Student-Run Real Estate Funds Reshape Entry-Level Recruiting and Training

Sample Gates Management, a student-run real estate investment fund at Indiana University’s Kelley School of Business, manages approximately $12 million in equity across apartment developments and industrial parks nationwide. Twenty undergraduates selected from a competitive commercial real estate workshop raise capital from third-party investors and execute deals independently. This summer, the fund sold its first investment—an industrial warehouse in Indianapolis—for a 65% gross profit in roughly 16 months. A board of 10 seasoned real estate executives must approve all investments, rejecting about one-third of student-proposed deals.

At least 18 student-managed real estate funds now operate across U.S. universities, up from just a few a decade ago, with two more launching this school year. Sample Gates raised $4.2 million from 46 investors in its first 2022 fundraising round and $7.8 million from 74 investors in 2023, with one investor contributing $700,000. Students screen three to eight deals weekly—up to 400 annually—but selected only 12 investments between 2023 and 2025, spanning locations from Indiana to Arizona. The group requires physical site visits for every potential acquisition regardless of location...

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RSK: I believe UW has a similar venture. Someone correct me if I am wrong.