Troubled Market Indicator #347: American Capital Strategies has rescinded most, if not all, of its outstanding job offers to pre-MBA and post-MBA candidates. I was first tipped off to the move yesterday, and have since heard from multiple individuals who suddenly find themselves without future employment.
“They’re just bloated,” explains a 2008 MBA candidate who had his offer rescinded. “It was something I noticed, but chose to ignore.”
ACAS is the nation’s largest publicly-traded private equity fund, and one of its largest publicly-traded alternative asset managers with $19 billion in capital under management. It provides both equity and debt, with a focus on middle-market buyout and growth capital transactions. In the spirit of full disclosure, it also happens to be a loyal peHUB and PE Week Wire sponsor (i.e., we love them no matter their troubles).
The firm declined to confirm or deny the rescinded offers, except to say: “In light of the 21% decline in overall middle market M&A volume in the first quarter of 2008 over the first quarter of 2007, we have changed our plans for new hires in 2008.”