The private equity recruitment cycle is starting earlier than ever, forcing firms and candidates into the frenzied process before Christmas.
Bloomberg News reports that last weekend, Francisco Partners Management was making offers for spots in its 2019 analyst class. By late Sunday, fellow California firms TPG Capitaland Silver Lakebegan arranging interviews after catching wind that others had started. Firms in New York were on the move by 5 a.m. Monday.
So kicked off private equity’s annual recruiting process, the frantic period of interviews and take-it-or-leave-it offers that’s become the industry’s method of culling its future analyst group, many of whom just hit the desks at investment banks after graduating college. While extending formal offers in recent years has started earlier and earlier in January, never has it come before Christmas, a timeline that industry insiders and job hopefuls had come to rely on.
“You’re taking a tough timeline and compressing it even further,” Susan Levine, the head of private equity recruiting in North America at Bain Capital, said in a phone interview. She was texting with a head hunter around 2 a.m. Monday deciding whether to formally kick off the process.
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