Apollo is delaying on-cycle recruiting for the second year in a row, pushing back the timeline for the 2028 associate class. The private equity firm informed prospective candidates Thursday that it will not recruit this calendar year, according to an email obtained by Business Insider.
Industry-wide delay
The memo, signed by David Sambur, co-head of Private Equity, and Antoine G. Munfakh, deputy global head of Private Equity, states the firm will wait until candidates have completed one full year of professional experience. Apollo aims to encourage other firms in the sector to pause their hiring processes so both sides can make better decisions.
Last year, after Apollo CEO Marc Rowan announced a delay, competitors like General Atlantic also decided to pause. The memo notes that the firm was encouraged by these actions and hopes to see a similar response across the industry this year.
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Recruiting for 2028 Associates
The firm intends to wait until candidates are closer to completing one full year of professional experience before engaging in formal recruiting for an associate position.
External pressure and policy shifts
JPMorgan’s CEO, Jamie Dimon, has criticized the practice, calling it “unethical.” In response to rising criticism, JPMorgan rolled out a policy in 2025 that allows incoming analysts to be terminated for accepting future-dated private equity offers. Apollo then paused its on-cycle recruiting for the 2027 class, which delayed the process well into the current year.
Wait and see approach
Apollo told candidates to focus on their current roles and learn as much as possible. The firm plans to continue engaging with prospective hires while formal recruiting is on hold. When the process does begin, Apollo intends to approach it thoughtfully and provide ample time for preparation and consideration.
