Is Associate exit into PE even a realistic path?

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The Associate exits (I personally know three) I've seen are generally A2A associates and they usually leave when they're a 1st year associate. Haven't seen any ASo 2+ from IB leave for PE. 

I've only seen two instances personally, but they leaned heavily on former colleagues / network to get in. Makes it much easier if you come off as having some specialized skillset (e.g. RX or structured credit) and someone willing to go to bat for you at funds that need headcount in those areas.

I’ve seen people move but they had to join as a fresh associate (i.e. step down if you are already Aso2 or 3). You’d rarely get pulled in as a VP unless unique circumstances (niche industry/geography and you get recruited in by the team through direct network or very small LMM that is willing to give title for long-term talent).

I went to PE as a post MBA right after my A2 bonus hit. I had a specialized skillset. Didn’t take a step back in title but lower cash comp. 

Most Associates don't want to go to PE.  The pay cut is significant, you're throwing away your upside and you're basically becoming an Analyst again.

It’s a sacrifice you make for the VP carry potential where you then drastically outperform IB

Rather common at heavy-deal flow industry-specific boutiques. Usually people move as an Associate rather than an Analyst in my experience.