What do you think it will be like for those of us starting an associate program this summer? What should we be thinking about?

I'm in a similar position as yourself and spoke to my future fund recently. Key takeaways:

• Fund anticipates that associates will be able to start in the office this summer. Current start date for all associates is late July. If the pandemic further spirals out of control, they are going to first delay start dates by 2 weeks, and then entertain remote starts. Not many details on the remote start.

• Regarding work and deal flow, it largely depends on the funds everyone will be going to. Lots of funds, especially MFs, are looking at PIPEs and opportunistic acquisitions at the moment, while also trying to keep portcos adequately funded. There is a good CNBC article that talks about PIPEs and opportunistic investments (https://www.cnbc.com/2020/03/25/private-equity-eyes-coronavirus-hit-ind…). Take the article with many grains of salt - e.g. 6x is NOT available to any fund at the moment. I assume most shops are looking at, and potentially even negotiating, investments now that will eventually take place once HY markets begin to function properly later in the year. My future employer also said that portco liquidity work should wrap up before new associates begin, and if all goes well, they hope to see the economy functioning near peak levels by late Q3 / early Q4 of 2020, with valuation multiples that are lower than February 2020's peak. If this scenario comes true, it should help support deal activity, especially for buyers.

For reference, I'm going to a fund that has ~$4-6bn AUM and is generalist (no industry focus). Outside of NYC.