Turning down PE On-Cycle Offer

I never partook in the brutality of on-cycle recruiting but from what I understand, the PE funds give you offers right after your Superday and the offer explodes as soon as you leave the premises. Naturally my friends fate as to which PE firm they joined really had more to do with the ordering of their interviews more than anything else. Everyone took the first job they got. Curious to know if anyone here has ever actually turned down one of those on the spot offers because they thought they could do better.

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