Make the Jump from PE to HF?

(Also posted on HF Thread)

Hey everyone (ignore the title) but currently a PE associate at a solid fund. Got a couple of HF looks and was part of an investment club on campus in college so threw my hat in.

Got an offer at a solid single manager where a lot of the PMs etc. are ex PE VPs etc. I am up for senior associate promo in PE and needed some advice: 

HF seems to be an asset class that is struggling (esp traditional SM L/S vanilla) and have been worried about this trend. One of the smartest guys I know was let go (tho he was at a MM) and this lack of stability worries me.

The reason I even interviewed because while PE is more interesting than IBD, I felt there is still a lot of transaction work e.g. coordinating lawyers etc. and sometime the tasks were even more mundane than IBD e.g. data collection. while in HF I will be able to focus more on pure investing. 

Comp is also much better at the HF with huge potential for upside. Any thoughts on how to go about my decision? I am p confident of the s associate promote and also am ok with doing a MBA. 

Also, not to sound offensive, but would appreciate if people who have made the transitio nor chose to stay in PE/IB type transaction roles could give insight rather than college prospects (I'm sure you all will do great but need some experienced opinions as I don't have mentors in the industry and really value this forum).