IB after HF Internship?

Hello monkeys, I recently met a couple of guys, looked at their LinkedIn profile a long time after, all these guys have had HF internships, some of them even had multiple HF internships at small firms with good performance ($500m-$1B AUM). To my surprise they were now at BB IBs!? I know that most small HFs do not offer FT since they are, after all, small, but why would you work so hard to land a couple of HF internships only to end up at IB where a lot of folk end up even without HF experience? My question is, would a HF internship at a small HF, with really good performance(>10% CAGR) be worth it purely for what you learn when you will eventually end up in IB after that? How often do interns at HFs get FTs at HFs even if it is other firms? Is networking the only key factor at that point? Is IB inevitable? How should one land a FT HF after an internship at a good small shop? Any personal anecdotes are more than welcome, did any one of you do the same or get a HF FT after internship at a different HF? Thank you for all the replies.