In the epic banking tome, Damn it Feels Good to be a Banker, published in August 2008 before everything went totally and utterly wrong, working for The Buyside is painted as the ultimate achievement.

“If I even whisper the term PE around people I can see them visibly shiver,” says the author (who it transpired never actually worked in banking, but did a fairly good impression of doing so).

Times have changed.

Leveraged buyouts have plummeted, the private equity industry faces a massive refinancing burden, and according to the Economist, as many as 70% of funds are in danger of closing down. To make matters worse, Guy Hands, the cherubic/avuncular face of the private equity industry in the UK recently accused funds of being zombies and predicted an 80% decline in returns from the peak of 2007. Quadrangle has closed its London office and Candover has cut 60% of staff.

Given banks are simultaneously doing very well, this has left the buyside looking somewhat drab.

“It’s been a year of two halves,” says Gail McManus of Private Equity Recruitment. “In the first half, analysts and associates in investment banks all wanted to move into private equity – they were demotivated, their teams had been cut, they didn’t have any work to do, and they assumed their bonuses would be nil.

“Since the summer it’s been completely different,” she says. “Junior bankers have had clarity on pay – base salaries have increased, and they’re busy. It’s become much harder to entice them into private equity roles.”

Hedge funds aren’t looking too hot either. Last week, GLG Partners released its third quarter earnings, revealing a concurrent 7% increase in staff numbers and 40% reduction in spending on ‘compensation, benefits and profit share.’

Naturally, there are exceptions. In June, it emerged that 34 people at Brevan Howard were sharing 113m. And Blackstone’s third quarter results revealed another quarterly profit and mentioned higher carried interest payments. Permira, Providence and Bain Capital have all been hiring.

Abid Hussein, a private equity recruiter at AIH Advisors, says the market is picking up, slowly. “Private equity recruitment isn’t picking up as quickly as banks’ hiring simply because it’s a longer term model. It doesn’t lend itself to hiring and firing,” he says.