Student Managed Fund or Search Fund internship?

Good evening all,

My question is, should I try to get the internship for the spring so I can apply to something better for the summer (in any industry, or bank, I know for most banks recruiting was earlier but I got rejected and decided to focus on building a resume) or should I just keep all the clubs im involved in? I heard negative things about search funds in the past but my only other internships experience is Northwestern mutual (i know its bad but I was told it would be wealth management and I imagined Portfolio management and stock picking, I found out in orientation its insurance sales and kept it just so i can have it on my resume). 

I am currently a junior Finance student and I am looking for internship opportunities that would turn into a fulltime offer for after college.

In terms of activities during my spring semester I got accepted into my Schools Student Managed investment fund for spring and I would also be in the Finance department of my schools Formula Student Racing team (interested because I grew up in motorsport and the role is finance related). I was an officer in my schools Stock Trading club where my position was mostly to market the club. 

Recently I also networked with an alumni that is the MD of a search fund where my role would be to find small companies that might be interested in selling.

Should the student managed investment fund be enough with the clubs I have confirmed for this spring? or is the internship gonna be better than any club? Im mainly worried about keeping up grades while having a lot of responsibilities. 

Thank you all! Merry christmas and Happy New Year!