MM PE Firms and Investment Banking Boutiques

Hey Guys,

I wanted to get your opinions on something I recently noticed. Obviously top boutiques place at least fairly well into megafunds and larger PE firms. But from looking around on MM PE firms' websites (CIVC, Castanea, Weston Presidio, etc), it seems that these boutiques aren't represented as well as banks like Harris Williams, etc at strictly MM PE shops.

Do analysts from these boutiques simply not want these opportunities at MM PE firms (seems unlikely), or do MM PE shops not value their experience as much as that of someone who worked at a strictly MM bank?

If it is the latter, can anyone explain why? Any of the highly-regarded boutiques does plenty of ~200-300MM sell-side M&A transactions (which I'd imagine would give these analysts the same experience that an analyst at a MM bank would get).

For what its worth, I see plenty of former BB analysts at all sorts of MM PE shops, but hardly ever see someone from Laz/Moelis/Greenhill, etc.