PE vs IB career risk

Just wanted to extensively talk about career risk since this wasn't really discussed that much in other Threads.

Basically I've seen a few people on LinkedIn who struggled to somehow move up the ladder in PE. A few reports from headhunters pretty much stated the same. A career in PE can become a risk especially nowadays where the firms are much more satured. I understand the improvements in WL balance but compensation wise it seems that the majority of bankers make more than the majority of PE guys. Furthermore, they also have a much more secure path to move up the ladders.

What's your opinion on this? I'm not talking about Top BB -> MF -> HBS. Instead I'm talking about the career risk at a good MM IB (HW, Blair) vs. LMM PE career

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