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Kelley students raise $4.2 million to run private equity fund

private equity

Most private equity funds are run at the graduate level, making these undergrads stand out to employers. (The Kelley School of Business)

IU students at the Kelley School of Business have raised over $4 million to make investments in real estate developments.

The fund, known as Sample Gates Management Inc., is directed by 16 students in the real estate private equity program, the largest undergrad-managed real estate private equity fund in the nation.

“It's an operating real estate private equity company really,” said Doug McCoy, professor and director of the Center for Real Estate Studies. “It's allowing our students to graduate and be experienced professionals in that industry.”

Read more: U.S. News and World Report Ranks Kelley School First Among Online MBA Programs

The fund took about six years to get to where it is now, emerging when former student Patrick Engles raised the idea with McCoy. McCoy sent Engles, who was a freshman at the time, to talk to the school dean.

“The dean’s office could have given us a quick no,” McCoy said. “This was pretty innovative, and the idea that you’re allowing undergrads to go out and solicit money from alumni and giving them the responsibility of investing that money.”

After the three years it took to get the Board of Trustees to approve, Engles succeeded with the help of McCoy, alumnus Tim Morris and advisor Tom Peck. Now, the first fund is ready to go.

“You get this kind of experience that isn't typically available for undergraduate students,” said IU senior Will Huber, president of the real estate private equity program. “And you pair that with creating a really cool community between the students and alumni that you know leads to job opportunities and all sorts of things.”

Huber and the 15 other members involved in the fund meet at least twice a week to discuss investments, manage assets and raise capital under faculty guidance. Most private equity funds are run at the graduate level, making these undergrads stand out to employers.

Because the fund will continue to be managed by undergraduates in the future, alumni connection is important.

I hope that it makes money so that we can raise a second fund and continue to provide this amazing experience for students in perpetuity,” said Huber, who is graduating in the spring. “I hope that I can stay involved just like the (students) before me.”

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