Hi all -- I am well aware of on-cycle PE process and have also seem a fair amount of content re: off-cycle PE recruiting on here. What I want to discuss is ad hoc / off-cycle PE recruiting opportunities for firms that were looking to fill associate positions in the near term (ASAP or with the next upcoming summer associate class). Has anyone had experience with ad hoc interview ops for associate openings at MM/UMM/MFs in NYC/similar cities? And if so, how did you hear about these ops (networking-driven or through HHs) and what was the interview process and timeline like?
On me --- A2 analyst in a TMT coverage group. I am hoping to find / start a PE associate role at a solid NYC firm sometime between now and July 2023. Yep, it's a long shot but no harm in trying. Basically I don't know if I should target LMM/smaller firms given my near term start date goal OR if there are situations where prestigious MM / UMM / MFs will go out looking for ad hoc immediate start associates too and I should keep my eyes peeled for those opportunities.
And please -- either be helpful or be silent. I don't want to hear about the superiority of on-cycle ops/the prestige of firms that fill their classes exclusively during on-cycle. And no use saying "not gonna happen" or "keep dreaming." I'm aware that weaseling my way into PE within a 6 month time frame will be tough, but I'm confident that I'll somehow find a way. If you have helpful recruiting knowledge, personal anecdotes, tips on firms / types of firms to target for ad hoc ops, or even just shared frustration / stress / irritation at the on cycle process and how absurdly early it is...please leave a comment below :)
Lol why is this seen as such a long shot? There are tons of firms that recruit like this, you're just describing basic off-cycle no?
Think the bigger issue in aiming at UMM/MF is these firms are unlikely to be adding ad-hoc positions for a 2023 start right now. You may have seen these in 2020 and 2021 but the market has slowed that down significantly. PE firms are less hit by some random market vol, but dealmaking is seriously down, at this point everyone is tightening their belts and barely even replacing people who leave.
Did you go through oncycle or offcycle, and do the HHs know you? If you've tried on-cycle twice and also missed out on a few off-cycle offers, your situation is a lot different than someone reaching out to the HHs for the first time. If you are new to the scene and impress them on a call (make sure to have a solid answer for why you waited so long to recruit) I bet you can find at least solid MM. HHs own the process unless you have close friends at a specific fund, cold networking is not the way for PE recruiting.
TLDR I think MM is reasonable to expect, perhaps wouldn't demand only blue-chip, but if you are a strong candidate can be higher than LMM for sure. If you are coming down to the wire in a few months I've also seen some people do a third year and jump for any immediate start positions, sometimes at surprisingly strong funds - could be worth at least having that discussion with your firm.
If you recruit for a 2024 start youll have 10-15x more options
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