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Based on the most helpful WSO content, here's what you need to know:

1. Preparation and Storytelling:

   • It's crucial to go into headhunter meetings with a compelling story that explains why you're interested in PE and what you're looking for. For example, you could mention your public equities experience and how it solidified your interest in PE.

2. Headhunter Meetings:

   • Headhunters will evaluate you on various aspects, including your presentation skills, personality, and understanding of PE. Be prepared to discuss your projects and deals in detail, as well as your role in them.

3. Commitment:

   • If you opt into the on-cycle process, commit to it fully. Interviewers may prefer fresh candidates over those who didn't secure offers in previous cycles.

4. Background Concerns:

   • While not getting a return offer and having a public equities background might seem like a disadvantage, it's not necessarily a deal-breaker. Your experience at a top SM shop and moving to a BB IBD NYC (top group) can still be valuable. Make sure to highlight the skills and insights you gained from these roles.

5. Interview Preparation:

   • The bar for preparation might be slightly lower on-cycle, as interviewers recognize that candidates are new to the process. However, you should still be familiar with various PE firms, their KPIs, and be ready for model interviews.

6. Networking and Outreach:

   • Reach out to headhunters to get on their email distribution lists. Be proactive in your networking efforts to ensure you don't miss any opportunities.

7. Flexibility:

   • You can tell different recruiters different things (e.g., one you want PE, another you want HF), but be clear and consistent in your story during interviews.

By focusing on these areas, you can improve your chances of success in the on-cycle recruiting process. Good luck!

Sources: Private Equity Recruiting Walkthrough – My Experience, Private Equity Recruiting Walkthrough – My Experience, My Private Equity Recruiting Process, From Private Equity Associate to VP in Private Equity, MBB -> PE Offer: Q&A