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Dstark, from what I have seen, PE on-campus hiring practices for both undergraduate and graduate students varies from company to company and from year to year. Most of all, given the relatively low volume of ne-hires, recruitment at PE firms tends to be very random.
PE firms don't usually have a centralized HR function. Instead, they are typically made up of clusters that operate autonomously. Of course, all units must justify hiring activities, but once they do, they function very independently.
Most on-campus recruitment activities take place on campuses attended by the recruiters themselves. Furthermore, some recruits are referred to the PE firm by trusted sources. However, like I said, given the randomness of PE recruitment and the relatively low volume activity, it is hard to draw any conclusions. In the end, it is my observation that landing a job at a PE firm is as matter of luck as it is a matter of careful planning.
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