A burnout crisis in investment banking is giving an unexpected boost to private equity ﹘ a flood of junior dealmakers vying to jump to the buyside.

That has led to a recruitment spree. Private equity firms in the City have seen a surge in interest, with applications up by 20% for associate level positions in the first three months of the year, said Gail McManus, founder of Private Equity Recruitment. These roles already attracted more than 300 candidates for each available position, she said.