Search Fund vs PE internship?
So I just got an offer from a small search fund (acquiring a business < $10M). Offer expires in a week but I also have an interview invitation NEXT week from a larger but also not particularly well known PE firm that is a recent spin-off of a west coast MM investment bank ($50-$200MM deal size). Seems like a good amount of kids get offers at the bank the summer after interning here. Only problem here is I have no idea how long the interview process with this firm would be and there's no guarantee I'll get it, and also it seems like this internship would be a much bigger time commitment and I'm worried it'll take a toll on my GPA (both are unpaid and remote during the semester). My day-to-day tasks would be pretty similar at both.
Should I ask for more time to decide? If so, how do I go about doing this? Should I just accept and interview at the PE fund anyway? I wanna avoid reneging because I really liked the people at the search fund and they seemed really chill. Do you think they'd keep me in consideration if I told the PE firm that I'd be interested in interning over the summer instead? My goal is to recruit for IB SA roles for 2022, and I'm wondering if choosing the bigger fund will actually make a measurable difference for recruiting (supposedly a lot of these analysts have gone on to work at BBs).
Tl;dr I don't wanna throw out a great opportunity but also don't wanna miss out on a potentially even better one. I'd appreciate help from anyone who's been in a similar situation. Thanks!