There are tons and tons of little PE shops who happily take undergrads to do various "lesser" work (i.e., cold calling, marketing, etc.), so it doesn't end up being as competitive as SA positions of IBs. These PE internships typically do not translate into investment roles post-grad partly because such positions require the analytical skill set developed in banking (though it does happen from time to time).

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help
 

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