Masters in Finance and Private Equity

Has anyone heard about LSE's 1 year Masters in Finance and Private Equity? Supposedly it's a new program they're offering for the class of 2012.

I was wondering if it would be a good idea to pursue this degree. I'm a rising senior at a US target school. Ideally, I would like to break into PE/VC, but don't have any ibanking internships (BB AM and Federal Reserve internships instead).

I guess my questions are as follows: 1) Is it impossible to break into PE out of undergrad without a banking internship? 2) Would an LSE Masters in Finance and Private Equity help leapfrog me directly into PE? 3) Is a British Masters degree completely useless in terms of getting a job in the US? 4) What would be the best possible way for me to get into PE without banking on my resume?