PE Lateral vs MBA

To move from LMM/MM PE to a different MM PE fund at the senior associate/VP level, is best path via lateral recruiting or MBA? For argument’s sake let’s say the MBA is Wharton.

Similarly, what does MM PE recruiting at a school like Wharton look like? Lots of on-campus or mostly off-campus? Do people with pre-MBA MM PE experience typically land something or sometimes struggle?

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