Pros And Cons: PE Team In SWF Vs Bigger IB

Hi guys, currently at a cross path in life and would appreciate some wisdom/perspectives. Currently based in NZ at a boutique IB, experience is decent but all in all deals are to small.

My end goal is to try to move into a PE shop in Australia eventually.

Currently I have two potential ways to do it, one is to move into bigger IB with Australisia presence (e.g. MacCap, UBS and Jarden), I have a coffee catch up set up with two big MDs in two of the banks (some advice on that would be much appreciated too). At the same time, there is a new position opened up in the PE/Direct Investment team in the largest SWF in NZ. I am a bit hesitant on whether I should go for that too. Bigger IBs are great considering bigger names, bigger deals, and easier to move into AU given their Australisia presence - and potentially easier to transition as options will be a lot more open, can either move into IBs in AU first or buy-side PE directly. But the downside is probably having no WFB & the potential recession could mean lay-off. I am weighting more and more towards going for the SWF because the buy side experience is going to be highly relevant to PE (the deals they do are the biggest in NZ, think ~$300m+), the pay is quite decent (base is probably around the same ball park but bonus is quite limited). But i guess my concern is more around whether my experience in the SWF will be discounted somewhat for the traditional PE shops, especially when I am trying to move into Australia (and potentially means I have less option as moving back into IBs would not really be viable).

Any thoughts either in the AU/NZ context or in general would be highly appreciated.