Question on how to Start a University Real Estate Investment Fund

I've done some research recently on the Real Estate investment funds at UT Austin, Michigan, Indiana, UNC, etc. I'm impressed with how they do direct property investments into physical real estate as an LP.

2 friends and I are currently trying to start a Real Estate investment fund at our school, we go to an SEC school (one of the good ones). Has anyone had experience being part of a real estate investment fund at their university or started one on their own, that could opine with advice?

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