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NVNG Investment Advisors
NVNG Investment Advisors runs a venture fund of funds from Madison, Wisconsin, pairing institutional access with a state-focused economic mandate.
NVNG Investment Advisors
NVNG Investment Advisors is a boutique firm in Madison, Wisconsin, formed by institutional investors with backgrounds overseeing multi-billion dollar portfolios. The firm targets a gap in the venture capital market — offering a disciplined fund-of-funds approach that curates access to highly competitive venture funds across the country. Its investor partners include a mix of corporations, financial institutions, and individuals, many with deep Wisconsin ties, such as West Bend Insurance, Johnson Financial Group, Baird, Exact Sciences, and A.O. Smith. The firm's core vehicle is a fund of funds. It handpicks a select group of venture capital managers designed to deliver competitive financial returns while also addressing the strategic objectives of its investor base and impacting the Wisconsin ecosystem. NVNG's strategy spans venture capital, growth equity, and buyout stages, with thematic programs including Venture Health. The firm also operates direct venture networking initiatives, such as the Venture North series in 2025 and 2026, which connect corporate and community investors with innovation economy players. NVNG lists three team members: Carrie Thome, Grady Buchanan, and Marina Rostein. The firm operates from a single office at 612 W. Main Street, Suite 200 in Madison, and has published a series of interviews with fund managers, including a May 2026 discussion with Restive's Cameron Peake and a February 2026 feature with Venture Investors Health Fund's David Arnstein. No AUM, deployment figure, or fund size has been publicly disclosed. What distinguishes NVNG is its intentional geographic dual mandate — every fund commitment is evaluated through the lens of both financial return and place-based impact for Wisconsin. Unlike generalist fund of funds, NVNG uses its LP position to bridge coastal venture managers with corporate and institutional investors concentrated in the Midwest, creating deal flow and co-investment pathways that neither side would organically develop.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Madison
Corporate office
612 W. Main Street Suite 200 Madison, WI 53703, United States
Principals
Carrie Thome
Team Member
Grady Buchanan
Team Member
Marina Rostein
Team Member
Sector focus
Frequently asked questions
How does NVNG select the venture funds in its portfolio?
NVNG handpicks a select group of venture funds designed to deliver competitive financial returns while also advancing the strategic objectives of its investor base and impacting the Wisconsin ecosystem. The firm leverages its team's decades of institutional investing experience and deep networks to access highly competitive funds across the country. This curated approach means each underlying manager is evaluated not only on return potential but also on their relevance to the firm's place-based mission.
Is NVNG structured as a single family office or a traditional fund manager?
NVNG is a boutique fund of funds manager, not a single family office. It pools capital from a mix of corporate, institutional, and individual investors. The firm was founded by professionals with backgrounds in institutional portfolio management, and it operates a traditional fund-of-funds model with a specific geographic focus on Wisconsin.
Does NVNG make direct venture investments or only invest through funds?
NVNG primarily operates a fund-of-funds model, allocating capital to a curated selection of external venture capital managers. There is no public record of the firm making direct co-investments or running its own direct venture funds. However, the firm runs networking initiatives like Venture North that facilitate direct connections between its investor base and the broader venture ecosystem.
What is the geographic focus of NVNG's investment strategy?
NVNG invests in venture funds across the country, but its strategy contains a dual mandate that explicitly targets impact on the Wisconsin ecosystem. The firm's investor base and headquarters are in Wisconsin, and the investments are structured to bring the benefits of venture capital — including access, innovation exposure, and returns — back to the state's corporations and institutions.
Who handles investment decisions at NVNG?
NVNG's website lists three team members — Carrie Thome, Grady Buchanan, and Marina Rostein — as the professionals running the firm. Specific roles, such as CEO or CIO, are not designated on the site. The firm states its team draws on decades of institutional investing experience overseeing multi-billion dollar portfolios, but individual track records and exact decision-making authority are not publicly detailed.
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