Public colleges and universities have long turned to institutionally related foundations ("IRFs") to raise private support and manage endowments and other financial assets. From the start, however, IRFs have also served as vehicles enabling public institutions to engage in real estate transactions and related entrepreneurial ventures that advance important institutional priorities but would be impractical or impossible for a state entity to undertake alone. This paper focuses on the new and/or increased role of the IRF and the questions raised concerning (a) which organization is most appropriate to undertake these activities, (b) how the organization should be structured, with an emphasis on the possible advantages and disadvantages of different configurations, (c) how the organization should be governed, managed, and staffed, and (d) the types of real estate projects in which it may get involved.