Does undergrad still matter after graduate school?

Around a year ago, I failed out of a top target with a reputation for academic rigor, around the level of Princeton. I’ve been attending a nontarget for two semesters now, and cannot transfer because the grades for my previous school are on my transcript. I’ve networked my way into a decent front-office position at a BB, and have a 4.00 with one “W” on my transcript, for a course that I withdrew from and repeated. I also have a couple of publications in my STEM-related major. 

Aside from the “W,” I think I have a decent shot at H/S/W business school, or PhD at M/S. Until now, I’d believed that aside from girls who go to top schools, nobody cares about undergrad after you finish graduate school. However, I’ve been looking through a list of top PE, HF, VC etc managers and have found that a really absurd amount went to a t-10 school for undergrad. Are my priors wrong? 

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