The University of Michigan’s student‑run Wolverine Venture Fund announced an exit that valued HistoSonics at about $2.25 billion—creating a rare "double‑unicorn" outcome for a student‑managed fund. MBAs in the Ross School of Business participated in due diligence and an actual $250,000 Series B investment that preceded the acquisition. Faculty managing director Erik Gordon framed the result as evidence that student‑led funds can make real portfolio decisions with institutional dollars and deliver market returns while serving as a hands‑on education in venture finance. The transaction will intensify debates about universities’ role in entrepreneurship education, fiduciary oversight of student funds, and how to scale experiential investing programs while managing risk to endowments and donors.