also impact negatively the US PE market.

 

Yes, if you are qualified. No, if you are not qualified. These PE firms see through the BS. To add on to that, some of my friends placing at elite PE's (Blackstone, KKR, GA) didn't even receive an exploding offer, or 48 hours - 1 week to accept!!! These PE shops are so desperate to get top talent this year (because there are so few this cycle)... Oversaturated field at this point (I am a lifetime Investment Banker)

 

A lot of my friends got offers, and a lot of them didn’t or sat out. Earlier recruiting cycles definitely benefits two groups of people: (1) hardos who grind PE prep their senior year, and (2) smart students who went to an undergraduate business program and did some prep.

Based on my limited sample size, those who got offers fit in one of those two buckets. The offers are definitely going out, but it’s just harder to get one; people who go on cycle are in buckets 1 or 2, and firms are holding open more spots for off cycle. In other words, it’s strong competition fighting over fewer spots.

 
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Well, when off cycle went later, there would be a much more level playing field.

An okay student from Wharton, Notre Dame, etc., who has taken several courses on valuation or PE is much more likely to get an offer today than a straight-A student from a liberal arts school. 6 months from now, I’m not sure that’s the case.

My point was that, today, either you grind or you did alright in an undergrad business program while building finance intuition. In the past, more spots were open, and more people had gone through enough of the banking learning curve to actually be competitive in on cycle.

 

First years only - guessing lots of second years got offers as well. you think it's high or low?

 

The people saying 30 are probably off by a lot. 4 of the 1st year analysts in my group got offers, and we’re far from a large or strong group.

 

Current associate at MF. Probably 40-50 offers went out on cycle (probably almost half of the CDR) in traditional corporate PE (not hybrid value, tac opps, etc.). Would estimate half in NYC and half in SF, and small bits in DC / Boston. That said - hiring classes will be much smaller. Even for BX BCP (private equity), rumor is they might only hire one person given 1) lack of deal flow and 2) analyst pipeline.

Probably 20-30 spots left for MF PE in New York

 

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