Deciding between 2 Summer Internships

Hey Everyone. I’m currently deciding between two summer internship offers and would really appreciate some input. 

For context, I am a 2028 grad from ICADE (Spain), preparing 2027 London IB Summer Internship recruiting at BB/EB. In the long-term, I am open to IB/PE etc or other exits. I have no previous internships related to finance/investments, but am actively involved in IB & PE club. 

Both offers are small teams, very hands-on, and potentially extendable into part-time roles during the school year.

SF: 2 searchers (one ex-JPM IB Asso, another more entrepreneurial), backed by top-tier SF investors in Spain/Europe. Focus is on sourcing and executing an acquisition.

• pros: Direct exposure to live deals (if one materializes), Very hands-on / steep learning curve, Strong entrepreneurial angle, Access to high-quality investor network & Opportunity to understand the full deal lifecycle
• cons: Deal uncertainty (no guarantee one closes), Less structured, Weaker brand, Potentially more “random” work & Lower deal volume vs IB/PE

HF: Small fund (€100-200M AUM), run by 2 ex-IB professionals + 1/2 interns. Long/short equities primarily strategy starting to integrate AI/programming/quantitative modeling in decision-making.

• pros: Strong analytical skill development, Exposure to public markets investing + portfolio construction, Integration of a differentiated skillset, High autonomy and ownership over ideas & Still hands-on given team size
• cons: Also unstructured, Weaker brand, Skillset may be less directly transferable to IB vs transaction-focused roles, Less exposure to deal process.

Both firms mentioned the possibility of continuing part-time during the academic year, which I think is important.

Separately, for next semester I may also have access to:

• Small/mid-market Private Equity
• PE at a holding company
• M&A boutique

Since my goal is IB, I’m trying to combine summer + part-time strategically to cover the necessary skillset for IB.

If you’ve been in a similar situation, seen candidates from these paths, or could recommend or add any insights, would love your thoughts.