Need help choosing internship

Hello Monkeys,

I'm a business school student in France, and as per the norms here you take a gap year in between your studies to do two 6 month internships. I've got two offers for my 2nd internship and need your help deciding which one to take.

1. CAC 40 company (~20€ billion revenue). M&A/Corporate Finance Intern. Sector: Environmental Services
   Small team of 3 people. 60% Corp. Finance and 40% M&A. Seems interesting given how more I'd be involved with the M&A models (as per my interpretation of the interview). Corp. Finance tasks include restructuring and financing of subsidiaries. Catch: They're paying shit.

2. Top French Infrastructure PE fund. (6.2€ billion AUM). Corporate Finance Intern. Sector: Infrastructure
   Working closely with the CFO. Tasks include: Capital call calculations, fund valuation, waterfall calculations, modeling portfolio and investor flows in fund models etc. Good team with strong educational backgrounds and experiences. Pay is fine. Catch: It's not a position on the investment team.

Where I am hesitating is that given I wanna go into PE down the line (most probably passing through IB for some years), does the fund help? If yes, will the 'Corporate Finance' position be a problem as I'm sure Investment Analyst Intern would've been way better. For Veolia, will the generalist experience be better in terms of starting in IB?

What are your thoughts? And thanks a lot for your inputs!