On-Cycle 2.0
Hearing / getting outreach from HHs for a process beginning in New Year? Anyone else hearing of an on-cycle 2.0 for 2024?
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I don't know if it'll happen, but I've been hearing the same rumors and a few of the HHs coincidentally reached out to me at the same time about my interest and my availability early next year. If it happens and I had to guess then I would say it would be 2nd or 3rd week of January.
Seems like the 3rd week of January for any firm that has HC exposure. 3 different headhunters have brought up to me on catch up calls that a lot of PE firms are going to be caught up with the JPM HC conference (aka the biggest HC event of the year) the second week of January, so there are plans to hold off until the 3rd of week of January.
Did they confirm it’s going to be an oncycle process instead of drawn out over a few weeks?
Speaking with friends on the street, it looks like most of the opportunities are UMM / MM funds and funds in SF/Chicago/LA who were late to the party in August. At a NY MF (BX/KKR/APO/WP/CG) and have friends at most of the large-cap funds in NY, we (in addition to the other funds listed) have already filled and hired significantly fewer this cycle than in years past as everyone is underwriting a downturn
IMO, it's just going to be a few off-cycle processes running concurrently. No more 3AM madness, but probably longer process + more rigorous deal discussion now that you guys now have more experience on the desk
I can confirm this. Do believe that Warburg has not handed out offers yet.
They have.
Assuming this is referencing 2024 summer associate class, correct? Or will there be any 2023 summer ops too
MF/UMM that I know of are all done with summer 2023 at this point.
Didnt think Warburg went yet. At least hadnt gone mid december
Warburg has already filled the entire class. Was a very low-key and selective process
Can anyone confirm this? Am at a top group and havent heard of anyone getting offers
Warburg has been extremely weird. I’ve heard multiple people say that they’ve filled their class and are pencils down, but at the same time, literally not a SINGLE person at my EB (which historically places insanely well at Warburg…) got an interview. I had an associate reach out to me for a coffee chat back in November, and the associate literally said they hadn’t kicked off and weren’t planning on doing so until early 2023, but apparently the class is full at the same time???
Only EB I can think of that places relatively better at WP is Evercore? Don't think any firm really places "insanely" well there given small class sizes. Can confirm that incoming associate class is now even smaller because of the expanded analyst program. They hired very selectively (probably only a handful)
Strange recruiter reached out and asked me to send an upsated resume for their process in the last few weeks
Will growth funds go at similar times this winter / spring? I feel like they run more spontaneous processes but don’t know for sure
Bump
Does anyone know if the big Boston-based names have filled yet? E.g. Bain Cap, Berkshire, Advent, etc.
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