Goldman Sachs and JPMorgan have stalled the annual on-cycle recruiting rush for 2027 private equity associate hires.

After years of increasingly earlier starts to the timeline, this year's recruiting season is on hold temporarily after JPMorgan chief executive Jamie Dimon pushed back on the practice.

Speaking at Georgetown University, Dimon spoke out against deferred offers, given to analysts for future start dates: “I think that’s unethical. I don’t like it, and I may eliminate it regardless of what the private equity guys say.”

Despite long-standing frictions between banks and buyout firms over recruiting practices, sell-side leaders had so far avoided much public opposition to buyout firms that are some of their biggest clients.

Dimon said this dynamic is part of the problem, calling the traditional recruiting timeline “unethical” because of potential conflicts of interest for analysts who could find themselves staffed on deals involving their future employer.

Following Dimon’s comments, JPMorgan told incoming analysts earlier this month they would be fired if they accepted another role within 18 months of starting.

Goldman also updated its personnel policies: Bloomberg reported last week that Goldman is now requiring new analysts to certify every quarter that they have not lined up a buy-side job, a policy aimed at curbing the practice.

So far, no large buyout firm has kicked off its recruitment process. This pause comes after headhunters had already held initial meetings with incoming analysts and several firms had begun coffee chat sessions or cocktail receptions ahead of formal processes.

Typically amongst the early movers, Apollo Global Management wrote to candidates, “Hiring decisions at Apollo are among the most significant to our business. With that in mind, we will not formally interview and extend offers this year for the Class of 2027.”

Chief executive Marc Rowan endorsed the pause, saying, “When someone says something that is just plainly true, I feel compelled to agree with it,” and warning that “recruiting has crept earlier and earlier every year and asking students to make career decisions before they truly understand their options doesn’t serve them or our industry.”

TPG and General Atlantic followed suit, with the latter telling prospects it did not “plan to conduct formal interviews or extend offers this year for the Associate Class of 2027”.

Recruiting now appears likely to slip into fall and winter.

• Kraft Heinz (Nasdaq: KHC) is exploring a spin-off of a significant portion of its grocery business, which could be valued at up to $20 billion.

• Blackstone is forming a private credit partnership with Legal & General Group that could grow to $20 billion in the next five years.

• US Foods (NYSE: USFD) is exploring a potential acquisition of Performance Food Group (NYSE: PFGC), which has a $14 billion market cap, per Bloomberg.

• Huntington Bancshares (Nasdaq: HBAN) agreed to acquire Veritex Holdings (Nasdaq: VBTX), a Dallas-based bank holding company with $13 billion in assets, for approximately $1.9 billion in stock.

• Partners Group's Infrastructure unit, GIC, TPG Rise Climate, and Mubadala Investment Company agreed to acquire Techem, a German provider of energy and building efficiency services, for €6.7 billion from Partners Group's Private Equity Division, La Caisse, and Ontario Teachers'.

• Apollo-backed Athora agreed to acquire Pension Insurance Corporation, a UK retirement savings group, for £5.7 billion.

• Rehlko, a portfolio company of Platinum Equity, reached a tentative agreement to acquire The Wilmott Group, a UK-based supplier of critical back-up power solutions.

• Air Liquide, Brookfield Asset Management, and Stonepeak have been shortlisted by Macquarie Asset Management for the final bidding round of DIG Airgas, South Korea's third-largest industrial gas producer that could fetch up to $3.6 billion, with binding bids expected by early August.

• Cinven is considering a sale of Envu, a pest control business that could be valued at €3.5 billion, per Bloomberg.

• Ferrero Group agreed to acquire WK Kellogg (NYSE: KLG) for $3.1 billion, outbidding a competing offer from Cerberus Capital Management and billionaire investor Dean Metropoulos.

• Lubrication Engineers, a Wichita-based portfolio company of Aurora Capital Partners, acquired SWEPCO, a Fort Worth-based manufacturer of industrial greases and lubricating oils, from DalFort Capital Partners, marking its third acquisition in 2025.

• Legendary Entertainment, backed by Apollo, is weighing an acquisition of Lionsgate Studios (NYSE: LION), which has a current market cap of around $1.8 billion, per Bloomberg.

• Aquiline Capital Partners has hired Goldman Sachs to find a buyer for Quicken, a financial software provider, in a deal that could fetch more than $1.5 billion, per Bloomberg.

• Pacific Equity Partners agreed to acquire Johns Lyng (ASX: JLG), an Australian building services group, for A$1.1 billion.

• Scooter's Coffee, an Omaha-based drive-thru coffee chain backed by McCarthy Capital, is exploring a sale that could value the company at nearly $1 billion, per Reuters.

• Ontario Teachers' sold a majority stake in India's Sahyadri Hospitals to Manipal Health Enterprises for around $700 million.

• Summit Partners invested in Dreampath Diagnostics, a provider of digitized anatomical pathology lab workflows.

• Monogram Capital Partners reacquired Western Smokehouse Partners, a meat snack maker, from AUA Private Equity for nearly $500 million.

• ArcLight agreed to acquire the economic interests in Middletown, a 484-MW natural gas power generation facility in Ohio.

• KKR agreed to acquire Perrigo Company's (NYSE: PRGO) dermacosmetics branded business for up to €327 million.

• Akeso Occupational Health and Agile Occupational Medicine, backed by Kain Capital and Angeles Equity Partners, respectively, merged to form a combined entity with 42 locations across California and Arizona.

• Main Post Partners invested in Smoothie King, a Dallas-based smoothie chain.

• Blue Sage Capital invested in Clean Scapes Enterprises, a Texas-based commercial landscaping company providing design, installation, maintenance, and enhancement services to commercial properties.

• Valor Exterior Partners, a portfolio company of Osceola Capital, acquired Kirkin Exteriors, a Delaware-based provider of residential roofing and exterior home services operating across the Mid-Atlantic region.

• Mitchell Capital acquired a controlling stake in Optelos, a visual inspection platform using digital twins technology.

• Signicat acquired Inverid, a Dutch provider of NFC-based digital identity verification, from Main Capital.

• Limerston Capital acquired DigitalXRAID, a UK-based cybersecurity business.

• NexPhase Capital sold Zing Zang, a non-alcoholic cocktail mix brand, to Mizkan America.

• Liberty Hall Capital Partners acquired Paxia, a Herndon, Virginia-based provider of in-flight catering management software for commercial aerospace, from Teleo Capital.

• Partners Group acquired a majority stake in Infinity Fincorp Solutions, an Indian non-bank lender.

• Northleaf Capital Partners and Avalt agreed to acquire Wash Multifamily Holdings, a Torrance, California-based laundry infrastructure services company, from EQT.

• Ulta Beauty (Nasdaq: ULTA) agreed to acquire Space NK, a High Street beauty retailer, from Manzanita Capital.

• Bain Capital is considering selling all or part of its controlling stake in luxury outerwear maker Canada Goose (TSX: GOOS), per Bloomberg.

• Claire's Stores, an Illinois-based retail jeweler backed by Elliott Management and Monarch Alternative Capital, is weighing bankruptcy for its U.S. operations while also exploring a potential sale, per Bloomberg.

• MidOcean Energy, backed by EIG and Saudi Aramco, has emerged as the frontrunner to acquire a minority stake in Petroliam Nasional Bhd.'s Canadian business, per Bloomberg.

• Skydance held early discussions about acquiring The Free Press, an alternative media publication co-founded by Bari Weiss and backed by Allen & Company, Marc Andreessen, and David Sacks, per the NY Times.

• FountainVest Partners is the last remaining bidder for ZF Friedrichshafen AG's automotive safety business, which includes airbags and seat belts, per Bloomberg.

• Counsel Press, a portfolio company of Align Capital Partners, acquired Gibson Moore, a Richmond-based provider of legal services specializing in court rules interpretation and proofreading.

Tech, Vertical SaaS, & Misc. Enterprise

• xAI, Elon Musk's artificial intelligence company, raised $10 billion in combined debt and equity funding at a $113 billion valuation, with SpaceX contributing $2 billion to the equity portion arranged by Morgan Stanley.

• Groq, a U.S.-based AI inference chip maker, is seeking to raise between $300 million and $500 million in new funding at a $6 billion post-money valuation.

• Island, an enterprise browser company, raised $250 million in Series E funding led by Coatue Management, with participation from J.P. Morgan Private Capital's Growth Equity Partners, Insight Partners, Sequoia Capital, Canapi Ventures, Capital One Ventures, Cisco Investments, Citi Ventures, Cyberstarts, EDBI, Georgian, Prysm Capital, ServiceNow Ventures, and Stripes.

• MaintainX, a maintenance and asset management platform, raised $150 million in Series D funding led by Bessemer Venture Partners and Bain Capital Ventures, with participation from D.E. Shaw Ventures, Amity Ventures, August Capital, Founders Circle Capital, Sozo Ventures, and Fifth Down Capital, valuing the company at $2.5 billion.

• Harmonic AI, a Palo Alto-based AI lab developing technology for solving complex math problems, raised $100 million in Series B funding at a $875 million post-money valuation led by Kleiner Perkins, with participation from Paradigm, Ribbit Capital, Sequoia Capital, and Index Ventures.

• SandboxAQ, an AI and quantum computing company spun out from Alphabet, raised $95 million in a secondary offering from Rizvi Traverse, Forge Global, and Ava Family Office, bringing its total funding to nearly $1 billion at a valuation of $5.6 billion.

• Moonvalley, a Toronto-based AI company developing video models using licensed content, raised $84 million in Series A funding led by General Catalyst, with participation from Creative Artists Agency, CoreWeave, Comcast Ventures, Khosla Ventures, and Y Combinator.

• ServiceUp, a fleet and insurer vehicle repair management platform, raised $55 million in Series B funding led by PeakSpan Capital, with participation from Hearst Ventures, Trestle Partners, Capital Midwest Fund, and Litquidity Ventures.

• Spacelift, an infrastructure orchestration platform, raised $51 million in Series C funding led by Five Elms Capital, with participation from Endeavor Catalyst and Inovo VC.

• RealSense, an Intel spinout that develops depth-sensing camera technology for robotics and computer vision, raised $50 million in Series A funding from Intel Capital and MediaTek Innovation Fund.

• Virtru, a Washington D.C.-based data security platform, raised $50 million in Series D funding led by ICONIQ, with participation from Bessemer Venture Partners, Foundry, and The Chertoff Group.

• NetBox Labs, a network and infrastructure management platform, raised $35 million in Series B funding led by NGP Capital, with participation from Sorenson Capital, Headline, Flybridge Capital, Notable Capital, Mango Capital, Salesforce Ventures, Two Sigma Ventures, and IBM.

• Foundation EGI, an AI platform for manufacturing engineering, raised $23 million in Series A funding led by Translink Capital, with participation from RRE Ventures, McRock Capital, Escape Investment Management, Fifth Growth Fund, E14 Fund, UNION, and GRIDS Capital.

• Vultron, an AI-powered operating system for federal contractors, raised $22 million in Series A funding led by Greycroft, with participation from Craft Ventures, Long Journey, and South Park Commons.

• Vellum, a platform for building and deploying AI applications, raised $20 million in Series A funding led by Leaders Fund, with participation from Socii Capital, Y Combinator, Rebel Fund, Pioneer Fund, and Eastlink Capital.

• Corsha, a provider securing machine-to-machine communications for critical systems, raised an undisclosed amount in Series A-1 funding from Booz Allen Ventures, following its previous $18 million round that included Sinewave, Razor's Edge Ventures, and Ten Eleven Ventures.

• Datavations, a retail analytics platform for building materials manufacturers, raised $17 million in Series A funding led by Forestay Capital, with participation from Morpheus Ventures, Sage Venture Partners, and Nevcaut Ventures.

• Tavrn, a legal tech platform automating workflows for personal injury law firms, raised $15 million in Series A funding led by Left Lane Capital, with participation from A*, Hummingbird Ventures, and Box Group.

• QuiX Quantum, a Dutch photonic quantum computing company, raised €15 million in Series A funding co-led by Invest-NL and EIC Fund, with participation from PhotonVentures, Oost NL, and FORWARD.one.

• SuperAnnotate, an AI platform for multimodal dataset creation, raised $13.5 million in Series B funding from Dell Technologies Capital, bringing its total Series B to $50 million.

• Zip Security, a security, compliance and IT automation platform for SMEs, raised $13.5 million in Series A funding led by Ballistic Ventures, with participation from Silver Buckshot, Mantis VC, General Catalyst, Human Capital, and Box Group.

• Woba, a São Paulo-based flexible office network, raised $13.5 million in Series A funding led by Bewater, with participation from Kaszek, Valor Capital Group, Citrino, and Endeavor.

• Cogent Security, an AI-powered vulnerability management platform, raised $11 million in seed funding led by Greylock Partners, with participation from Lockstep.

• Augmentus, a Singapore-based developer of no-code robotics solutions, raised $11 million in Series A+ funding led by Woori VP, with participation from EDBI, Sierra Ventures, and Cocoon Capital.

• AirMDR, a Menlo Park-based AI-powered threat detection and response platform, raised $10.5 million in seed extension funding led by Race Capital, with participation from Foundation Capital and Storm Ventures.

• Collate, a Menlo Park-based data intelligence platform provider, raised $10 million in Series A funding led by Venrock, with participation from Unusual Ventures and Karman Ventures.

• IntuigenceAI, a Berkeley-based AI platform for industrial operations automation, raised $10 million in seed funding led by Innovation Endeavors, with participation from Recursive Ventures and Think+.

• LGND AI, a geospatial AI platform for Earth data analysis, raised $9 million in Series A funding led by Javelin Venture Partners, with participation from AENU, Space Capital, Overture, Ridgeline, MCJ, Coalition Operators, and Clocktower Ventures.

• Ryft, a cloud data management platform that helps enterprises control their data without vendor lock-in, raised $8 million in seed funding co-led by Index Ventures and Bessemer Venture Partners, with participation from Wiz, Zscaler, Crowdstrike, Confluent, and Cisco.

• Blok, an AI platform that simulates user behavior for app testing pre-development, raised $7.5 million in seed funding led by MaC Venture Capital, with participation from Protagonist, Rackhouse, Weekend Fund, and Blank Ventures.

• Duranta, a Seattle-based software platform for landscaping and lawn care, raised $7 million in seed funding led by Base10 Partners, with participation from Pear, Coalition Operators, and Sunshine Lake.

• Abacus, a San Francisco-based developer of CPA assistants for accounting firms, raised $6.6 million in seed funding led by Menlo Ventures, with participation from Pear VC, Recall Capital, and Original Capital.

• Knox, a cloud provider helping software vendors achieve FedRAMP certification, raised $6.5 million in seed funding led by Felicis, with participation from Ridgeline and FirsthandVC.

• ZeroEntropy, an AI retrieval platform for developers, raised $4.2 million in seed funding led by Initialized Capital, with participation from Y Combinator, Transpose Platform, 22 Ventures, a16z Scout, Founders Future, Kima Ventures, and Batch Ventures.

Fintech

• iCapital, a fintech platform for alternative investments, raised $820 million in new funding co-led by T. Rowe Price and SurgoCap Partners, with participation from State Street, Temasek, UBS, and BNY.

• Bilt, a loyalty platform for renters, raised $250 million in Series F funding led by General Catalyst and GID, with participation from United Wholesale Mortgage, valuing the company at $10.75 billion.

• Zerohash, a crypto and stablecoin infrastructure provider, raised $100 million in new funding led by Interactive Brokers at a valuation of nearly $1 billion.

• Agora, a stablecoin infrastructure provider for branded digital dollars, raised $50 million in Series A funding led by Paradigm, with participation from Dragonfly Capital.

• CertifID, a wire fraud protection platform for real estate transactions, raised $47.5 million in Series C funding led by Centana Growth Partners, with participation from Arthur Ventures.

• Murphy, a Barcelona-based AI debt servicing platform, raised $15 million in pre-seed and seed funding led by Northzone, with participation from ElevenLabs, Lakestar, Seedcamp, and existing investors.

• Heka Global, an AI fraud detection platform for financial institutions, raised $14 million in Series A funding led by Windare Ventures, with participation from Barclays, Cornèr Banca, and other institutional investors.

• Two, an Oslo-based B2B payments platform for instant net terms, raised €13 million in Series A funding co-led by Idékapital and Shine Capital, with participation from Investinor, Sequoia Capital, Antler, Alliance Ventures, Arkwright, and Local Globe.

• Dakota, a business banking platform for crypto companies, raised $12.5 million in Series A funding led by CoinFund, with participation from 6th Man Ventures, Triton Ventures, and Digital Currency Group.

Consumer & Media

• Airalo, the world's largest eSIM provider for travelers, raised $220 million in Series C funding led by CVC Capital Partners, with participation from Peak XV and Antler Elevate.

• Portola, developer of an AI companion app for healthy digital relationships, raised $20 million in Series A funding led by Khosla Ventures, with participation from NFDG, Bloomberg Beta, and Homebrew.

Healthcare

• Baraya Extended Care, a Saudi Arabian long-term care and rehabilitation provider, raised $124 million in Series B funding led by TVM Capital Healthcare's Afiyah Fund, with participation from Olayan Financing Company, Saudi Economic and Development Holding Company, ANB Capital, and SVC.

• Nuclidium, a clinical-stage company developing copper-based radiopharmaceuticals, raised $99 million in Series B funding co-led by Kurma Growth Opportunities Fund, Angelini Ventures, Wellington Partners, and Neva SGR, with participation from DeepTech & Climate Fonds, Bayern Kapital, Vives Partners, Eurazeo, NRW.BANK, and HighLight Capital.

• Neuros Medical, a developer of nerve stimulation systems for post-amputation pain, raised $56 million in Series D funding co-led by EQT Life Sciences' LSP 7 fund and EQT Health Economics strategy, with participation from US Venture Partners, Amzak Health, Osage University Partners, Sectoral Asset Management, and Aperture Venture Partners.

• Renasant Bio, a Berkeley-based developer of treatments for polycystic kidney disease, raised $54.5 million in seed funding led by 5AM Ventures, with participation from Atlas Venture, OrbiMed, and Qiming Venture Partners USA.

• Tandem Health, a clinical documentation platform for healthcare providers, raised $50 million in Series A funding led by Kinnevik, with participation from Northzone, Amino Collective, and Visionaries Club.

• Aqtual, a company using cell-free DNA technology for disease management and cancer detection, raised $31 million in Series B funding from Bold Capital, Bold Longevity Growth Fund, Genoa Ventures, Manta Ray Ventures, Yu Galaxy, and a strategic investor in the diagnostics space.

Industrials, Greentech, & Other

• Also, a micromobility startup spun out of Rivian, raised $200 million in Series B funding led by Greenoaks Capital, reaching a $1 billion post-money valuation.

• Varda Space Industries, a space-based pharmaceutical manufacturing company, raised $187 million in Series C funding co-led by Natural Capital and Shrug Capital, with participation from Founders Fund, Khosla Ventures, Caffeinated Capital, Lux Capital, and Also Capital.

• Amogy, an ammonia-to-power technology company for maritime shipping and power generation, raised $23 million in Series B funding co-led by Korea Development Bank and KDB Silicon Valley, with participation from BonAngels Venture Partners, Pathway Investment, and JB Investment.

• MOTOR Ai, a Berlin-based developer of Level 4 autonomous driving technology, raised $20 million in seed funding co-led by Segenia Capital and eCAPITAL, with participation from German high-net-worth individuals.

• Unblock, a Buenos Aires-based company that deploys data centers at remote energy sites to capture wasted energy, raised $13.5 million in Series A funding co-led by Goldcrest Capital and Collaborative Fund, with participation from Pampa Energia, Grupo Sielecki, FJ Labs, NYDIG, Luxor Technology, and Sunna Ventures.

• Monumental Labs, a company using AI-powered robotic arms to carve stone sculptures and architectural elements, raised $7 million in seed funding from Seven Seven Six, with participation from Mythos Ventures.

• Stone Point Capital closed its Trident X fund at $11.5 billion, $2.5 billion larger than its previous fund.

• Haveli Investments, a software-focused private equity firm led by former Vista Equity executive Brian Sheth, raised $4.5 billion for its debut fund, per WSJ.

• Levine Leichtman Capital Partners raised $3.6 billion for its seventh flagship fund.

• BlueFive Capital, a Gulf-focused private equity firm led by former Investcorp executive Hazem Ben-Gacem, raised $2 billion for its debut fund.

• Lorient Capital raised $500 million for its third healthcare-focused private equity fund.

• Evantic Capital, formed by former Sequoia Partner Matt Miller, is closing on a $400 million European technology fund.

• OnePrime Capital raised $305 million for its third secondaries fund.

• Investcorp raised €240 million for a single-asset continuation fund focused on Italian cybersecurity provider HWG Sababa.

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