Why go buyside if most associate programs are 2-and-out?

I’m currently thinking about recruiting for PE and private credit, but almost every fund I’ve spoken to runs a two-and-out associate program. Either you need an MBA to get promoted, or there’s so little senior turnover that you have to look elsewhere after two or three years.

So I’m struggling to see where the value is, especially if you’re not crazy about investing. IB seems like a much more linear path: analyst to associate to VP at the same firm, with no forced job search halfway through.

For those who made the jump, what made it worth it? Was it the exit options after the program, the pay, the hours, or something else? And did anyone regret not staying in banking?