Dumb guys in LMM PE making more than IB?

Had a friend who landed an analyst role at a lower middle market PE firm right out of school. Honestly, he’s not someone I’d ever have picked as a future millionaire.

The firm’s strategy is pretty simple: buy small mom-and-pop businesses, roll them up, use a lot of leverage, and eventually sell at the platform level. He’s told me the work isn’t particularly technical compared to what I’m doing in investment banking.

Fast forward a few years, and he’s now getting carry. Every exit he makes several million dollars. Meanwhile, I’m in IB working significantly longer hours, building complex models, running live deals, and making less than he is.

Has anyone else seen this happen? Are there really LMM shops where junior employees receive meaningful carry that ends up being worth life-changing money, or is my friend’s situation just an outlier?