What is REF?

• REF is a 40-person cohort of U-M undergraduate and graduate students tasked with sourcing, analyzing, underwriting, pitching, and - ultimately - investing in minority limited-partner positions for various single-asset syndications or portfolio acquisition opportunities

• Since 2015, REF has invested $500,000+ in capital across 10 acquisitions. The Fund targets net portfolio-level IRRs of 12.5% over a 5- to 10-year hold period

• The Fund targets both traditional and niche asset classes (e.g., multifamily, retail, industrial, car washes, campgrounds, self-storage, and marinas) and is agnostic to its position in the capital stack (e.g., common equity through senior debt)

Our Mission

REF was established in 2015 to provide a unique learning and educational experience for its student members in the real estate private equity, credit, and development industries. Tenure as a member provides students with hands-on experience in the real estate investment process, from due diligence and underwriting to preparing investment committee memos and presentations

$500,000+

Dollars Invested

10

Acquisitions

40+

Members

Placement