KFBSF Real Estate Funds
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, III and IV are fully invested and Fund V 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 UNC 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.
KFBSF investor portal
For our KFBSF Fund investors, access your confidential portal. For investors who would like to arrange access to your portal, please contact KFBSF Real Estate by email.
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 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.
2025-26 Investment Team
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John Dempsey
Fund Manager, MBA Class of 2027
John Dempsey
John Dempsey is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Real Estate Development and Entrepreneurship. Before enrolling at UNC, he worked as a Registered Client Associate for Wells Fargo Advisors in Maryland, leading portfolio analysis affecting over 300 clients and over $600M in Assets under Management. John graduated from Wofford College in 2022 with a Bachelor’s in Business Administration, majoring in Finance and minoring in Business.
Michael Fincher
Fund Manager, MBA Class of 2027
Michael Fincher
Michael Fincher is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Corporate Finance and Real Estate. Prior to matriculating at UNC, Michael spent seven years in the commercial real estate industry, most recently serving as a Senior Associate at CSG Investments, Inc. in Dallas. In this role, he led underwriting efforts for more than $1B of real estate loans across the residential, retail, hospitality, industrial, and office sectors. Michael earned a Bachelor of Science in Business Administration from the University of Arkansas with a major in Economics.
Carson Fletcher
Fund Manager, MBA Class of 2027
Carson Fletcher
Carson Fletcher is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Real Estate Development and Investments. Before enrolling at UNC, he worked as an Investment Sales Analyst with Apex Real Estate Partners in Portland, Oregon and underwrote over 50 realized transactions across multifamily, industrial, and office assets. Carson graduated from Walla Walla University in 2022 with a Bachelor’s in Business Administration, majoring in Finance with a minor in Math.
Caden Santiago
Fund Manager, MBA Class of 2027
Caden Santiago
Caden Santiago is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Real Estate Development and Investments. Before enrolling at UNC, he spent several years in Utah working in software implementation, project management, and sales. Most recently he was a Sr. Implementation Specialist for Lucid Software. Caden graduated from Brigham Young University with a Bachelor of Science, majoring in Information Systems.
Cruz English
Fund Manager, Undergraduate Class of 2027
Cruz English
Cruz English is a member of the Undergraduate Business Class of 2027 and an Assured Admit to the Kenan-Flagler Business School, with an area of emphasis in Real Estate Finance and a minor in English. Last summer, Cruz worked in acquisitions with Oak Hill Management in Raleigh, NC, focusing on value-add retail and office investments. This upcoming summer, Cruz will intern with Greystar on their Credit Team in Charleston, SC.
Dillon Kercher
Fund Manager, Undergraduate Class of 2027
Dillon Kercher
Dillon Kercher is a member of the Undergraduate Business Class of 2027 with a minor in Data Science. Dillon has experience as a Summer Analyst for South Street Partners in Charlotte, NC and most recently worked in New York City as an Investment Banking Summer Analyst in Bank of America’s Financial Sponsors Group. This summer, Dillon will join KKR as a Summer Analyst on their Real Estate Credit team in New York.
Portfolio overview
Portfolio summary
| Capital raised in millions | 18.6 |
| Total funds | 5 |
| Fully invested funds | 4 |
| Total investments funded | 74 |
| Years of investing | 19 |
| States in which we invested | 18 |
| Unique LPs | 147 |
| Fund managers since inception | 188 |