HF/AM recruiting as an IB analyst

Seems like private equity is the "default" exit opportunity for IB analysts, and generally analysts more focused on WLB/stability exit to corporate roles. Not sure if this is totally accurate, but that's my sense from this forum.

I'm working in public equities this summer ahead of an internship at a BB next summer, and I've realized I'm more interested in HF/AM than PE. I'd be interested to hear how analysts with a similar perspective think about recruiting, if people have been in similar situations, or if any of the above is incorrect. Since on-cycle took place recently, I've also been wondering about timelines, and whether analysts who want to end up in public equities/investing roles view PE as a stepping stone on a path to that space or have been able to exit directly.

Any insight would be greatly appreciated.