Which to choose: State-owned investment fund vs Management Consulting

Hi all,
I would like to hear advice on how to evalue the offers since the two offers I got are clearly different.

In particular,
1. I would like to hear about the thoughts on what elments you consider for choosing two very different offers (see below notes)?

  1. Could anyone share experience with a direct investment fund's hiring criteria (do they hire people from consulting, or industry they are focused----means less emphasis on financial and accounting skills;), bonus set up and probability (how many projects done then you can expect some bonus?).

  2. Does management consulting exit include going to an investment fund?

Many thanks!

Notes on the two offers:

One offer is from a international consulting firm (2nd tier), and thus the career path is more clearly defined through medium term. And, since I am from a non-consulting background, I will be assigned to a particular sector practice group (where I can leverage my previous experience). And, my experience so far is that non-consulting background joinning the consulting firm (passed the case interviews) usually has a lower staff grade compared to MBAs.

The other offer is...a bit non-conventional...perhaps because it is from a China state owned investment fund. BTW I am from China.
This investmetn fund doesn't even have a webpage, and the purpose is to keep a low profile. But everything I could found are valid. So this is a big investment fund.
One MD found my CV online as they were looking for overseas investment opportunities in the industry sector on which I am specialized.
They are not looking for a candidate with financial skills or accoutning skills (those people are already hired). They are just looking for people with industry background and market analysis skills (they think people from industry can provide insights to the industry which they consider investing). But obviously, they won't just invest in one industry. They said you can study other industries after this one.
Thus, the career path with a SOE fund could be unclear (because exit opp may be very limited since it is a SOE investment fund). Also, you are mostly focused on one function and a narrower industry coverage. But this is a buy side position as I understand?
Another thing maybe worth expecting in this one is that suppose the investment pulls off, the bonus should be much larger than consulting firm's bonus.
However, there is also certain probability that the investment may not be sucessful, right? (need reference or people who have experience with the investement fund paying out the bonus).

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