Real Estate Funds

KFBSF Real Estate Funds

Kenan-Flagler Business School Foundation (KFBSF) Real Estate Fund I was established in 2007 with the primary objective of providing a unique educational experience for student managers and secondarily to provide investment returns to its Limited Partners. Funds I, II and III are fully invested and Fund IV (established in 2018) is currently being invested.

Tenure as a manager on the Real Estate Funds provides a select group of students with hands-on experience in the operation of a private investment fund. Concurrently, student managers have the opportunity to establish personal and professional relationships with national real estate developers and investors. The Funds’ managers work closely with the real estate faculty and friends of Kenan-Flagler Business School to identify and evaluate investment opportunities for the Real Estate Funds. Once an investment is approved and placed, the student managers provide continued surveillance, reporting, and asset management.

The Funds are diversified both geographically and across property types. Each investment opportunity is analyzed and discussed thoroughly with faculty and advisers before approval.

Managing the Fund

The student managers are responsible for the day-to-day operations and general management of the Real Estate Fund. The student management team reports to the Board of Directors of the Real Estate Fund General Partner. The Board of Directors consists of six members, four from the UNC Kenan-Flagler Business School and two from outside the school. To oversee and approve each investment, the Real Estate Fund works closely with an Executive Committee formed from three of the Directors. In addition, a Faculty Committee and an Advisory Board also guide the student managers in their investment underwriting and analysis.

Investment Team

2019-2020

Investor
Rich DoughertyRich Dougherty
Fund Manager, MBA Class of 2020
Rich Dougherty is a class of 2020 MBA student concentrating in Real Estate. Rich spent his summer at PGIM Real Estate in Chicago, IL where he focused on asset management for office, industrial, and retail properties. Prior to attending Kenan-Flagler, Rich worked at Abercrombie & Fitch Co. where he led the real estate finance team. In this role, Rich focused on real estate strategy, capital planning, leasing, and analyzing all new store opportunities globally for the company’s various brands. Rich graduated from the University of Notre Dame in 2011 with a Bachelor of Business Administration in Finance.
William Duncan William Duncan
Fund Manager, MBA Class of 2020
William Duncan is a class of 2020 MBA student concentrating in Real Estate and Corporate Finance. William spent his summer with Perseus TDC in Washington DC, working with the development team. Prior to attending business school, William spent a year working for Transwestern Development Company, a Houston-based real estate developer with a pipeline of $4B+ across more than 40 projects. William was responsible for sourcing new deals, project management, financial analysis, due diligence, and research in the Southwest and Southeast regions. Prior to joining Transwestern, William spent two and a half years at HFF as a Real Estate Analyst for the Debt Placement and Investment Advisory departments. At HFF, William supported the underwriting, marketing, and closure of more than $450M in commercial properties and $270M in financing transactions. William graduated from The University of Texas at Austin in 2014 with a B.A. in Urban Studies and Real Estate Certificate from the McCombs School of Business.
Veronica KleinVeronica Klein
Fund Manager, MBA Class of 2020
Veronica Klein is a class of 2020 MBA candidate concentrating in Real Estate. Veronica spent her summer with Tishman Speyer in New York, working with the residential development team. Prior to attending Kenan-Flagler, Veronica spent four years working with Northwestern Mutual Real Estate. During her time with NMRE Veronica held roles with the Construction and Portfolio Management teams in Milwaukee, WI and most recently with the Central Region originations team in Dallas, TX. As a Production Analyst Veronica’s responsibilities included underwriting new mortgages, equity joint venture development and acquisition opportunities across all property types, creating investment memos and committee materials, and annually valuing the region’s existing loan portfolio. Veronica graduated from Indiana University’s Kelley School of Business in 2014 with a Bachelor of Science in Finance and Real Estate.
William McGuireWilliam McGuire
Fund Manager, MBA Class of 2020
William McGuire is a class of 2020 MBA candidate concentrating in Real Estate & Corporate Finance. Will spent his summer at Lat Purser & Associates, a Charlotte based real estate development company, where he worked directly with the CEO and Chairman to establish the firm’s investment committee policy. Prior to attending Kenan-Flagler, Will spent six years working at Iron Point Partners, LLC which manages a series of commingled closed-end real estate private equity funds totaling over $2.1B+ that invests across a variety of asset classes by taking opportunistic positions in the capital stack. As a Vice President, Will’s responsibilities included underwriting new acquisition and development opportunities, asset management, negotiating joint venture agreements, negotiating third party management agreements, and investor relations. Prior to joining Iron Point Partners, LLC, Will spent two years at Bank of America Merrill Lynch as an Investment Banking Analyst in the Real Estate, Gaming, & Lodging Group where he evaluated strategic alternatives for public and private companies and executed capital markets transactions totaling over $2.9B+ in value. Will graduated from Davidson College in 2010 with a Bachelor of Arts in History.
Sam HollmanRyan Mulligan
Fund Manager, MBA Class of 2020
Ryan Mulligan is a class of 2020 MBA student concentrating in Real Estate. Ryan spent his summer at SLI Capital, a Raleigh based real estate private equity fund, where he assisted with the underwriting of both acquisition and development deals. Prior to attending Kenan-Flagler Business School, Ryan spent three years with SitusAMC in New York within their Business Development team. As a Business Development Associate, Ryan’s responsibilities included sales budgeting and forecasting, CRM management, creating business proposals, and post-merger(s) technology integration. While at SitusAMC, Ryan also served as an Analyst for the firm’s Financial Institutions Group. In this role, Ryan provided initial due diligence on to be acquired bank CRE loan portfolios. Ryan graduated from Denison University in 2015 with a Bachelor of Arts in Economics.
Paul ReillyPaul Reilly
Fund Manager, MBA Class of 2020
Paul Reilly is a class of 2020 MBA student concentrating in Real Estate Finance and Investments. This past summer, Paul interned in Investments and Corporate Finance for Welltower, a publicly-traded REIT in the healthcare real estate space. Paul focused on underwriting opportunities in medical office and senior housing. Prior to attending Kenan-Flagler Business School, Paul worked at Deloitte in Washington, DC in the firm’s banking & capital markets practice. He graduated from Georgetown University in 2013 with a Bachelors of Arts in Economics.
Jack RyanJack Ryan
Fund Manager, MBA Class of 2020
Jack Ryan is a class of 2020 MBA student concentrating in Real Estate. Jack spent his summer with MetLife Real Estate’s Atlanta Regional Office, where he assisted both the debt and equity investment teams. Prior to attending Kenan-Flagler Business School, Jack spent two years with JLL in Minneapolis within their Investor Services platform as an Agency Leasing Associate. At JLL, Jack was on a market leading team that represented over 5.6M square feet of office space in the Twin Cities metro area. Most recently, Jack worked in the Bay Area with Boston Private on their commercial lending team focusing on commercial real estate loan transactions. Jack graduated from St. John’s University in 2013 with a Bachelor of Arts in Accounting and Finance as well as a minor in Management.
Rook VerdoneRook Verdone
Fund Manager, MBA Class of 2020
Rook Verdone is a class of 2020 MBA student concentrating in Real Estate. Rook spent his summer at HQ Capital in New York, NY where he worked directly with the Real Estate Investments team, underwriting and analyzing opportunities in the multifamily development space. Prior to attending Kenan-Flagler, Rook spent four years at Balfour Beatty Construction, a commercial general contractor. As an Assistant Project Manager, Rook was responsible for the execution of value-add office and tenant upfit projects, preconstruction financial analysis of project pursuits, budget and schedule development, vendor sourcing, and contract issuance. Rook graduated from Clemson University in 2014 with a Bachelor of Science in Construction Science and Management as well as a minor in Communications.
Sahil JainSahil Jain
Associate, Undergraduate Business Program Class of 2020
Sahil Jain is a member of the Undergraduate Business Program class of 2020, concentrating in Finance and Real Estate. He spent his past summer working for Goldman Sachs’ Real Estate division in Dallas, TX. Prior to working with Goldman Sachs, Sahil interned for Metropolitan Capital within their commercial and investment banking group in Chicago, IL. After graduation, Sahil will be returning to Goldman Sachs full-time.
Everette LassiterEverette Lassiter
Associate, Undergraduate Business Program Class of 2020
Everette Lassiter is a member of the Undergraduate Business Program class of 2020, concentrating in Real Estate and Investment Banking. He has had summer internships at CRC Companies, a developer based in Arlington, Virginia and Eastdil Secured. After graduation, Everette will be working for Wells Fargo Securities in their REGAL group in New York.
Jason OelbaumJason Oelbaum
Associate, Undergraduate Business Program Class of 2020
Jason Oelbaum is a member of the Undergraduate Business Program class of 2020. He spent his past summer working for 327 W 57th Street LLC as a property manager in New York, NY. Prior to working with 327 W 57th Street LLC, Jason interned for a luxury real estate operator in New York, NY.

Portfolio Overview

Portfolio Summary

Capital Raised in Millions12.2
Total Funds4
Fully Invested Funds3
Total Investments Funded44
Years of Investing12
States in Which We Invested21
Unique LPs104
Fund Managers Since Inception116

Portfolio by Property Type

MULTIFAMILY: 39%
RETAIL: 7%
INDUSTRIAL: 13%
HOSPITALITY: 3%
LAND: 6%
CONDO: 2%
SELF-STORAGE: 6%
OFFICE: 13%
SENIOR HOUSING: 8%
MEDICAL OFFICE: 3%

Assets by Geography

CT, NY, VA: 1%
IL, NJ, NM: 2%
MN, WI: 3%
DC, MD, OR, TN: 4%
PA, SC: 5%
CO: 7%
FL: 8%
NC: 13%
GA: 14%
TX: 16%