Key Takeaways
- • Sample Gates Management raised $7.8 million for Fund II (closed February 2026, announced May 2026), bringing total assets under management to approximately $12 million across two funds since the program's 2023 inception.
- • Fund II was oversubscribed, exceeding its original $6 million fundraising target and securing commitments from 74 investors including real estate firms, financial institutions, and individual investors, many of whom were Kelley School alumni.
- • IU claims Sample Gates is the nation's largest real estate private equity fund managed by undergraduate students, positioning the program as a distinctive educational and investment vehicle combining student leadership with institutional backing and alumni networks.
- • Student-led fund has deployed capital across 12 deals spanning 2023–2025 across multiple states (Indiana to Arizona), generating measurable returns with fund assets growing from $118,091 to $135,951 (9.41% gain) as of April 29, 2026.
- • Fundraising required 200-plus investor meetings to overcome perception barriers around student management, with Blake Albert (Fund II president) noting the IU affiliation and access to "the largest living alumni population in the world" became a competitive advantage rather than a liability.
Summary
Undergraduate students at Indiana University's Kelley School of Business have closed the second fund for Sample Gates Management Inc., raising $7.8 million and establishing what IU believes to be the nation's largest real estate private equity fund managed by undergraduate students. Fund II, which closed in February 2026 and was publicly announced in May, was oversubscribed relative to its $6 million initial target. Combined with the original Sample Gates fund launched in 2023 with $4.2 million, the program now oversees approximately $12 million in assets.
The fundraising effort reflected considerable institutional validation of the student-led model. Fund II attracted 74 investors representing a mix of real estate firms, financial services companies, and individual investors. A significant portion of Fund II's capital came from investors who had already participated in Fund I, while new institutional and individual backers also committed capital. The IU affiliation proved central to the fundraising narrative. Blake Albert, who served as president of Sample Gates Management during the 2025–2026 school year, noted that student fundraisers conducted more than 200 investor meetings to secure commitments. Albert emphasized that prospective investors required reassurance regarding student capability and program legitimacy, but the team reframed the IU backing and access to one of the world's largest alumni networks as a competitive strength rather than a limitation.
Fund II represents meaningful capital deployment experience for the student cohort. Between 2023 and 2025, the program executed investments across 12 deals spanning multiple states, from Indiana to Arizona. As of April 29, 2026, fund assets had grown from $118,091.13 to $135,951.73, representing a 9.41% gain. The fund's structure provides undergraduates with direct experience in deal sourcing, underwriting, investment committee deliberations, and portfolio management—educational outcomes that align with institutional investor demand for demonstrable due diligence capabilities in emerging fund managers.
The fundraising effort reflected considerable institutional validation of the student-led model. Fund II attracted 74 investors representing a mix of real estate firms, financial services companies, and individual investors. A significant portion of Fund II's capital came from investors who had already participated in Fund I, while new institutional and individual backers also committed capital. The IU affiliation proved central to the fundraising narrative. Blake Albert, who served as president of Sample Gates Management during the 2025–2026 school year, noted that student fundraisers conducted more than 200 investor meetings to secure commitments. Albert emphasized that prospective investors required reassurance regarding student capability and program legitimacy, but the team reframed the IU backing and access to one of the world's largest alumni networks as a competitive strength rather than a limitation.
Fund II represents meaningful capital deployment experience for the student cohort. Between 2023 and 2025, the program executed investments across 12 deals spanning multiple states, from Indiana to Arizona. As of April 29, 2026, fund assets had grown from $118,091.13 to $135,951.73, representing a 9.41% gain. The fund's structure provides undergraduates with direct experience in deal sourcing, underwriting, investment committee deliberations, and portfolio management—educational outcomes that align with institutional investor demand for demonstrable due diligence capabilities in emerging fund managers.
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