Infra IB vs PE internship advice

Hi everyone, 

I wanted to ask your advice about my current situation, having to choose between 2 internships

To provide some context:

• European student, graduating from target uni with high grades and previous experiences in small PE firms (1b AuM)
• I am working at a tier one infra-PE firm in Asia (20-40b AuM) as an intern in a tier two city (think about Bangkok, Jakarta, Kuala Lumpur)
  • Pros: greater exposure, direct involvement in financial modelling from day one, and strong engagement with the technical aspects
  • Cons: no conversion opportunities, tier-two city (despite being staffed on billion-dollar deals, can diminish the perceived value of the experience in the eyes of future recruiter)
• I received an offer for an internship in infra IB in a tier two bank in Europe (think about SocGen, Credit Agricole, BNP, RBC) in a tier two city (think about Brussels, Amsterdam, Lisbon, Stockholm)
  • Pros: high chances to convert, after 2 years full-time it is mandatory to move to a tier one city (think about London, Paris, Frankfurt)
  • Cons: significantly less exposure, no experience in modeling until you reach analyst 2

It’s important to note that accepting the offer from the bank would require leaving the PE internship after just two and a half months, due to a non-negotiable start date

So far, the feedback I’ve received from friends and professionals I know in IB and PE are:

1. Do not leave
   1. PE firms offer significantly greater exposure, which is going to be highly valued in future opportunities. You gain deeper knowledge of the industry, and ultimately, you're more likely to secure a stronger offer down the line compared to what you have now
2. Leave:
   1. Conversion is key — even if you're less exposed to projects, securing a full-time offer first gives you a solid foundation before exploring other opportunities. Besides, the only banks better than this one are tier-one institutions, and good luck getting an offer there. Even if your internship is strong, its value may be significantly discounted due to the location

Let me know what you think, any advice can be helpful!