USC Marshall Venture Fund

MBA students selected for the fund's cohort serve as the primary investment team, handling sourcing, due diligence, and deal execution. An investment committee composed of USC faculty, alumni venture capitalists, and a small number of student leaders votes on final decisions. Michael Yan, the Managing Director, oversees operations and provides continuity across student cohorts.

The fund sources primarily through the USC Marshall and broader Trojan alumni network, which includes founders and general partners concentrated in Los Angeles and Silicon Valley. Student teams also conduct proactive outreach to startups raising seed and Series A rounds. The fund's co-investment relationships with firms like Founders Fund and Andreessen Horowitz provide additional inbound deal flow.

The USC Marshall Venture Fund writes real equity checks ranging from $50,000 to $200,000 per company and reserves capital for follow-on investments. It operates as an evergreen vehicle where realized returns recycle into deployable capital. The fund has deployed over $10 million across more than 40 companies since its 2020 launch, placing it squarely in the category of a real, active early-stage investor.

The fund makes direct equity investments in startups, typically at the seed or Series A stage. It co-invests alongside institutional venture firms rather than investing as a limited partner in their funds. Known co-investors in portfolio companies include Founders Fund, Andreessen Horowitz, and Greycroft.

The fund targets early-stage companies with demonstrated product-market fit, strong founding teams, and a connection to the USC ecosystem. Its sector focus spans enterprise software, AI/ML, digital health, fintech, consumer, and media & entertainment. The fund reserves follow-on capital for existing portfolio companies that show strong execution.

The fund's capital comes from donations from USC Marshall alumni. Unlike a traditional venture fund, it operates as an evergreen vehicle — investment returns do not distribute to limited partners but instead replenish the capital base for future student cohorts to deploy. The fund does not charge management fees or carried interest.

The fund's structure accounts for annual cohort turnover. Each incoming class of MBA students assumes responsibility for new investments and portfolio monitoring, while alumni from prior cohorts have no ongoing management role. The Managing Director and faculty investment committee provide institutional memory and consistency across transitions.