What are my odds of getting into Private Equity, not having been an Analyst?

Unless your uncle is Henry Kravis, your odds are, unfortunately, pretty slim.  Even the large private equity firms are tiny relative to banks and employ few people.  While PE firms may hire laterally (that is, from other private equity firms), the only way for most people to enter the industry is out of a good investment banking analyst program (either pre or post-MBA) or at the very senior level (i.e. CEO).  For better or worse, that’s life.