I went through a lengthy interview process with Ares Management: an initial HR screen, an in-person interview with the team head, a three-hour case study, a follow-up discussion with the global team head, another in-person interview with a team member, and a final-round conversation with someone from the New York team.
The process required a meaningful time commitment. The case study had to be completed on a Saturday morning, and two of the interviews were in person during working hours. I was told the last conversation was the final round, but I never received a decision or any feedback afterwards, despite following up three times.
I fully understand that hiring processes are competitive and that firms may decide not to proceed. However, after multiple rounds, an in-person process, and a case study, I would have expected at least a brief closing note.