Analyst 2 vs Assoc 1 - PE Recruitment

First of all, I just recently received my FT offer! I'll be joining a MM firm (think MUFG, ING etc) in London within their rotational program where I have the chance to participate within IBD (M&A,ECM,DCM), S&T and Asset Management. Afterwards, I'm garanteed an Analyst position in the division of my preference.

My plan is to join the M&A Division, get some experience and then move back to my home country in order to join a smallcap PE fund. I saw other people from my bank doing so. Since the analyst stint is only 2 years, I wanted to also complete the assoc 1 year. Do you think PE firms will care significantly more about Analyst 2 than Assoc 1?