Historic $100M fund launched by WMU faculty to pioneer place-based investment and Experience-Driven Learning

PORTLAND, Mich.—Private investment capital. Experience-Driven Learning. Entrepreneurship. 

A recent collaboration between Sleeping Giant Capital, a private investment firm led by Western Michigan University management faculty members Dr. Doug Lepisto and Dr. Derrick McIver, and Western Michigan University’s Haworth College of Business brings together all these elements in an innovative way to create mutual benefit. 

On Tuesday, Sept. 23, Sleeping Giant Capital announced its second fund, Principled Impact Evergreen Fund II, with over $100M in commitment capital to acquire and grow West Michigan businesses, making it one of the largest in West Michigan. By connecting private investment capital, training of aspiring owner-operators and student talent in WMU Haworth’s leadership and business strategy program, this model creates financial returns for investors, new pathways for entrepreneurship in West Michigan and immersive experiential learning opportunities for undergraduates.  

And it's earning the praise of Gov. Gretchen Whitmer. 

“Innovative businesses, committed educators, hardworking students, bold entrepreneurs ... this really tells the story of what’s possible when we work together—when we put the best ideas on the table and all throw our backs behind making them a reality,” Whitmer said during the celebration at Portland Products.

“Both Sleeping Giant and Western share the goal of keeping good jobs in Michigan, and that is a goal that I think we should all be able to cheer for," Whitmer continued. “This work supports our goal to help anyone who wants to make it here in Michigan.” 

Lepisto says Sleeping Giant Capital strives to be the succession solution of choice for West Michigan business owners: “WMU Haworth provides innovative and impactful Experience-Driven Learning that makes a difference for both our students and our business community. The model we have built is attracting attention from other states looking to replicate what we have built here.”

Innovative model 

Portland Products, a leading manufacturer of stampings and assemblies, and Pro Stamp, a leading metal stamper, are companies that unite people and robotics, serving the automotive, office furniture, and appliance industries with both technical expertise and unrelenting customer service.  

When the current owner was looking to exit the company, Ben Greve, B.S.’08, a WMU mechanical and aerospace engineering graduate, and Rick Slater went through Sleeping Giant Capital’s place-based model for investment to acquire a company—and they were connected with Portland Products and Pro Stamp. 

Now, students in leadership and business strategy (LBS) courses at WMU Haworth are getting the chance to consult with these businesses on a growth strategy that involves entering new markets. The students are involved in a practicum in Sleeping Giant Capital’s downtown Kalamazoo office and getting mentorship from the CEOs along the way. 

“What stands out most is that the co-CEOs treat us as consultants,” says Maddy Khan from McHenry, Illinois, a project leader for the student consulting team. “They have been generous in sharing their business with full transparency, from opening their facilities for tours to providing historical sales data. Their willingness to involve us so directly has allowed our team to tailor recommendations with greater depth and relevance. This openness has been invaluable in understanding their business and in learning how consulting can create tangible value.” 

In addition to developing her capacity in ethnographic research and servant leadership during the project thus far, Khan has also learned to balance deadlines, resolve conflicts and motivate peers to produce insights that are impactful at the executive level. “This project stands out because it is not a case study. These are exactly the skills I hope to carry into a future in product and business consulting.” 

Lauren Miller from Kalamazoo, Michigan, a fellow student lead for the consulting team, agrees. 

“Our focus on identifying growth strategies and exploring new markets has taught me how to approach business expansion from both a strategic and analytical lens. I’ve learned how to assess market viability by analyzing demographic trends, competitive landscapes and consumer behavior,” she says.  

The project has pushed Miller to think critically about market entry strategies, positioning and differentiation. “I’ve gained insight into how sustainability and local sourcing—key values of Portland Products—can be leveraged as strategic assets in new regions,” she says. 

Sleeping Giant Capital’s engagement of student project teams from Western’s LBS program is a prime example of the University’s focus on Experience-Driven Learning.  

“This is the future of higher education,” says WMU President Russ Kavalhuna. “You have young people who are aspiring to be leaders and are not just writing papers. Our students are working with actual CEOs in actual plants and answering real businesses questions during their undergraduate education while they’re preparing to be professionals.”  

This was exactly the vision for LBS students that Lepisto and McIver had when they conceived of the program as an immersive, progressive experiential pathway that fosters student development and confidence.  

“Through my education at WMU Haworth, I have learned to think like an investor and lead like a founder,” says Miller. “I have not just gained skills in the leadership and business strategy program, I have gained confidence, clarity and a network of people who believe in me.”  

About Sleeping Giant Capital 

Sleeping Giant Capital is a Kalamazoo-based investment firm focused on long-term, place-based investment. In September, the firm announced the formation of its second investment fund that launched with more than $100 million in committed capital and ambitious growth aspirations—the new fund could grow much larger with a long-term goal of reaching as much as $250 million in committed capital. 

Sleeping Giant Capital was founded in 2020 by Drs. Doug Lepisto and Derrick McIver, faculty in WMU’s Department of Management and co-directors of the WMU Haworth Center for Principled Leadership and Business Strategy. The investment firm’s new Principled Impact Evergreen Fund II will follow the same model as its first fund and back prospective business owners who want to own and operate a company and go through entrepreneurial training. Sleeping Giant Capital created the second fund after raising $34.5 million in capital through the first fund that currently holds six companies. Sleeping Giant Capital also recently announced a $20,000 gift to support a new Principled Leadership Lab at WMU, which will be affiliated with the LBS program. 

About leadership and business strategy 

WMU Haworth’s leadership and business strategy program is a unique co-major focused on value-added experiences with real-life businesses. All leadership and business strategy students have experience as business analysts—first on a team of peers and then leading a team of peers. The student teams assist portfolio companies of Sleeping Giant Capital with their business questions through research and analysis that leads to recommendations on entering new markets, new geographies, or developing new products and services. 

And the approach leads to superior outcomes for leadership and business strategy students. According to the WMU Career Outcomes Report:  

• 100% of leadership and business strategy graduates are working full time quickly after earning their degree.
• 100% of leadership and business strategy graduates working full time have a job related to their degree. 

To learn more about the leadership and business strategy program, visit the website.  

For more WMU news, arts and events, visit WMU News online.