Wolverine Venture Fund

MBA and graduate student teams conduct the full investment process — sourcing, due diligence, and term sheet negotiation — under the supervision of Faculty Director Erik Gordon. The investment committee includes students holding voting seats alongside faculty and external venture capital professionals who serve as advisors. Final investment decisions are made by the committee, not unilaterally by faculty or endowment staff.

The University of Michigan's endowment provides the fund's capital. WVF is not an alumni-funded donor vehicle — it uses a permanent allocation from the university's long-term investment pool. Realized returns cycle back to fund future investments and program operations rather than distributing to external limited partners.

WVF focuses on early-stage investments, with initial checks typically under $500,000. The fund maintains reserves for follow-on participation in later rounds. Target companies are often pre-revenue or early-revenue, and many have direct connections to University of Michigan research or faculty — though the fund evaluates opportunities beyond the university ecosystem.

WVF accesses a proprietary sourcing pipeline through the University of Michigan's technology transfer office, faculty research labs, and the Ross School's entrepreneurial network. The fund also reviews deals referred by its network of alumni now working at major venture firms. This academic proximity gives WVF early looks at spinouts before they reach institutional venture funds.

WVF is both — an educational program that operates as a functioning micro-VC. Students manage real institutional capital with fiduciary obligations and voting committee seats. The dual structure means investment returns fund the educational mission, and students exit the program with actual investment track records rather than simulated portfolios.

The fund's portfolio spans enterprise software, digital health, AI/ML platforms, and mobility startups. It has historically concentrated on sectors aligned with the University of Michigan's research strengths — life sciences, engineering, and information technology. The fund does not publicly exclude specific sectors but has demonstrated no activity in real estate, infrastructure, or consumer packaged goods.

The fund operates through the Zell Lurie Institute at the Ross School of Business, not the university's investment office. Student teams and faculty advisors manage the portfolio independently of endowment staff. The university's investment office approves the capital allocation structure but does not direct individual investment decisions.