Should I choose internship at a prestigious PE fund or a small international Hedge fund?

Hi,

I am a fresh graduate from a top university in Europe. Recently, I came back to my home country in ASEAN. Now, I got two job offers, one is as an intern at a local top-tier PE fund and the other one is as a junior analyst at an international hedge fund.

The associate at the PE fund, who wants to recruit me, promised me a full-time junior analyst position after the internship ONLY IF I met his (competency) requirements. That PE fund is a family office (PE fund is on fintech, financial services and sports industries. The members at that fund also have awesome professional experience background. However, my offer is only a 4-month (or even longer) internship.

On the other hand, the managing director at the Hedge fund offered me a full-time position as a junior analyst, but this fund is doing not well. The hedge fund is a small New York-based fund (around 10 years old), with a capital of around USD 90mn. The investment strategy is focused on emerging market. However, the hedge fund have incurred loss for 4 years straight and the AUM is only around USD 70mn now. 

Which one should I choose? I prefer working at PE but Is sacrificing a full-time position at the hedge fund worth of an PE internship (and an uncertain promise of fulltime job)? Furthermore, in the job market right now, it is quite hard to find junior-level jobs at funds or investment banks. 

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