Intern: Small Cap PE Fund or Tier 2/3 IB?

Hey guys,

I've been lurking for quite a while and I'd like to ask for your advice regarding two offers I have for my internship. I am an undergrad at a European target and I finally received my two offers for off-cycle spring internships (3m). Both companies are offering me three month internships in the EMEA region (not London).

The first offer is by a small-cap PE fund (~400-600M€ AUM) that focusses on industrial SME. It is relatively small (~ 15 Analysts/Associates and ~15 portfolio companies). The second company is a Tier 2/3 IB (think HSBC, BNP Paribas, SocGen) that is offering me an internship within their M&A team. None of these internships includes an extensive or dedicated training period.

I am kind of torn between these offers and I'm not quite sure which option is the right one for me. I don't have any big names on my CV rn, so I'd like to know how important that is to secure an internship in IB in a Tier 1 BB, which is my goal in the middle-term. The problem is that I'm not quite sure where I ultimately want to end up in the long-term.

I'm currently applying for IB summer internships as well, would any of these two options increase my chances to get an interview for said internship?

I'm really looking forward to reading your answers.