2021 On-Cycle Private Equity Recruiting

j w t's picture
Rank: Senior Monkey | 89

Given how much of a black box the PE recruiting cycle is, I thought it would be nice to have one thread where users can post regarding updates to the 2021 on-cycle process. For example, if folks could give updates about recent firm events they've been to, I know that everybody would appreciate the information.

Comments (133)

Sep 2, 2019

Waiting for all this to kick off.

Sep 2, 2019

What does the process usually look like? Is it a Thursday/Friday? Does the whole process span multiple days?

Sep 3, 2019

advent doing breakfast on wednesday in the menlo park area for their new tech fund

Sep 3, 2019

Are those actually selective? Or is it a mass blast?

Sep 3, 2019

My sense is if you're at all qualified you'll get the invite. Pretty much a mass blast based on talking with peers

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Sep 6, 2019

there were about 6 people there so idk, i guess? Probably also cause there's not many firms out in Menlo

Sep 7, 2019

Some events are happening this week. Pace is picking up

Sep 7, 2019

Pace is really picking up seems to be all squished this upcoming week. Any thoughts on being able to study this week and be ready or should one take themselves off on cycle?

Sep 7, 2019
Hamdesh:

Pace is really picking up seems to be all squished this upcoming week. Any thoughts on being able to study this week and be ready or should one take themselves off on cycle?

Which firms have you heard holding events? I'm aware of TSSP and EPC

Sep 7, 2019

Few megafunds, some upper middle market funds and by events I meant coffee chats as well. TPG/Bx/Warburg among mfs i've heard of and there are plenty more that send around invites surprisingly. Large hedge funds slowly kicking off as well

Sep 7, 2019

Have also heard stuff from ECP and Anchorage Capital for informal events. Sounding more and more like a late Sept./very early Oct. kickoff this year.

Sep 7, 2019

ECP? I heard Anchorage will have something next week but didnt receive an invite. Did you?

Sep 11, 2019

All well-known buyout / growth in SF that participate in on-cycle have ramped hard this week with coffee chats / informals.

  • 1st Year Associate in Corporate Development
Sep 11, 2019

Be ready to go as early as this weekend. Not a guarantee it'll happen but you never know. I've heard from multiple friends and sources that most of the MFs are ready... It'll likely kick off again with a SF-based fund (GG, Thoma Bravo) coming out to NYC on a whim to interview kids, then everyone will go. That's how it happened the past few years. Good luck to those of you about to go through this shit show

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Sep 15, 2019

This was truly prophetic given (from what I've heard) Thoma started the process Thursday night late while in NYC.

Sep 11, 2019

Firms are still planning events for next week, but I guess all it takes is one firm to go; everyone else will have to follow

Sep 11, 2019

Most likely end of september

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

It's today guys lol. Good luck...

    • 1
Sep 12, 2019

Guy above has got to be trolling. HHs are having "intro" events this weekend

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

Why would I troll about this at 2 AM. A friend of mine got an offer from a firm and that same firm is having interviews tomorrow. Name is good enough that megafunds will follow. Believe me if you want. Idc.

Sep 12, 2019

Such a troll

Sep 12, 2019

TA Associates

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  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

Yep, good luck lol.

Sep 12, 2019

Any updates on interviews tomorrow?

Most Helpful
  • 1st Year Analyst in Investment Banking - Generalist
Sep 12, 2019

Some serious advice -- if it's a surprise to you that on-cycle is kicking off, don't go to interviews, don't burn any bridges with head hunters, and don't freak out.

The people who will land jobs in the next couple of days are not surprised. They have multiple touchpoints with the firms launching through coffee chats and cocktail hours, they've been prepping all summer, already met with HHs and are in the absolute best groups on WS. They're also probably not on WSO right now. If this isn't you, that's fine. It wasn't me.

There will be plenty of opportunities to move to the buyside later this year and throughout your careers. You don't need to feel anxiety about locking in an offer for two years from now, three weeks into your first job out of college just because roughly 100 kids will over the next few days.

-- Sincerely,

A second year analyst who watched this circus play out last year, pulled his hair out and was offered interviews with TPG and Apollo 6+ months later... because funds will underhire... because there's risk involved in hiring exclusively applicants who don't yet know how to do the job they're being hired to do.. even if they have otherwise spotless resumes..

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  • Prospective Monkey in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

Wait so...is it actually launching or not? Kinda doubt it...

  • 1st Year Analyst in Investment Banking - Generalist
Sep 12, 2019

Yes, it's launching.

Sep 12, 2019

Pulling out of oncycle. any tips on how to maintain those bridges so I get interviews and offers at megafunds like you did? When did you start prepping and hitting up headhunters recruiting as a 2nd yr? I am assuming you're at a MF? How did you structure your response to why you didn't go your first year?

Sep 14, 2019

Following this. I have no interest in doing this madness 3 weeks onto the desk. If I recruit as a 2nd year, could I negotiate to start after the 2nd year, or do I have to wait until the end of the 3rd year?

Array

Sep 12, 2019

Soon we'll see on-cycle happening during training...

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Sep 12, 2019

actually, don't think TA is having interviews? Just really official events(?)

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

...

Sep 12, 2019

Heard TA started interviews yesterday.

Sep 12, 2019

FYI - TA has been running a process for an immediate 2019 / 2020 start. This could be what you're hearing about, or they're kicking off since their interviewers are ramped up anyways.

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Sep 12, 2019

Same has happened with HGGC interviewing but for a 2020 start. Seems like maybe wires were crossed..

Sep 12, 2019

Yeah, I don't think it's happening today.

Sep 12, 2019

False alarm

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

KKR Infra & Energy kicked off interviews

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  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

False - they are coffee chats.

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  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

Y'all need to chill the F out

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  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

Honestly, even if no firms actually kicked off, just the fact that there's so many rumors circulating, the process will start sooner or later

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

TA Associates is doing "coffee chats" for 4 hours where you meet the partners. That's not a coffee chat anymore. They just don't want to be the ones who kick it off but they might as well be at this point.

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Sep 12, 2019
1st Year Analyst in Investment Banking - Mergers and Acquisitions :

TA Associates is doing "coffee chats" for 4 hours where you meet the partners. That's not a coffee chat anymore. They just don't want to be the ones who kick it off but they might as well be at this point.

Curious to know if any first years were invited. May be that firms are running different "on-cycle" processes for first and second years (ie 2021 start for the former and 2020 start for the latter)?

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

Yes first years were invited, know of people in my group who got the invite

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

There are also people (1st years) who are going BACK today for more "coffee chats."

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  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

I know this process gets crazier every year and things change year to year but GOING TO THE FIRM's OFFICE and sitting there for A FEW COFFEE CHATS sounds like an interview to me...

Traditionally, most coffee chats and other 1-1 meetings are not at the firm office - which I believe is to **ENSURE **that no one think it's an interview

Sep 12, 2019

As soon as offers go out, this thing will kick off.

  • Prospective Monkey in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

If it's really solely TA associates I don't think that would push things over the edge. Top notch candidates who prefer buyout over growth won't take a TA offer at this stage.

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

Agree with you, however, that same top notch candidate has probably spoken to many other firms

They'll just take their TA offer and leverage that at a buyout firm --> process kicks off, same thing

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

Has anyone received formal interview invitations?

Sep 12, 2019

A few upper MM names have interview requests out (for interviews tonight) and some other upper MM names will be sending them out tomorrow.

Separately - have heard a few larger names will not go immediately (I think a few publicly have stated this or at least their HR has talked to our HR about this).

Interestingly TA HR has been denying that any recruiting was going on during the day today (to our HR team) so unclear if they're internallytalking to deal teams or how close they are to any process which is going on there.

    • 1
Sep 12, 2019

Thoma Bravo just started and everyone else is kicking off now.

    • 1
Sep 12, 2019

Can confirm this

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  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

I was right this whole time lmao. It's in full swing now. Good luck everyone.

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  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

BC Partners, Thoma Bravo, Apollo have started

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Sep 12, 2019

Apollo now too

    • 1
Sep 12, 2019

+New Mountain.

Sep 12, 2019

Can confirm New Mountain and Lindsay Goldberg kicked off

    • 1
Sep 12, 2019

Good luck to everyone in what is always a shitshow of a process.

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 12, 2019

How will firms even ask about deal experience?? Most people only hit the desk a month ago (some even less). There's no way anyone has done anything significant on a deal or talk much about it...

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Sep 12, 2019

Who else? Everyone at this point?

Sep 12, 2019

People in my office in SF are having interviews at Warburg Pincus tonight, AKKR and Marlin tomorrow and this weekend.

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Sep 12, 2019

My former firm had interviews tonight. A bunch of people I've met at b-school with PE background say their firms are launching tomorrow and over the weekend.

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Sep 12, 2019

Any indication on Houston/Chicago firms? MDP/BDT/GTCR/Vista?

Sep 12, 2019

Can confirm BDT launched tonight

    • 1
Sep 12, 2019

Source?

Sep 13, 2019

MDP is out

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Sep 12, 2019

Do invites normally come out in waves, or is it safe to say that if you didn't get anything tonight you're SOL?

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  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 12, 2019

Also curious about this.

Sep 13, 2019

Anyone? :D

Sep 12, 2019

Can you lever interview invites? Like if you get an invite somewhere is it acceptable to email other headhunters to meet with some of their clients?

Sep 13, 2019

Any word from Blackstone?

  • 1st Year Analyst in Investment Banking - Generalist
Sep 13, 2019

Yup

Sep 13, 2019

Any news in NY on Berkshire or Advent or TPG?

  • 1st Year Analyst in Investment Banking - Generalist
Sep 13, 2019

Berkshire went

    • 1
Sep 13, 2019

Do you know if Berkshire extended offers?

Sep 13, 2019

Can confirm Berkshire has extended offers

Sep 14, 2019

Believe Advent is holding off for now

Sep 14, 2019

Correct. Advent is holding off for now

Sep 13, 2019

How do I know if I'm ready for on cycle or still in the "too shitty and going to burn bridges" phase of prep?

  • 1st Year Associate in Private Equity - LBOs
Sep 13, 2019

If you are asking this question at this point, chances are, you are not ready. Sorry to break it to you.

    • 1
Sep 13, 2019

If you're asking, then you may be in the latter group

    • 1
Sep 13, 2019

can u think of any other ways to know

    • 1
Sep 13, 2019

can u think of any other ways to know

    • 1
Sep 14, 2019

If you're a first year analyst and are unsure if you're prepared enough than there's not much upside to going through the on-cycle process this time around. Being able to leave IB after two years instead of three will be meaningless in the long run of your career. Just start prepping and introduce yourself to headhunters after all this dies down.

    • 1
Sep 13, 2019

Good luck everyone

Sep 13, 2019

Given that on-cycle was really early this year and candidates have barely hit the desk for about a month or less, does this mean that potentially more spots will be open during the off-cycle process? I've heard some of the bigger funds were still filling 2020 spots as of a month or two ago.

Sep 13, 2019

Yes this is what's happening.

Even more reason to sit this one out if youre not fully prepared

JM28

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Sep 13, 2019

Can also confirm - I've heard this as well from an associate at a MF.

Sep 13, 2019

Did anyone get a call from Blackstone this morning?

Sep 13, 2019

Anyone hear from Carlyle?

  • 2nd Year Analyst in Investment Banking - Generalist
Sep 13, 2019

interviews are out

  • 2nd Year Analyst in Investment Banking - Generalist
Sep 13, 2019

.

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 13, 2019

Can anyone confirm which funds have started giving out offers / are full?

Funniest
  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 13, 2019

Aaaaand that was too little too late

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Sep 13, 2019

+Bain

Sep 15, 2019

Did they extend offers already?

Sep 13, 2019

I am working at the director level in growth capital in Hong Kong, and am looking to move back to SF.
Do you guys know of any headhunters that can help connect one with the local PE opportunities?
I wish I was in SF /NYC more regularly to be able to network in.
But given that this is not feasible, I'm keen to get your advice.
TIA

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Sep 13, 2019

Anyone heard from Genstar or H&F in NY?

Sep 13, 2019

Can confirm H&F kicked off

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  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 14, 2019

Can confirm H&F gave out offers

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 13, 2019

Also interested if anyone has heard from Genstar

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 13, 2019

Has Apax given offers out to anyone?

Sep 13, 2019

Do we tell headhunters we want off cycle opportunities for megafunds or just sit out until 2020 on cycle for summer 2021 start dates?

    • 1
Sep 14, 2019

Assuming you're a first year analyst and are not interested in on-cycle 2021 I'd recommend just laying low till this craziness dies down. Spend your time preparing for headhunter introductions and then reach out to them once this process is over. They'll have much more time for you. At that point you can tell them you're interested in off-cycle opportunities and/or participating in next year's 2022 on-cycle process.

Sep 15, 2019

how long does the on-cycle process usually last? And when does "off-cycle" officially start generally?

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Sep 16, 2019

Thanks for the advice. How do you best position yourself for HH intros? Would you recommend reaching out the HHs or talk to analysts who has received offers to get a warm intro? Also, I've heard that HHs expect analyst to know/be specific of what kind of opportunities you're looking for (investment strategy, fund size, industry, etc.) Based on your experience, how specific does that need to get?

Sep 14, 2019

Is Apollo done? Have offers been given out?

  • 1st Year Analyst in Investment Banking - Generalist
Sep 15, 2019

Unsure if the process is complete. But offers were given out on Thursday.

Sep 14, 2019

Has anyone heard about Blackstone or CVC?

Sep 14, 2019

So looks like the process is starting roughly a month earlier than last year. If next year follows this trend than the process will take place in IB analysts first week on the job. Maybe that will finally be the breaking point.

Sep 14, 2019

One week versus a month or two on the job is roughly the same level of experience. I can see it be a month earlier next year. Regardless, off-cycle looks promising this year like last year.

  • 1st Year Analyst in Investment Banking - Generalist
Sep 14, 2019

Anyone hear which groups are placing where?

Sep 14, 2019

At this point, may be more helpful to compile a list of firms that have not gone yet. Anyone know about LGP?

Sep 14, 2019

Heard LGP had interviews. Anyone know if they are done?

Array

  • 1st Year Analyst in Investment Banking - Industry/Coverage
Sep 15, 2019

LGP gave out offers. Not sure if they're done.

Sep 14, 2019
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JM28

  • 1st Year Analyst in Investment Banking - Mergers and Acquisitions
Sep 15, 2019
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