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."
Can anyone confirm an interview? Have heard rumors as well...
Centerbridge and TB confirmed below
Confirmed for half that list.
Add Apollo to that list
Can confirm interviews for Centerbridge and Thoma tomorrow. Good luck everyone.
Warburg Pincus is confirmed as well.
CD&R
Yep has started GGC & FP as well.
Carlyle and AEA confirmed
Is this for all of Carlyle's groups?
What the fuck? It's October...
This is ridiculous how would first years even be ready for recruiting this early?
ABRY
Kicked off as in interviews getting sent out tomorrow or interviews already sent out?
What do you get evaluated on now that analysts are getting interviewed with minimal deal experience and probably don't have much sector expertise?
Interested to know too
Leonard Green just sent out interview invites also.
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.
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?
Berkshire has kicked off
Recruiter?
Recruiter?
CPI covers Berkshire Partners
Permira has finished
Recruiter?
Ratio is does Menlo Park, not sure about the other offices.
Are you saying all offices for Permira are finished?
Any consultants hear anything yet?
nothing
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.
NMC, GG, and Berkshire all kicked off this week and invited consultants
As did Advent, Bain, etc.
Think all the larger funds have pretty much wrapped up their processes at this point.
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?
You asked a rhetorical question
interested to know too
Maybe start a new thread on this?
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.
Bain Cap & Charlesbank started
Any news regarding REPE processes? What's the timing for those shops (megafund/MM)?
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.
What shops are referring to that do off-cycle recruiting for REPE?
Well I guess there is one positive of my bank starting 1st years in June, sheesh.
"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."
hilarious...
"What have you done so far?"
".....I made a PIB once...."
This is insanity
Any knowledge on whether or not the following firms kicked off:
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...
What's the most tactful way to reach out to HHs? InMail? Get the email format and send a cold email?
.
Any trends in where top candidates are choosing to interview/sign? Still the usual suspects (traditional mfs, Centerbridge, H&F, etc.)?
Bump
Anyone...
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
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)
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.
When does the on cycle recruiting for second years happen? Or has it already happened?
Does anyone have information on where Summit is in their process (both Boston and Menlo)? Have they moved past the info sesh?
Kicking off soon. BC Partners is the HH.
BC Partners is the HH???? What??????
BC Partners is a fund
Can you provide more color on kicking off soon? Have they invited people to interviews or more coffee chats ?
Also, any info on Bain Cap Ventures, Norwest, and similar firms?
Info session is this Thursday.
Have top HFs begun recruiting on this cycle as well, or is this only for PE as of now?
Seems like a mix - can confirm that Silver Point has kicked off
Anchorage, Baupost, York, Citadel
I know Maverick has kicked off as well
I know someone who signed with Maverick last week.
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
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.
jeez... ur saying of the 3 associates that join Apollo PE NYC each year... 2 are coming from PJT?!
damn thats hype
.
Add centerbridge to PJT advisory as well.
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?
Bump
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.
Thanks. Care to share comp size? Ballpark would be appreciated.
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)
Anyone able to share reads on compensation levels?
Anyone know how BAML did? Especially M&A/LevFin/FSG
.
Some BAML kids are getting top tier offers...
bump
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
Interested as well — I noticed I haven’t seen anything about MM or LMM firms really
How did Moelis and Evercore do this year?
Interested as well
Moelis NY was pretty meh from what I hear. Things could’ve changed in last week though.
From the placement you did hear, how was it?
Most of their classes are still looking
Hi fellow monkeys. Regarding a firm on this list, is it common to get ghosted after a superday?
I recently had a first round, then superday. The superday was last Monday. Recruiters said we’d hear Tuesday (nothing). Wednesday, I sent a follow up email to the recruiter, and heard nothing.
I’ve never made it this far in interviews. Usually after the first round if you don’t pass, they just ghost you. What about final rounds? Is it common to get ghosted here? Based on advice from another thread I’m going to wait until Tuesday to reach out again.
Why does it matter? It's clear you are not the preferred candidate. Why are you insisting you get an email saying you are denied or not?
Stop annoying them / headhunter; it'll leave a bad impression. The very most that you should do after a superday is: (1) thank you email; (2) if you don't hear back, send a note saying that although you have not heard back yet, you remain highly interested if the decision making process is still underway.
Anything else shows poor decision making and lack of professionalism.
Definitely is common. Nobody wants to be the bearer of bad news, and they don't have any reason to take on the responsibility. In terms of the HH, they are extremely busy this time of year and they simply may not have time to give you the feedback you are looking for.
Does anybody know if Summit wrapped up recruiting?
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