No Return Offer Already

Hey Guys,

I'm a junior currently interning at a LMM PE firm. I've being able to work on a couple of live deals and am getting a ton of experience. However, just yesterday, one of the associates informed me that I won't be receiving a return offer. Although, he said that I was producing good quality work, he explained that due to a change in "business needs" they're now looking to hire someone who has more experience. I feel pretty dejected because I really wanted to stay at this firm long-term, and I want to break into PE right out of undergrad. I'm struggling to stay motivated, since I know that whatever I do, the decision has been made.

My question is, what percentage of summer private equity interns get return offers? Is it higher or lower than investment banks? Also, how should I position myself for FT recruiting. I go to a target school and my resume is fairly strong (good GPA, strong internship experiences), but I know that FT recruiting often times is a crapshoot. If anyone has advice that would be greatly appreciated. Thanks!