Private Equity Analyst out of undergrad or banking?

I think I'll have the ability to work at a small MM PE firm (500M raised) out of undergrad. How would this compare to a MM IB job when it comes to staying in PE long term and potentially getting an MBA after a few years?

Will the lack of banking experience make myself less attractive to larger funds coming out of business school?

There's no guarantee on the PE job but I think I have a better shot at it than IB at this point due to being from a non-target and this PE firm basically using us as its target school.