Will PE hiring be impacted by the recession?

Looks like cost consciousness has increased given inflationary environment. Mass layoffs have commenced and there's evidence that deal flow has slowed down across the board. What impacts will this have on PE recruitment? 

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In 2008 / 2009, PE firms definitely cut back on hiring and in some cases did rescind offers. It wasn’t as widespread as the banks and service providers, but it certainly did happen. Securing a PE job to start in 2009 was massively more difficult than in the years prior.

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