LMM IB to PE - On-Cycle Impossible?

Current senior going to an LMM FT in Atlanta (think Stephens/Fifth Third/Citizens). Understandably on-cycle is predominantly focused on BB/EB groups, but what is the scope of PE recruiting from LMM banks? Is it mostly off-cycle, and if so, is it worth lateraling up to a bigger MM bank and trying my hand at PE processes the following year? For context, interested in staying the southeast for the most part. 

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