On Cycle / How to approach PE Associate Recruiting

Current 4th year uni student with return to Big 5 bank and wondering which funds run on-cycle in Toronto? From what ive heard seems like only Altas and Onex has formal on-cycle, but curious how others, especially MM and Pensions recruit.

My biggest questions are:

  • How big of an impact does IB group make? Are groups like M&A, DIG/FIG preferred? Or should I go for heavy deal flow (ie. DCM/LevFin)? Or strong/globally recognized groups in my firm specifically, even if it puts me in a niche (such as BMO M&M, RBC PU&I)?
  • Do firms who dont do on-cycle still start looking 1-2 years out? Should I start activley networking and preparing in my 4th year/1st year as analyst?
  • Interview wise, whats the biggest differnece between the IB and PE processes? I know LBOs will be more of a focus, but in terms of structure is the Modelling Test/Case the biggest difference?

Thank you in advance, I hyper focused on IB the past 4 years and without any buyside internships I'm new to learning about PE in general, any help would be appreciated

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