Best Hedge Funds to work for out of college?

Generally, the larger the hedge fund in terms of AUM the better pay/prestige/opportunities. What the so called "best" opportuntiies are is really subjective and depends on your investment style. Out of college you probably have no idea what investment style you identify with, so I would say the best opportunities are the ones where you can find a good mentor who manages a signficant amount of money and has a good track record. 

Most of the money is flowing to the large multi-managers these days, but if you want to join one of them, then I would make sure you like short-term investing/trading. If not, the tiger cubs, single managers that have a longer-term PE style of investing would be better suited for you. That said, it is extremely hard to get a HF job right out of undergrad. I managed to break into the industry after three years of investment banking.

There are not that many seats available, so would focus more on gaining a general skillset in investment banking in case you aren't sure exactly what you want to do first / aren't able to get a hedge fund job right out of college.

Would read List of the Best Hedge Funds if you want to learn more.