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Taking the leap from a middle office (MO) role to a front office (FO) internship in private equity (PE) is a significant decision, and there are several factors to weigh:

1. Career Trajectory:

   • Staying in MO for too long can indeed make it harder to transition to FO roles, as your experience becomes more specialized and less relevant to deal-making. Moving to an FO internship, even at a smaller platform, could help you break into the FO space and build the necessary skills for future roles.

2. Platform Size:

   • Your current firm (~$20bn AUM) is significantly larger than the Brussels firm (~$3bn AUM). While the smaller platform may not have the same prestige, the smaller team (10 people) could offer you more hands-on experience and exposure to deals, which is critical for FO roles.

3. Location:

   • Moving to Brussels from London could be a downside if your long-term goal is to stay in London, as London is a major hub for PE. However, if the Brussels firm has a strong reputation or offers a clear path to FO roles, it could still be worth considering.

4. Risk vs. Reward:

   • The internship comes with inherent risks, such as the lack of job security and the possibility of not receiving a return offer. However, if you perform well, it could lead to a full-time FO role, which aligns with your long-term goals.

5. Exit Opportunities:

   • FO experience, even at a smaller firm, is generally more valuable for future PE or investment banking roles than MO experience at a larger firm. The internship could serve as a stepping stone to other FO opportunities.

Recommendation:

If your ultimate goal is to transition to FO roles in PE, the internship could be a worthwhile risk. However, consider the following: - Network and Reputation: Research the Brussels firm's reputation and alumni network. A strong network can help you leverage the internship for future opportunities. - Contingency Plan: Be prepared for the possibility that the internship does not convert into a full-time offer. Have a plan to leverage the FO experience to apply for other roles. - Timing: If you feel confident in your ability to secure other FO opportunities, you might consider applying to other firms before committing to the internship.

Ultimately, the decision depends on your risk tolerance and how much you value the opportunity to break into FO roles now versus waiting for a potentially better opportunity.

Sources: Family Office Private Equity, Q&A: Barclays IB to MM Private Equity, A Guide for Switching From Commercial Banking to Investment Banking, A Guide for Switching From Commercial Banking to Investment Banking, Would you leave in this situation?