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Jeffrey Sohl thought he had a winning idea when he helped launch the in 2015. 听听

"I never thought it was going to fail, but then I also never realized just how much we would accomplish creating this successful fund," says Sohl, the fund's founder and managing director, looking back as the fund celebrates its 10th anniversary at the UNH Peter T. Paul College of Business and Economics.听

When the fund launched with a generous gift from S. Melvin 鈥淢el鈥� Rines 鈥�47, a former Wall Street professional, it was the first undergraduate-only investment fund of its kind, giving students real-world experience evaluating start-up pitches, conducting due diligence and making investment decisions. 听

For Sohl, a professor of entrepreneurship and decision sciences with an extensive background in angel investing research, it was essential to provide students with an authentic experience. The fund operates as a selective year-long, four-credit course, where students participate in a rigorous selection process. 听

"We run it like a business," Sohl says. "We rarely look at GPA. We really look for motivation 鈥� someone who's going to run through a brick wall for Rines and take care of the capital for future generations.鈥� 听

Mel Rines and his son David remain closely involved with the fund. 听

"It鈥檚 met, and exceeded, our expectations in a wonderful way. Just seeing all the different levels of development for the students 鈥� from their education to their marketable skill sets to their professionalism 鈥� is incredible. They're already bringing real-world experience into this stage of their education,鈥� David Rines says. 鈥淚t's second to none. So often, when you're in a classroom, you wonder what the real world is going to be like after you graduate. But these students are already experiencing it now."听

Students begin on due diligence teams that produce comprehensive investment reports, valued by angel investor partners at $50,000 to $60,000. As they gain experience, they advance to leadership roles on the executive committee. Professional presentation is essential for pitches and industry events.听

"These entrepreneurs come in thinking they're just talking to a bunch of students, and then we knock their socks off because not only do the students know all about their business and industry, but they also look professional,鈥� Sohl says. 听

Authenticity Leads to Success 听

The fund maintains 12 investments across sectors听including software, biotech, edtech, fintech and food products. Their first investment 鈥� a Harvard biotech company 鈥� has since secured more than $400 million in additional funding. While all investments have secured follow-on funding, they've experienced the industry's typical failure rate of 70 to 80%.听

"We expect to lose on some deals. We aim for home runs, but we also like doubles and triples," Sohl says.听

Rines has a 100% job placement rate, with most securing positions by February of their senior years, according to Sohl.听

Kelsie Dawe 鈥�22, a former co-managing director at Rines, led the fund by overseeing the executive board and analysts, networking with founders to source potential deals, and managing the due diligence process. She says the experience helped her land internships and secure a full-time job by September of her senior year.听

"I gained a lot just in understanding what my ability was. By the time I graduated, I felt like I had grown a lot in a short amount of time,鈥� Dawe says.听

Now a senior analyst at Hercules Capital on the life sciences team, where she provides venture lending to biotech companies, Dawe credits Rines with giving her a professional edge.听

"I definitely think it gave me a huge leg up," she says. "Students from Rines have skills that aren't necessarily taught in the classroom 鈥� knowing how to structure emails, how to present yourself in group settings, showing up appropriately dressed. Those are huge changes from being a college student to working full-time that you don't necessarily realize will be a big part of your day-to-day."听

Morgan Kahn 鈥�24, who served as co-managing director for two years, spearheaded incorporating sustainability considerations into the due diligence process 鈥� adding a new section to reports and teaching fellow students that sustainability extends beyond "just solar panels and recycling."听

"Jeff was willing to hear from me and was excited to see that I was excited to contribute something," Kahn says. "Once I graduated, we had already invested in a sustainability-focused company, and my class members were writing articles about sustainable investment opportunities. I really could see that it had created a positive impact."听

Kahn says company representatives were consistently impressed by Rines students' preparation and thoroughness during pitches.听

"We were asking questions at a higher level, really showing that we had already put in the work," Kahn says. "They really appreciated that we cared about their business at the same level that they do."听

Now at Silicon Valley Bank as an associate development program analyst, Kahn evaluates startup companies for various debt facilities.听

"I can accredit this whole career and just finding the things that I really enjoy with Rines," says Kahn, who secured her job offer during the first semester of her senior year. "I definitely would not be here without the organization."听

Taking A Step Back 听

Sohl is retiring from teaching and transitioning away from day-to-day involvement with the fund. He'll continue to chair the investment committee, work with the executive committee, and stay involved with alumni activities. UNH colleagues Jianhong Chen, associate professor of strategic management, and Khole Gwebu, professor of decision sciences, will take on larger roles with the fund.听

Sohl acknowledges Paul College staff member Laura Hill's contributions during her 25 years at the Center for Venture Research before her retirement. Looking back at the decade of success, he's proud of what his team has built and the many student success stories.听

鈥淚 feel pretty secure in our future, at least with the students that I see in my class,鈥� Sohl says. 鈥淚 tell them as many times as I can, I would put my students up against any undergraduate or graduate program in the country.鈥� 听