It does not seem like there is a consolidated thread for the 2025 process.
Unfortunately, rumor has it on-cycle is starting sometime soon. Some firms are reluctantly preparing, but I figured we could keep the hearsay in a condensed place.
Thanks!
| +141 | What’s “the path” now? | 56 | 1d |
| +101 | Is Everyone Too Bearish on PE? | 33 | 8h |
| +48 | Why would anyone do PE in long term in 2026? | 13 | 14h |
| +37 | 3rd Year IB Analyst, Top Bucket, Still No PE Offer. What Would You Do? | 19 | 1d |
| +25 | Is This Normal in LLM PE | 10 | 4d |
| +24 | Q&A: What It’s Actually Like Working at an Independent (Fundless) Sponsor | 4 | 2d |
| +21 | UMM PE or High Paying Strat Finance? | 13 | 7h |
| +21 | Striking out in last rounds | 2 | 3d |
| +20 | On Cycle Preparation | 8 | 2d |
| +15 | DELETE | 1 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Head hunters are starting to aggressively ask us for names at my bank (BB NYC). I don’t even have an offer yet
Interviews started
Cap
Has anyone heard of people interviewing yet?
Yes, TPG and GA kicked off tonight
Rumor has it Apollo is asking for your max bench… don’t be fooled, it’s a trick - they ding you if it’s above 135
Not sure if that's a rumor. American Securities asked me for a dic pic.. Thought it was an interview but just got laughed at
Just to clear the air. No headhunters that have good clients have started interviews. The only thing that have happened are setting up intro calls to rank candidates.
CPI themselves said clients aren’t ready to interview.
CPI is calling folks letting them know some of their big clients are ready to go...
CPI pushed people into interviews they weren't prepared for, last night.
Same thing happens every year. The HH can’t control them at the end of the day. Last year CPI said the same thing and a bunch still went early
Just sent my resume out to all the headhunters on peak frameworks list. It's 4am and I'm already getting invites...
Interviews started already yesterday and today
To add credibility to this post, please add which firms are confirmed to be interviewing candidates.
I know for a fact that Apollo had interviews
TPG is interviewing folks. Classic TPG format (modeling test and waiting room). Lol.
Spoke with one of the firms allegedely interviewing and its just informal chats
Ah ok got it
You idiots are going to speak it into existence
It's already been manifested...
At UMM/MF. We have spoken to our HH but was more of a catch up and don’t have plans to kick off anything soon. That being said only takes one to start the fun.
Interviews at CD&R started
GA and APO as well it seems
APO has kicked off
Were these scheduled through the HH?
^ same with KKR
KKR as well
Were these scheduled through HH?
Sixth Street interviewing too
for credit or growth or something else?
Some firms are having final rounds, cna confirm. Just crazy
What firms
These firms are getting some absolute losers
Berkshire out too, more interested in growth than PE, should I skip and wait for GA or others or is that insane?
GA is interviewing...
APO, APAX, and ARES out too
Do you know which group?
Hybrid
Anyone else getting no hits…
Same boat as you - not a single interview
I didn’t get a single headhunter look.
What kind of bank are you at
Bump
H&F, friend got it
Has Carlyle kicked off?
yep
Which group?
Anyone get Thoma
Following
good luck freaks! i remeber when i did this last year get fired up 😛
TPG growth?
did ppl get H&F
also wondering this
Yes. Heard they are lining up slots in the evening as we speak
how much control do people at the firm have? Gold Coast is still blue balling me wondering if I can backchannel my way in
Take the hint
ah you think they would have already flagged my resume to the headhunters? fuck the truth hurts
UPDATE: didn't end up getting it but ended up backchanneling my way in - screw this guy
Has anyone interviewed at BC partners? Any idea on firm culture / interview experience?
Intense and I didn’t like them. Bad fund performance and bad comp
Can you elaborate on the intensity and what the interviews looked like?
Bain is out
Which funds?
idk it just said north america PE
word on Veritas, AEA, NMC?
Went through all interviews at AEA, didn't get the offer despite being confident that I did quite well. Think they only gave a small handful of offers out
Which headhunters are this from? I haven’t gotten anything
Centerbridge is interviewing
Modeling test went poorly. Should I look to another firm or do I still have a chance?
What was the model like? Assuming 1 hour template or blank?
Good luck
If you have other invites keep looking
Received another 2 rounds after and am getting positive feedback- do you think they could just be stringing me along? I have another setup for tomorrow in any case
if i got no invites should I just enjoy my weekend?
LMAO
Has BX gone yet?
Wow watching this kick off in real time on this thread is hilarious. I remember last year it was a few weeks after this. How early could they go from here?
They’ll end up recruiting college seniors…watch this space
100%. Somewhere in the not-too-distant future they’ll just start interviewing kids as soon as they get a return offer from their IB internship. It’s not like this class has any actual experience given everyone is still in training.
Thats already happening. First rounds were basically done at top targets this past year (coded as plan networking or informations sessions).
That's why people shouldn't stress if they didn't get invites, there will be plenty of seats after this crazy early start.
For those that have gone through modeling tests already, how are they looking? Any input would be appreciated
had a very good cc w/ tpg growth but no interview
What bank? Probably played a factor these days
Any updates? Will more interviews come out soon?
I declined an interview tonight and had it scheduled for tmw morning! Don’t give up
Anyone know what bain capital round 2 looks like?
how was round 1?
Lotta heads got chopped
Has anyone actually gotten an offer?
We wanted to give out offers but candidate quality super low.
Geez I wonder why
CDR
word on veritas?
Going Monday acct to HSP
Has anyone heard from KPS ?
Did Francisco go? Got a couple other ongoing processes but wondering what is happening with them/are they waiting/are they doing some on and some off. Would love to just see if they are interviewing or have given out offers
Anyone hear from MBB friendly firms? Know H&F and Bain have gone, how about Advent / New Mountain / Golden Gate / TA / etc.?
TA has an info session Sunday night
Advent already started
Do you know what groups?
Has anyone heard anything for Carlyle after round 1?
I assume it's mostly target kids getting these early interview rights? I'm at GS/MS at 1B level group. Ton of HH outreach and some information session invites but no interview invites yet. I'm non target so I assume they are prioritizing targets and I'll probably get more invites this upcoming week and after perhaps?
Think so, easy filter - I’m non target going to one rn but I also dfk how lmao. Gear 5 next Saturday so it’s not of consequence
Was the interview with a MF or more of a UMM/MM fund? I have told HHs I'm targeting large cap funds so that might have something to do with that as well I assume since they are prob aren't sending me UMM/MM interviews because of that.
what's Gear 5?
Goatda carrying me through these times
Anybody get an offer from TPG Capital yet?
one of my friends did for HC. interviews with partners were this morning starting at like 8 am and offers were extended.
What’s HC?
Could you share numbers?
lmao did anyone get an offer anything yet
This sounds like the smallest and dumbest on cycle ever
Yea, people shouldn't stress about skipping this on cycle. I forsee a busy lat 2023/early 2024 recruiting cycle. These firms are not filling their classes with this oncycle. Lots of analysts are skipping.
Im sure there is kids who went in unprepared and will get cockblocked by HH in the future. Reputation is #1
Could be a stupid question - but if you intend on skipping on-cycle, should I fill out the form the HH sent or not? Should I let them know I’m not recruiting this cycle in an email? Just want to ensure I maintain the relationship
Anyone hear back from Carlyle round 1?
got dinged from a MF
months of prep just to hear that
From the HH? Or from the firm
Did you request feedback?
what bank and are you a target? who gave you that feedback too lmao
I mean... what's your vibe?
.
Anyone got an offer from Carlyle Consumer / know if they are still interviewing?
The one interview invite I got was for this morning at 7:30am and it got cancelled... ~$10BN+ AUM fund. Is on-cycle really over? Have a friend interviewing at TPG this morning and we both go to semi targets first years at GS/JPM
On-cycle hasn’t even started for Non MFs. Even today MFs are still interviewing
Yeah makes sense.. have heard from my class its mostly growth actually, not buyout so should just wait it out for this next week
Also wondering about Carlyle CMR
Anyone have intel on Maple Capital’s participation in on-cycle? I have a target school / top group at GS/MS/JPM background so I think I have a shot—but haven’t heard anything from them yet.
At a CVP/Evercore/Moelis - got a text from them to come in last night. Hardest modeling test I have ever done.
One other person from my class also got an interview, and anecdotally both of us had BB summer analyst positions sophomore year and some of the highest GPAs in our group, so I think they are just screening for that. Haven’t heard anything back yet and neither has the other analyst.
Knew going into it that they were known to be among the hardest firms to get into, but was shocked by the difficulty of the test.
Can you PM me? Maple’s definitely my top choice, would love to get some more info here.
Haven’t heard much about Maple Capital, how many people do they generally take during on cycle? Seems completely under the radar
At Maple. You did bomb that modeling test Zoolander.
W
TPG Growth class is filled
Lmao I'm an associate in the group and this is false
What about Rise?
Anyone know if private credit arms are recruiting on-cycle with buyout?
This
Considering it sounds like only select top funds are giving offers right now, are those you know getting offers coming from the usual top groups?
Did Bain / Apax fill their class?
Anyone know if Bain gave out any offers yet?
Can 100% confirm that Bain did not.
Anyone interview with Silver Point Cap
Are you prepared
They interviewed last night and had some more this morning.
.
Any updates on Silver Point Cap?
Anyone wanna split Peak PE PM me
Can’t dm you. But am interested. Let me know
So is oncycle technically over I guess by the end of today?
I feel like there is going to be another oncycle like wave that's like an accelerated off cycle in the winter or a bit earlier because there are way too many analysts from targets/semi or top EBs/BBs/groups who skipped to focus on training and studying for series exams.
No one skipped oncycle to focus on training or the Series exams who is a serious contender for oncycle lol. They skipped because they were unprepared which is valid, but it’s not like training is more important than being staffed on live deals which is what people typically have to skip
bump
.
Dolores modi adipisci possimus voluptatem. Adipisci ut modi excepturi magni ut enim. Voluptates mollitia expedita ipsa impedit debitis eos. Accusamus error repellendus aut non modi nemo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Dolorum consequatur voluptates aut. Cumque molestiae amet in omnis at ut hic. Earum eos et iste provident sunt quis sunt.
Quia voluptatibus enim voluptas aut nihil sit. Et velit dignissimos dolor. Ut voluptatem id maiores ipsa modi mollitia nihil. Et sapiente hic ipsa. Quis quod culpa dolorem sunt et.
Quae quisquam repellat perferendis omnis minus quo. Ut qui animi doloremque exercitationem.
Natus deleniti temporibus est. Nam cupiditate aut veniam placeat. Autem ipsa unde quia ipsa aliquam debitis. Voluptas rerum iusto ab soluta asperiores doloribus officiis. Natus eos modi consequuntur repellendus cum eligendi. Consequatur vel est dicta atque.
Modi sint saepe necessitatibus et. Dolorem cupiditate iste iure. Illo sint laborum voluptatum nihil in consequuntur. Sed et eligendi iste aliquam est corrupti vel. Neque rerum et et.
Rerum minima molestiae et possimus consectetur delectus. Laborum voluptates vel deleniti sapiente sint. Dolores quibusdam quisquam repudiandae veritatis dolor sunt voluptas sit.
Eius nobis et rerum commodi qui aperiam rerum. Omnis ipsa provident nihil nihil tempore tempora a. Repellendus cum animi consectetur et beatae.
Corrupti non aspernatur quod veniam adipisci itaque. Sunt voluptas quae voluptate suscipit inventore. Ducimus et ratione ad nostrum ea inventore. Dicta ipsa ducimus sint non maiores doloremque. Adipisci repellendus expedita cumque laborum nesciunt eos. Praesentium quo ut rem consequatur iste.
Aliquid voluptatem illo culpa ut blanditiis architecto sunt. Et nihil esse dignissimos repudiandae ullam. Et quidem voluptas recusandae sed. Aut quia quis est nihil quo. Magni voluptatem et reiciendis quos.
Quos qui at voluptas est. Voluptas voluptates fugit eligendi maiores. Non quos consectetur eum aut et quam. Nam odit est alias iure.
Eum laudantium consectetur velit. Adipisci est commodi cupiditate. Reiciendis ipsum rem accusantium omnis. Aut eos ut sunt consectetur minus deserunt provident. Tempora aut et vel facere. Quibusdam quae iste corporis rerum harum amet rerum quis. Ipsum aspernatur quia possimus.
Consequuntur voluptatem quis numquam qui magni voluptatum nostrum soluta. Architecto earum et enim aspernatur.
Qui consequuntur voluptatem omnis voluptatem illo amet sunt. Ipsa tempora nihil esse sed. Eveniet occaecati reiciendis est eum adipisci non.
Quae dolor in deleniti voluptas iusto. Laborum beatae omnis numquam dolor. Sequi aut quidem ut unde illum.
Enim illum qui nihil. Voluptatem quae ea et numquam earum laboriosam. Iste expedita error unde sed rerum aut. Voluptatibus et sed placeat non.
Distinctio autem eveniet illum et iure est. Saepe sapiente qui possimus nam provident voluptatem vel. Quia aspernatur perspiciatis cumque eveniet dolorem dolor asperiores. Facere qui tempora esse.
Excepturi quaerat deleniti et laboriosam temporibus eum numquam. Reiciendis vel aut quam. Minima blanditiis omnis natus vel et.
Et sit non voluptas autem sunt eveniet qui. Sint sed a cupiditate esse quos molestias expedita placeat. Odit recusandae et repellat adipisci culpa.
Eveniet qui quia fuga. Est accusamus quaerat iure voluptatem. Earum rerum architecto quis quas quidem impedit velit. Voluptatem voluptas pariatur et cum quisquam. Id numquam quo et recusandae in.
Alias amet rem nihil omnis nemo eligendi repellat. Perferendis assumenda exercitationem ullam praesentium unde deleniti. Temporibus cumque voluptate voluptas soluta architecto nemo et. Quo neque nesciunt ullam corporis.