PE OFF-CYCLE 2025 MEGATHREAD
As we look to the off-cycle, it seems that there are more spots than ever still available. To my knowledge, the only firms that are completely or mostly filled are Apollo, KKR, CD&R, and Apax. If you guys know of any others please let us know.
Let this be a thread to track off-cycle processes and firms that are still available/have spots left. Good luck everyone!
Anyone know roughly how many offers were extended? Feels like not many people got offers on-cycle this year.
If I had to guess, maybe 20-25 across reputable firms? Although the total spots available is likely lower this year due to macro worries.
Guessing 30-40
Same here. I’m in a pretty strong group and only ~20% got offers. Another group at my bank (one of the top 3 on the street) only had ~10% get offers on-cycle.
Havnt seen much coming out of the HHs except for one MM fund and infra stuff since on cycle.
Same. They’ve been pretty silent
what have you seen for infra other than MS Infra and DigitalBridge?
Any insight on what it’s like working at these funds?
CD&R filled ~75%, so handful of slots left for off-cycle.
How are the off-cycle interviews like for CD&R what would be the best way to prep.
Do you know which groups at CD&R have spots left for off cycle?
CD&R Industrials has 1-2 spots open for off cycle
Anyone interviewing for Apollo tech credit?
How many first years still don’t have offers? I’m assuming majority don’t have offers for 2025 yet. And has anyone hear about any off-cycle processes?
My group typically does well with recruiting, and this year only 20% of the class got offers from on cycle. I’d expect that most people are going for off cycle.
I’d echo the same experience on my end especially since it happened during exam prep for us. Yes on-cycle is great to get an offer so early but also many didn’t want to jeopardize their chances on passing the exams
Does anyone know if Apollo PE is completely filled?
They filled
Anyone know if vista went
Bump, any info on Vista?
No they didn’t go on cycle
Are HH sending anything? It seems things have been a bit silent from their part
Pretty silent from my end as well
Are headhunters just not sending anything for off cycle? I want to recruit for 2024 and 2025 but I feel that the emails have seriously died down. I'm a senior analyst now so a bit worried about where things are headed / whether my resume is good enough for recruiting. For reference I came from a strategy consulting background into IB
Things in general have been quiet. Many firms probably waiting as this cycle was just very early. Heard from friends in PE that many of the firms the firms themselves were not prepared to kick things off as early as it did.
Still getting emails every day, if not every hour from HH’s. They’ve sent off-cycle emails, many firms holding informational sessions.
What???? Not getting anything from HHs since on-cycle
Why cap on an anonymous forum lol.
Just know the MS is from non target, bottom bucket analyst that aren’t getting recruited lol
Has Blackstone gone yet?
Heard from source that they interviewed a small batch before putting process on pause for foreseeable future. No 2025 offers yet I believe.
I heard their core PE group didn't run a process?
How about tactical ops?
bump, any updates on Blackstone if anyone knows?
following
when does vista normally do off cycle?
Tomorrow
Things are def starting to get a bit more active I feel. For the past week and a half, I'm starting to have more HHs reach out for MM funds having networking events. No outreach especially for MFs yet and I'm at a group that feeds mostly to UMMs/MFs. Seems like a round of interviews for a solid chunk of firms will kickoff next month and October. Seems like MMs may try to grab some analysts who aren't patient enough to wait until later in the year/early 2024 for the bigger fun ont know any people having official networking events with MFs right now. Lowkey coffee chats are happening for some funds though I know.Things are def starting to get a bit more active I feel. For the past week and a half, I'm starting to have more HHs reach out for MM funds having networking events. No outreach especially for MFs yet and I'm at a group that feeds mostly to UMMs/MFs. Seems like a round of interviews for a solid chunk of firms will kickoff next month and October. Seems like MMs may try to grab some analysts who aren't patient enough to wait until later in the year/early 2024 for the bigger fun ont know any people having official networking events with MFs right now. Lowkey coffee chats are happening for some funds though I know.
Have HHs been reaching out for 2025? I've got mostly emails for 2024, but nothing much for 2025.
Also - anyone have any deal with unresponsive HHs? What do we do in those cases?
Heard Advent is running a process now/very soon for some of their groups (24 and 25)
Which groups?
Consumer and Business Services confirmed
Anyone know if MFs will be going during this next round? Or will it strictly be MMs?
?
There is no next round, it’s just when firms are ready to interview
Anyone hearing anything re: firms kicking off soon?
Have had a bunch of reach outs from MM funds in the past week through HHs. They are starting to hold sessions and preparing to interview later this month or October it seems. Things are heating up fast.
Anybody hear anything on growth funds?
Is it worth reaching out to HHs if not getting any emails yet? Have a call scheduled with one HH but no contact with any others so curious if others just haven't reached out yet since it seems no MM/UMM/MFs have really started
When are things gonna kick off? Hoping things start soon, would rather just get this settled ASAP so we don’t have to think about it anymore
Things have already kicked off, know of multiple funds interviewing this week.
FYI just so that everyone calms themselves - Elliott is doing coffee chats, I believe so is Bain. Many shops are doing coffee chats, but doing things have kicked off in terms of actual processes
Bump, has anyone heard any updates? What UMM and MF are full as of now? Headhunters seem to be very slow with emails or reaching out with opportunities
Has anyone heard anything about H&F running a process? Got an email a month ago but never heard back from the HH after
I think a lot of HH are trying to gage interest. Have gotten the email from several funds as well, also coffee chats. No huge processes have started yet
Does anyone have any updates? Feel like I heard October was the time, but dying for sure.
Bump
Still not much going on, a few firms are running processes
Which firms are you hearing from? Mostly UMM and MM from my perspective.
Bump.
Anything new? Have only been approached with one LMM PE firm in recent months
Have you talked to all of the HHs?
Slow af, multiple HHs have told me many shops are waiting until after Christmas to start since most analysts are not ready uet
Same
Has BX already filled their PE class?
Also, does anyone know how many spots they have / how they choose candidates for coffee chats?
TPG’s impact funds are doing some off cycle superdays in a week or two
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Does anyone know when recruiting will pick back up? Currently a first year analyst looking to to get a UMM / MF offer
I’m hearing that things will start to pick back up in late Q1 / early Q2. Still a super tough fundraising environment and firms aren’t certain on their headcount needs one and a half years out
Any updates on TPG or Carlyle kicking off processes for 2025?
Tpg interviewing now, got an invite couple days ago
Who is the HH?
Any updates on TB or H&F?
Which firms (MF/UMM) are recruiting at the moment or hasn't yet kicked off? At a top EB group but have been getting mostly MM/LMM opps from HHs, not sure if it's because the market is slow in general at the MF/UMM level and firms are still delaying their processes.
A ton have already started, have friends with offers and first rounds/final rounds and events at a variety of MF and UMM
Which ones specifically? Can someone confirm this?
Which firms have finished recruiting for 2025 associate positions?
Most of the big ones r done at this point
Do you know if sixth street or Francisco Partners is done?
Are you sure? Can someone confirm this?
Was under the impression that many MF/UMMs will be recruiting well into Q2 for 2025 roles.
Did anyone hear about APO 25?
Had a coffee chat with them a few days ago and spoke to the HH about it. They filled 75% of their class in on cycle and are looking to add 2-3 more. Have spoken with others who have friends that have had superdays recently.
Gotcha - sounds like no more new people in the process then?
Maybe a stupid question, but what is on cycle and off cycle like coming from a boutique? I don't mean an EB, I mean a boutique. Am I going to get zero looks when I start FT? How can I get looks, I know almost all of peak and am nervous for the recruitment. Sorry again if a horrible question and best wishes to all recruiting.
What do you mean by boutique but not EB? Could mean anything from Qatalyst/Raine/Liontree/Guggenheim/Ducera/Allen/Ardea/etc. to some 5-person regional boutique. If the latter, I'd recommend trying lateral first.
boutique here (m klein / raine / allen flavor) - stay in touch with your friends a year or two above at the places you want to go, ask them to pass your resume along, and get networking. Otherwise, you definitely get ignored during on cycle even though you're probably smarter than a lot of the BB kids. pretty much every MF/UMM opportunity I had was because of friends
Thank you for your reply. I’ll be going to a non well known boutique. Will definitely network and grind. I feel like I am kinda screwed (but genuinely have no clue what to expect regarding potential reach outs from Headhunters with interviews) without having a good brand name, but am confident if I can just get a look I could perform. Assuming I (who go to a school that doesn’t place very well) don’t have many contacts, is it a taboo to cold reach out to associates in PE? These could be ridiculous questions (again idk) so sorry in advance.
Has CVC kicked off?
No, they’re still doing 2024 recruiting
Have not heard this but are they currently deeper in a process?
Has anyone heard about 25 on the growth side? Have only been seeing emails for 24 and feels super dry generally. Any color?
TA is going on right now / may have already wrapped up (but not sure u can really call them growth equity these days). GA is done, haven’t heard anything on Insight, think Summit was planning on launching something soon but I didn’t engage so idk.
Thanks. Who are HH for Summit and Insight?
Does anyone know which MFs still have spots for 2025?
Permira is starting coffee chats for 2025 next week
thanks! what HH covers them?
did they wrap up their process / do you know if any spots still open?
Things seem to be pretty silent for me. Have people been getting a lot of inbounds from HHs?
Are you referring to 2025 opportunities? At a top BB/EB group and feel like things have gotten quieter since last month at the UMM/MF level, with mostly the same MM/LMM opportunities shown a few times every week. Not sure if it's just me or the broader market is slow.
Mostly quieter bc the “second wave” of on cycle is pretty much finished. I’m sure off cycle opportunities are still out there but probably will come slowly one at a time
Bump - any update on processes going?
Any detail on the top Chicago shops? MDP / GTCR / BDT?
All finished to my knowledge
I’ve fell like I haven’t heard of any tech buyout opportunities come through HHs. Would love any insight on where these tech firms stand in their recruiting process. I thought I had really strong conversations with HHs but nothing interesting seems to be coming through
Believe Thoma / Vista are filled and SL still has spots. Not sure about H&F
Has TJC run their process yet?
Yes
Did they fill their entire class?
Did Kelso run a process yet?
bump
Did you receive an email from CPI about them?
Has Cinven given out rounds yet ? Know they sent out an email and had a chat but nothing else
Bump on Cinven
Del
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