“Later” exit ops into buyside (Aso/VP)

PE exits at the associate level aren't uncommon because no PE fund is willing to hire an associate, it's because by the time a post-MBA associate has enough modeling reps (if ever) to make them attractive to PE, the kind of PE fund that will be open to tapping associate pipelines (usually MM and down) don't pay enough to make it worthwhile.

Pre-COVID bumps, even the 175/200k associate pay at As2/3 was significantly more than what you could expect at MM funds and below. Add in uncertainty about culture, fund performance and career trajectory (i.e. will you be treated as a post-MBA PE professional or do you need to start over at the same level as pre-MBA associates?) and the overall risk reward ratio didn't make sense to leave for PE.

That said, if you're A2A, it's much easier to get the looks from higher paying PE funds. I've seen As2 A2A associates move over to UMM PE/highly regarded SWF because they were trusted to already have the modeling reps and were basically treated like 3rd year analysts recruiting for off-cycle. There, the comp ratio is still skewed towards IB in the short term but it's a lot easier to justify moving to PE when you start weighing exit opps, long-term potential for carry and "more interesting work" (I don't personally believe in it but I get that people may think PE diligence is more interesting and subtantive)