Apollo Steps Up to Stop Private Equity’s Frantic Recruiting Ritual

Welcome to Going Private, Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at the biggest news out of BlackRock’s investor day and the private credit firms betting on high-end travel. But first we take a look at why Apollo is backing away from an age-old hiring practice. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net — Erin Fuchs.

Private equity rivals Apollo and General Atlantic made headlines this week by informing prospective job candidates that they won't start recruiting for the class of 2027 this year. While interviewing applicants two years before their start date might sound crazy, the statements mark a major change in private equity hiring.