MM/LMM PE Analyst out of Undergrad or IB

Hello, 

I know that this has been touched on however I do not believe it pertained to a MM/LMM fund. There are funds that take undergrads as analyst. My question is would this be a good option out of undergrad for someone who is ultimately interested in emerging markets. Do people typically move to larger funds after analyst positions ? Would IB be better?

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