On-cycle timeline
Last updated Oct 2026.
Reported, not official. Dates below summarize press and public posts; firms don't publish their schedules. Always check sources.
- 2026 associates
Mega-funds incl. Apollo and KKR kicked off on-cycle — reported as the earliest start on record.
Sources: businessinsider.com · wallstreetoasis.com
- 2027 associates
Days after JPMorgan said it would fire incoming analysts who accepted future-dated PE offers (Jamie Dimon called the practice 'unethical'), Apollo (Jun 11) and General Atlantic (Jun 12) said they would not interview or extend offers for the 2027 class that year; the usual summer cycle stalled.
Sources: bloomberg.com · businessinsider.com · bankingdive.com
- 2027 associates
Cycle restarted after ~6-month pause: Blackstone, Apollo, Carlyle, TPG, Silver Lake, GA, H&F, Warburg held interviews; same-day offers reported.
Sources: privateequitywire.co.uk · businessinsider.com
- 2027 associates (MM)
Middle-market firms reported to recruit on a more traditional timeline, under a year before start date.
Sources: linkedin.com
- 2028 associates
Apollo memo: it will not run on-cycle for the 2028 class in calendar 2026 and will wait until candidates are closer to one full year of experience; it urged other firms to follow. As of this update no other firm had publicly announced a 2028 pause.
Sources: businessinsider.com · news.bloomberglaw.com