MM PE at growing fund vs wait for on-cycle?

Looking for any and all insight into the trade-offs between joining a growing MM PE fund (Fund 1 <$500M; Fund 2 <$1B; about to start Fund 3 in the next 16 months) vs waiting for an UMM/MF role in on-cycle. I'm at MBB now.

In my mind, the MM offers:

- Better long-term comp than MBB (though short-term trade-off vs MF); MBB partners anywhere from $2-7M vs a higher ceiling in MM PE (but how high? $10M? $20M?)

- Better path to partnership vs UMM/MF PE

- Better overall learning and development (more deal volume, more proximity to MDs/founder, better culture -- as opposed to a 2 year sweatshop program where you're one of 12 on a deal team going super super deep on diligence & hoping to get 1-2 deals done the entire associate experience)

Any insight into things I should be considering, how to evaluate a growing MM fund, etc. would be beyond appreciated.