Is REPE at a top 20 shop a 2-years-and-out program like traditional PE?

So you guys know with traditional PE, these are 2 year programs post-banking, and then you get kicked out to get your MBA and try your luck at recruiting as a post-MBA associate if you want to continue doing PE. Is REPE at a top 20 shop (think Blackstone, Starwood, etc.) the same way? And if so, how competitive is it at the post-MBA level compared to traditional PE (in which maybe 20% of pre-MBA associates actually make the cut to be post-MBA associates)?

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