No Associate Promo and Want to Get out of IB

I have been an analyst at several banks now with each bank I was with more prestigious. From no name bank to solid MM shop currently for some background. Anyways, at current bank, I was told I was not ready to become associate and have been told the firm will be supportive in finding something / should reconsider banking. I was not let go but have had a lot of work reduced. Will still be getting a bonus. Feedback was that I work really hard but just not at the level I should be as third year. Anyways, I have decided I want to go into PE and give it a shot. I know I’m kind of late to the game but can someone give me any suggestions / good reason on spinning 1. Why I didn’t get promoted and 2. Why now?

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