2020 On-Cycle Recruiting Kicks Off

Looks like Christmas has come early this year...for some

Rumor has it that the following firms have kicked off; post your observations below!

  • New Mountain
  • KKR
  • Centerbridge
  • Ares
  • Summit
  • Thoma Bravo
  • Apollo
  • TPG
  • Warburg Pincus
  • CD&R
  • Carlyle
  • AEA
  • Berkshire Partners
  • Leonard Green
  • Permira

@DalaiLama
"FYI - what I've been hearing (both directly from PE associates as well as headhunters) is that because this process is so early, most funds are not planning to fill their entire 2020 class via on-cycle. Seems like there are spots being reserved for off-cycle 2020 processes when people actually have more than just 2 months of experience and it's easier to tell who's a good candidate."

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Comments (113)

Oct 27, 2018

Can anyone confirm an interview? Have heard rumors as well...

Oct 27, 2018

Centerbridge and TB confirmed below

Oct 29, 2018

Confirmed for half that list.

Oct 27, 2018

Add Apollo to that list

    • 1
Oct 27, 2018

Can confirm interviews for Centerbridge and Thoma tomorrow. Good luck everyone.

    • 1
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Oct 27, 2018

Warburg Pincus is confirmed as well.

    • 1
Oct 27, 2018

CD&R

Oct 27, 2018

Yep has started GGC & FP as well.

Oct 27, 2018

Carlyle and AEA confirmed

    • 1
Oct 27, 2018

Is this for all of Carlyle's groups?

    • 1
Oct 27, 2018

What the fuck? It's October...

    • 1
Oct 27, 2018

This is ridiculous how would first years even be ready for recruiting this early?

    • 2
Oct 28, 2018

ABRY

Oct 28, 2018

Kicked off as in interviews getting sent out tomorrow or interviews already sent out?

Oct 28, 2018

What do you get evaluated on now that analysts are getting interviewed with minimal deal experience and probably don't have much sector expertise?

    • 3
Oct 28, 2018

Interested to know too

Oct 28, 2018

Leonard Green just sent out interview invites also.

    • 1
Oct 28, 2018

FYI - what I've been hearing (both directly from PE associates as well as headhunters) is that because this process is so early, most funds are not planning to fill their entire 2020 class via on-cycle. Seems like there are spots being reserved for off-cycle 2020 processes when people actually have more than just 2 months of experience and it's easier to tell who's a good candidate.

    • 4
Oct 28, 2018

Anyone else having trouble scheduling interviews? I was given some today but apparently they are full so the headhunters said they would try to schedule for tomorrow -- chances I will actually have a chance to interview or will firms pick based people from today?

    • 1
Oct 28, 2018

Berkshire has kicked off

Oct 28, 2018

Recruiter?

Oct 28, 2018

Recruiter?

Oct 28, 2018

CPI covers Berkshire Partners

Oct 28, 2018

Permira has finished

Oct 28, 2018

Recruiter?

Oct 28, 2018

Ratio is does Menlo Park, not sure about the other offices.

Are you saying all offices for Permira are finished?

Oct 28, 2018

That's the information I have from a friend at Permira

    • 2
Oct 28, 2018

Any consultants hear anything yet?

    • 1
Oct 28, 2018

nothing

    • 2
Oct 29, 2018

Yep - most of the consulting friendly shops have given out several consultant offers at this point. Might be a few stragglers through later this week but likely wrapping up.

Oct 30, 2018

NMC, GG, and Berkshire all kicked off this week and invited consultants

Oct 30, 2018

As did Advent, Bain, etc.

Think all the larger funds have pretty much wrapped up their processes at this point.

Nov 1, 2018

Any update/can anyone confirm if Advent has wrapped?

Nov 2, 2018

They have wrapped.

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Oct 29, 2018

Undergrad looking to learn about PE recruiting here. Heading into banking next summer.

PE firms are currently filling their 2020 associate classes (starting summer 2020) by recruiting first-year analysts, correct?

If so, a first-year analyst who receives an offer would be sitting on it for a year and a half? How are PE firms factoring in deal experience during recruiting/headhunting?

Oct 29, 2018

You asked a rhetorical question

    • 4
Oct 29, 2018

interested to know too

Oct 29, 2018

Maybe start a new thread on this?

Oct 30, 2018

Short answer - they're not. The earlier recruiting becomes, the more funds have to rely on pedigree and perceived strength of the bank / group your at to hope you have good deal experience by the time you end up making the move over.

Nov 16, 2018

This is so dumb. I really do feel like I'm taking crazy pills with these timelines.

Oct 29, 2018

Bain Cap & Charlesbank started

Oct 30, 2018

Any news regarding REPE processes? What's the timing for those shops (megafund/MM)?

Oct 30, 2018

Some REPEs have already started - I have interviewed at two REPE MFs already. REPE will always be a little different than normal PE though, as many of these shops recruit off cycle and aren't in such a rush to pull in new associates.

Nov 4, 2018

What shops are referring to that do off-cycle recruiting for REPE?

Nov 5, 2018

I've been told TPG does some, the more lifer REPE funds like GI Partners, and a host of others that are smaller shops that don't do a 2 and out program

Oct 30, 2018

Well I guess there is one positive of my bank starting 1st years in June, sheesh.

Funniest
Oct 30, 2018

"Tell me about some of your experience."

"Well most of the companies in my coverage group are about to report earnings for the first time since I started, so I am preparing to spread comps for the first time. The second years are very happy to have handed down this task to the new first years."

Oct 30, 2018

hilarious...

Oct 30, 2018

"What have you done so far?"

".....I made a PIB once...."

Oct 30, 2018

This is insanity

Oct 30, 2018

Any knowledge on whether or not the following firms kicked off:

  • Sycamore
  • Lead Edge
  • Accel
  • Brentwood
  • Roark
  • Apax Digital
Oct 30, 2018

I've gotten emails from headhunters representing smaller funds for the 2020 cycle. So this is to say that it's not just top shops actively recruiting already. Crazy...

    • 1
Oct 30, 2018

What's the most tactful way to reach out to HHs? InMail? Get the email format and send a cold email?

Oct 30, 2018

.

Oct 30, 2018

Any trends in where top candidates are choosing to interview/sign? Still the usual suspects (traditional mfs, Centerbridge, H&F, etc.)?

    • 3
Oct 31, 2018

Bump

Nov 1, 2018

Anyone...

Oct 31, 2018

Can anyone let me know if firms are also recruiting second years? Is that process different, and how does that work? Thanks a lot in advance

Oct 31, 2018

From what I've seen, it's been substantially more challenging to get into processes as a second year (even though it doesn't make sense given first years don't have any experience to talk about)

Oct 31, 2018

For second years I think it depends on your first year rating. Most of the second years I know with strong review did extremely well in the on-cycle recruiting.

Oct 31, 2018

When does the on cycle recruiting for second years happen? Or has it already happened?

Oct 31, 2018

On-cycle recruiting for second years is merely a second year analyst recruiting with first years who will join the PE firm after completion of his third year. While others have mentioned it's more challenging, it could be a huge advantage if you want to have deals under your belt and the time to come across more polished. On the downside, you will be paid at the same rate people who did on-cycle recruiting as a first year. WIth that said, you will still be paid quite well for your age. ;)

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

Nov 1, 2018

Does anyone have information on where Summit is in their process (both Boston and Menlo)? Have they moved past the info sesh?

Nov 1, 2018

Kicking off soon. BC Partners is the HH.

Nov 1, 2018

BC Partners is the HH???? What??????

BC Partners is a fund

Nov 1, 2018

I think he's referring to BellCast Partners

    • 1
Nov 1, 2018

Can you provide more color on kicking off soon? Have they invited people to interviews or more coffee chats ?

Nov 1, 2018

Superday invites have started going out.

Nov 1, 2018

Boston or Menlo?

Nov 8, 2018

Can confirm initial screens for Boston kicked off already - any updates to where they are in their overall process?

Nov 1, 2018

Also, any info on Bain Cap Ventures, Norwest, and similar firms?

Nov 1, 2018

Look who just got quoted by WSJ on the topic:

"It's crazy," said Patrick Curtis, who runs Wall Street Oasis, a financial careers website. "This timing definitely caught a lot of people by surprise."

Nice going, @WallStreetOasis.com!

Link: https://www.wsj.com/articles/no-experience-no-prob...

    • 1
Nov 1, 2018

Thanks :-)

Nov 7, 2018

Info session is this Thursday.

Nov 1, 2018

Have top HFs begun recruiting on this cycle as well, or is this only for PE as of now?

Nov 1, 2018

Seems like a mix - can confirm that Silver Point has kicked off

Nov 2, 2018

Anchorage, Baupost, York, Citadel

    • 1
Nov 2, 2018

I know Maverick has kicked off as well

    • 2
Nov 8, 2018

I know someone who signed with Maverick last week.

Nov 8, 2018

Are you at a BB/EB?

Most Helpful
Nov 3, 2018

Kid from my high school is at PJT RX - he said all of the analysts were already done recruiting by Tuesday night, first group on the street to do so. Pretty ridiculous as well.

8 person class: Blackstone PE, Oaktree Special Sits, Apollo PE, Anchorage, 2 Centerbridge, Blackstone GSO, and KKR Special Sits

Damn, guess thats why they have their reputation as top

    • 7
Nov 3, 2018

Heard staffers told the team to not staff first year analysts this and last week so they could focus on recruiting exclusively.

On another note, heard from a friend on 3 strategic advisory outcomes as well: 1 Advent, 1 Apollo PE and 1 Warburg Pincus. Class of 10 ish but don't know how the rest did.

Nov 3, 2018

jeez... ur saying of the 3 associates that join Apollo PE NYC each year... 2 are coming from PJT?!

damn thats hype

Nov 3, 2018

it is ~5-6 per year

Nov 5, 2018
PIKing Responsibility:

it is ~5-6 per year

I think it's up to 8 or so

Nov 6, 2018

sure

Nov 3, 2018

.

Nov 26, 2018

Add centerbridge to PJT advisory as well.

Nov 4, 2018

How does the sped up timeline affect incoming Consultants? I'll be starting at MBB next summer; am I supposed to list that on my LinkedIn so headhunters can see? Also should I start networking now?

Nov 5, 2018

Bump

Nov 5, 2018

I started at MBB this August and just signed with an Upper-MM PE firm for a summer 2020 start date. My advice:

Start reaching out to headhunters in August of next summer. If you have started your job, you should update your LinkedIn accordingly. If you haven't, I personally think the "Incoming Analyst at XYZ firm" title is tacky, so I would just include a short message to headhunters when you reach out saying, 'I'll be starting at MBB in X weeks."

I started reaching out in early September this year, and many headhunters were not even ready to be meeting candidates at that point. I'm sure they'll be ready earlier next year given the timeline from this year, but if you reach out starting August 1 you should be fine.

    • 2
    • 1
Nov 6, 2018

Thanks. Care to share comp size? Ballpark would be appreciated.

Nov 6, 2018

https://www.wallstreetoasis.com/forums/comp-at-mf-...
First comment is spot on in my experience

Nov 6, 2018

Thanks!

Nov 5, 2018

Does anyone know how RBC placed this cycle? I understand if many MM / LMM funds haven't started yet, but was wondering if RBC's placement has been getting any better or if I should lateral to a BB after my first year (will be starting FT next summer)

Nov 5, 2018

Anyone able to share reads on compensation levels?

"well thank god your feelings aren't a fucking priority here"

Nov 6, 2018

Anyone know how BAML did? Especially M&A/LevFin/FSG

Nov 8, 2018

.

Nov 8, 2018

Some BAML kids are getting top tier offers...

    • 1
    • 3
Nov 15, 2018

bump

Nov 6, 2018

This may be a dumb question but does on cycle recruiting happen at middle market banks like Baird/Piper/Blair or is this just for BB's and EB's filling megafund slots

Nov 24, 2018

Interested as well -- I noticed I haven't seen anything about MM or LMM firms really

Nov 6, 2018

How did Moelis and Evercore do this year?

Nov 8, 2018

Interested as well

Nov 8, 2018

Moelis NY was pretty meh from what I hear. Things could've changed in last week though.

    • 1
    • 1
Nov 15, 2018

From the placement you did hear, how was it?

Nov 11, 2018

Most of their classes are still looking

    • 1
Nov 24, 2018
Nov 24, 2018
Nov 26, 2018
    • 2
Nov 27, 2018
Nov 28, 2018
Nov 28, 2018