Skip to content Skip to Programs Navigation
Approximately a dozen students observe a construction site from afar in hard hats and neon safety vests.

Real Estate Fund

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, IV, and V are fully invested and Fund VI is currently being raised.

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.

 

2026-27 Investment Team

(Select photo to view full profile.)

John Dempsey headshot

John Dempsey

Fund Manager, MBA Class of 2027

John Dempsey

John Dempsey headshot

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 headshot

Michael Fincher

Fund Manager, MBA Class of 2027

Michael Fincher

Michael Fincher headshot

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 headshot

Carson Fletcher

Fund Manager, MBA Class of 2027

Carson Fletcher

Carson Fletcher headshot

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.

Ben Grander

Ben Grander

Fund Manager, MBA Class of 2027

Ben Grander

Ben Grander

Ben Grander is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, concentrating in Real Estate Development and Investments. Before enrolling at UNC, he was the Team Lead of The Grander Group, his family’s residential real estate and property management company in Naperville, Illinois. Ben graduated from Seattle University with a degree in Finance in 2018. Last summer, Ben interned with The Heico Companies, where he supported FP&A for their Industrial Technology Group in Chicago, Illinois.

Samuel Lee

Samuel Lee

Fund Manager, MBA Class of 2027

Samuel Lee

Samuel Lee

Samuel Lee is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Real Estate and Entrepreneurship. Before enrolling at UNC, he began his career as an investment analyst at Evercore and later ran strategy and operations for a healthcare startup. Samuel graduated from Elon University in 2016 with a Bachelor’s degree in Business Administration, majoring in Finance. Last summer, Samuel interned with Liberty Investment Partners in Raleigh, NC, where he supported underwriting, due diligence, and acquisitions across retail and multifamily properties.

Caden Santiago headshot

Caden Santiago

Fund Manager, MBA Class of 2027

Caden Santiago

Caden Santiago headshot

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.

Jacob Williamson

Jacob Williamson

Fund Manager, MBA Class of 2027

Jacob Williamson

Jacob Williamson

Jacob Williamson is a member of the MBA Class of 2027 at UNC Kenan-Flagler Business School, where he is concentrating in Real Estate Development, Investments, and Entrepreneurship. Before enrolling at UNC, he served as a Supply Corps officer in the United States Navy, directing logistics, construction, and supply operations across Asia. Jacob graduated from the United States Naval Academy in 2020 with a Bachelor of Science in Quantitative Economics and later earned a Master of Science in Finance from Auburn University. Last summer, Jacob interned with Asana Partners in Charlotte, NC, where he supported asset management and investment teams across a $9B retail portfolio.

Kukua Andoh

Kukua Andoh

Fund Manager, Undergraduate Class of 2027

Kukua Andoh

Kukua Andoh

Kukua Andoh is a member of the Undergraduate Business Class of 2027, majoring in Business Administration and Economics with a minor in Social and Economic Justice. In 2025, Kukua interned with Harbert Management Corporation’s U.S. Real Estate team in Birmingham, Alabama. This summer, Kukua interned with Merrill, a Bank of America company, in New York City as an ADP Client Associate Summer Analyst.

Chris Benson

Chris Benson

Fund Manager, Undergraduate Class of 2027

Chris Benson

Chris Benson

Chris Benson is a member of the Undergraduate Business Class of 2027, majoring in Business Administration and minoring in Politics, Philosophy, and Economics. Chris is an active member of the Portfolio Management Team and Catalyst Group. Last summer, Chris interned with Wells Fargo’s REGAL Investment Banking team in their New York City office. Upon graduation, Chris will return to Wells Fargo on their REGAL Investment Banking team in New York City.

Cruz English headshot

Cruz English

Fund Manager, Undergraduate Class of 2027

Cruz English

Cruz English headshot

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 headshot

Dillon Kercher

Fund Manager, Undergraduate Class of 2027

Dillon Kercher

Dillon Kercher headshot

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.

Paul MIlls Jr

Paul Mills

Fund Manager, Undergraduate Class of 2027

Paul Mills

Paul MIlls Jr

Paul Mills is a member of the Undergraduate Business Class of 2027, majoring in Financial Engineering and minoring in Real Estate. Last summer, Paul interned with Harris Williams in Healthcare M&A in Richmond, VA, and Piper Sandler in Restructuring in New York, NY. Upon graduation, Paul will return to Harris Williams as an Investment Banking Analyst in Richmond, VA.

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

Portfolio by property type

46% Multifamily
11% Office
8% Retail
7% Self-storage
7% Industrial
5% Senior housing
4% Hotel
3% Mixed-use
1% Townhome
1% Student housing
1% Medical office
1% Land
1% Build to rent

Assets by geography

17% North Carolina
12% Georgia
11% Texas
9% Virginia
7% Florida
7% New York
5% Maryland
5% South Carolina
4% Colorado
4% District of Columbia
4% Pennsylvania
4% Tennessee
3% Illinois
3% Wisconsin
1% New Jersey
1% New Mexico
1% Oregon
1% Minnesota
1% Utah