Should I switch from a hedge fund to private equity (6yrs exp)

You aren't a fool. You're having legitimate thoughts about your career progression in light of some substantive factors: compensation, stability, professional development (skills you gain), and intellectual stimulation (type of work in front of you).

Ignore the noise in terms of what 'everyone else' is thinking. Let's dissect what matters to you, since you're the only one that matters in this analysis.

i. Compensation Any role that caps your income at $250k with sub-six-figure additional variable income isn't one any smart, hardworking, talented person would be comfortable in. On top of that, you mention that the partnership's profitability is waning given broader factors beyond your control. To me, this alone would be reason enough to make a move. You are presumably an intelligent and capable investment professional (as evidenced by your career progression and rise to partner): you deserve to get paid for your work.

ii. Stability People have different levels of risk-aversion. The 2 + 2 + 2 + greatness? [IBD > PE > MBA > more PE/HF?] trajectory that so many kids idolize is an attractive option because it provides an easily identifiable path to high income and increasing 'prestige.' It's not accurate to automatically say that someone in a public markets role is less risk-averse than someone in PE, but it generally holds true.

What I'm trying to say is that you don't need to feel bad for looking inward and acknowledging that you're not comfortable with the level of unpredictability you face in your current role. PE is indeed more attractive in this regard. Since management fee income is remarkably steady, senior roles are very well-compensated.

The downside is that you won't get a chunk of the GP like it sounds you have in your current role, because PE is incredibly tilted in favor of the original founders of the firm. They keep their stake in the 'investment manager' entity that receives the management fee annually (or cede only a portion of it when they leave the day-to-day operations of the business [which itself typically comes only in their late 70s or so]), so while each new fund raised has the various partners affiliated with the fund receiving economics from that fund, the juicy guaranteed income typically goes only to a few people. Still, 2% on even a fund as relatively small as a couple hundred million provides an awful lot of leeway for cushy seven-figure base salaries.

You ought to be able to get at minimum a Vice President (or Principal, depending on how the firm titles the immediately pre Partner role) seat somewhere based on your seniority at your current shop. That would be if you looked for a way into the bigger funds (MF or elite upper MM). If you were going to a sub-billion-dollar shop, I see no reason why you couldn't make a case to be a partner. They won't know anything about your prior comp; they'll simply see the AUM of your current shop, your title as a partner, and then start quizzing your knowledge and competence.

As long as you shine in any conversation (articulating clearly your reasons for wanting to move as well as the value-add you bring), it's simply a matter of fortuitous timing to find a place with a senior enough role open. The real key is to find the places that aren't explicitly hiring that are willing to add a partner if the fit is right. This is best done by leveraging your network. Where are your classmates, relatives, old roommates working? You didn't mention an MBA so that network isn't one you can tap into, but you should absolutely be setting up coffees and quick chats with your analyst classmates (and anyone from college you were close with) who've made it into PE. A warm internal recommendation will open doors much wider than any amount of effort you put into cold-opening various funds you identify yourself.

iii. Professional development Little needs to be said here; it's clear you're self-aware enough to reflect on what sort of skills you've already gained, where you feel you're deficient, what else you want to gain, and how both your current role and a potential PE one fit into that framework.

iv. Intellectual stimulation Same as above (and my flight's about to board, so I'm running out of time).

Best of luck. Happy to continue a dialogue here or over PM.