Mid-sized PE Firm Full-time or Internship at larger Shop?

Hi community,

I am currently faced with a decision for which I hope to find some further insight to base this decision on.

I am at the end of my last semester of my master´s studies and recruit for buy-side roles only as I don´t see myself working in IB. Having done several internships in private equity I have found the mid-market to be the space I would like to start my career in (no mega-funds). I am currently in talks with a couple of European private equity firms in that space and will soon be faced with the decision which shop to go with.

Now I am a bit uncertain whether its a good decision starting my career with a c2bn€ Aum firm (Europe focus, good track record, targeting the (lower) mid-market) for which I expect to receive an offer soon or if this decision will diminish my chances of opting for a larger fund further down the road? The other option would be to join a larger firm (think 5+bn€, larger ticket sizes, more well-known brand etc.) as an intern and hope to be able to convert this internship. This obviously increases uncertainty and I am unsure whether the risk is worth the possibility of ending up with no offer at all.

The criteria I would like to base my decision on are the following:

• possibility to switch shops and join a larger platform in case I would like to engage in larger deals later in my career
• personal development --> greater exposure and more deal experience at larger shops?

I know this information might not be enough to give me a well-rounded assessment on what to do but I hope to challenge my own thoughts with input from others on this platform.