Key Takeaways
- • Sample Gates Management Inc., an undergraduate-led real estate private equity fund at Indiana University's Kelley School of Business, raised $7.8 million for Fund II, which closed in February 2026 and was oversubscribed against a $6 million target.
- • Combined assets under management across Fund I (launched 2023, $4.2 million) and Fund II now total approximately $12 million, positioning Sample Gates as what IU believes is the nation's largest real estate private equity fund managed by undergraduate students.
- • Fund II secured commitments from 74 investors across real estate firms, financial institutions, and individual investors—a mix of returning Fund I participants and newcomers—following an estimated 200-plus investor meetings conducted by the student team.
- • IU's extensive alumni network and institutional backing emerged as a competitive advantage for fundraising, with students leveraging their university affiliation to establish credibility and differentiate from traditional institutional managers.
- • As of April 29, 2026, the program had generated a 9.41% gain, with fund assets growing from $118,091.13 to $135,951.73 at the most recent board meeting.
Summary
Undergraduate students at Indiana University's Kelley School of Business have successfully closed Fund II for Sample Gates Management Inc., raising $7.8 million in a round that exceeded its original $6 million fundraising target. The fund, named after a landmark on IU's Bloomington campus, represents the second institutional vehicle launched by the student-managed real estate private equity program. Combined with Fund I, which raised $4.2 million since its 2023 inception, Sample Gates now manages approximately $12 million in assets. IU characterizes the program as the nation's largest real estate private equity fund operated by undergraduate students.
Fund II closed in February 2026 and attracted 74 investors, a cohort that blended experienced participants from Fund I with new institutional and individual backers. The investor base included real estate firms, financial institutions, and individual accredited investors, several of whom are Kelley School alumni. IU senior Blake Albert, who served as Sample Gates president during the 2025-2026 academic year, noted that the student team conducted over 200 investor meetings to secure commitments. Albert acknowledged that potential investors initially required reassurance regarding the program's legitimacy and investment capability—a challenge inherent to student-led operations managing institutional capital.
However, the students identified a strategic asset in their structure. Rather than viewing undergraduate leadership as a liability, Sample Gates leveraged IU's affiliation and access to the university's extensive alumni network as a competitive differentiator. Albert stated: "We really found a competitive advantage in the fact, ironically, that we are a student-led program with this IU backing and access to the largest living alumni population in the world." This positioning resonated with investors and contributed to the oversubscription of Fund II.
Recent performance metrics indicate positive early results. As of April 29, 2026, the program reported a 9.41% gain, with fund assets increasing from $118,091.13 to $135,951.73 at the most recent board meeting. The program has also begun deploying capital across investments and participated in third-place finish at the Mulroy Challenge, a real estate competition.
Fund II closed in February 2026 and attracted 74 investors, a cohort that blended experienced participants from Fund I with new institutional and individual backers. The investor base included real estate firms, financial institutions, and individual accredited investors, several of whom are Kelley School alumni. IU senior Blake Albert, who served as Sample Gates president during the 2025-2026 academic year, noted that the student team conducted over 200 investor meetings to secure commitments. Albert acknowledged that potential investors initially required reassurance regarding the program's legitimacy and investment capability—a challenge inherent to student-led operations managing institutional capital.
However, the students identified a strategic asset in their structure. Rather than viewing undergraduate leadership as a liability, Sample Gates leveraged IU's affiliation and access to the university's extensive alumni network as a competitive differentiator. Albert stated: "We really found a competitive advantage in the fact, ironically, that we are a student-led program with this IU backing and access to the largest living alumni population in the world." This positioning resonated with investors and contributed to the oversubscription of Fund II.
Recent performance metrics indicate positive early results. As of April 29, 2026, the program reported a 9.41% gain, with fund assets increasing from $118,091.13 to $135,951.73 at the most recent board meeting. The program has also begun deploying capital across investments and participated in third-place finish at the Mulroy Challenge, a real estate competition.
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