When to start outreach to headhunters / job search for next gig post-associate program?

About 25% way through my 2 year associate program at a MM PE shop - when is it typical to start reaching out to headhunters / looking into securing the next role? Feels like the hiring market isn't great right now, but also want to make sure I'm not caught unemployed with nothing lined up at the end of it all. 

Feedback has been positive and I'd like to stay on if possible. But not sure if it'll be in the cards as it also depends on fundraising, hiring budget / capacity and continued performance. There's a bunch of VPs already on the team so that's another consideration. I'd like to stay in PE / investing (but not at a super sweaty shop) with my associate experience "transferring" elsewhere instead of starting another 2 year program but open to other non-IB finance opportunities too. 

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