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Published Oct 19, 2020

Carrie Thome – Nothing Ventured, Nothing Gained at WARF and beyond (Capital Allocators, EP.160)

Carrie Thome delves into her transformative work at the Wisconsin Alumni Research Foundation, showcasing how strategic investments led to significant tech transfer innovations and bolstered the local ecosystem. She shares insights from her journey to founding venture capital firm NVNG, emphasizing the strategic blend of active and passive portfolio management and her vision for strengthening Wisconsin’s entrepreneurial landscape.
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  • Early Career

    shares her journey from a small farming town in Wisconsin to becoming a prominent figure in institutional investment. Her career began almost by accident, driven by a desire to move to a bigger city and a process of elimination that led her to finance 1. Initially, she explored real estate finance, influenced by her father's masonry background, but found it unfulfilling. "I really fell in love with real estate," she recalls, but the monotony of underwriting mortgages pushed her towards institutional investment 2. This unexpected path eventually led her to the State of Wisconsin Investment Board (SWIB), marking the start of her significant contributions to the field.

       

    SWIB & WARF

    At SWIB, Carrie joined the private equity portfolio, which resonated with her real estate background and sparked her interest in venture capital and buyouts 3. Her time at SWIB was marked by a steep learning curve, where she transitioned from real estate to understanding complex financial instruments like carried interest. "I can smile now, because I think those first meetings, every time I went to a meeting, and I'd come from real estate and someone would talk about carried interest," she reflects on her early days 3. This experience paved the way for her role at WARF, where she managed a diverse portfolio and contributed to the foundation's mission of supporting the University of Wisconsin through innovative technology transfers 4.

       

    Venture Capital

    Carrie's decision to leave WARF and start NVNG was driven by her passion for venture capital and a desire to focus on a single asset class 5. She aimed to leverage her expertise to enhance Wisconsin's entrepreneurial ecosystem, drawing inspiration from successful models in Michigan and Ohio. "I really wanted to focus in on a single asset class again," she explains, highlighting her commitment to bringing venture capital to the state 5. By founding NVNG, Carrie seeks to apply her institutional investment knowledge to foster innovation and economic growth in Wisconsin.

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