Is MM PE out of UG a path into MF PE?

I have 0 first hand knowledge here, but my gut instinct would be that you're still better off coming from an IB route, even if its not from a premier group.

There will be one-off opportunities to lateral, but the tried and true path, especially to a MF will be from a bank. In the example that another poster gave above, getting one MF look from a headhunter is very different than closing on the position. I doubt a PE MF would hire a VC analyst/associate unless the VC was a premier VC and he/she was going into the MF growth/VC group. A VC analyst hired out of undergrad would not have the skills to be a PE MF Associate.

In my opinion, I don't think banking prepares you better for PE than actually doing PE, but LMM and MM PE is somewhat different from MF PE.

At a MF as an Associate, you're going to be more focused on modeling and more targeted diligence streams. It's less likely you'll be as valued on your investment sense, ability to work with management, ability to punch above your weight and lead a process etc. At a good MM fund you would in theory develop this broader PE skillset. While this would probably be better long term, those skills would be less applicable at a MF. They probably just prefer you to be rock solid on modeling and have good banking deal experience.

With all that being said, I think it could kind of go either way. Depends on the strength of the PE firm you're at. Your experience there, how formal the analyst training is etc.

Edit: Probably worth noting that I'm talking about starting as an analyst at a MM PE and trying to make the jump to MF associate in two years. As a poster mentioned below, if you started at a brand name MM fund and worked your way up from Analyst to Senior Associate/VP I think that's a different story