Our Team

Ian Colville

Managing Partner

Ian Colville is the Managing Partner of Carpathian Capital Management.  Mr. Colville is a native of Minnesota (born in Rochester). He has a BA in Economics from Carleton College in Northfield, MN and an MBA from the Wharton School at the University of Pennsylvania and has 10 years of investment banking experience as well as 7 years of management consulting experience.  Mr. Colville’s prior positions include Managing Director with Citibank – Head Equity Sales Moscow, Russia; Managing Director with Deutsche Bank – Head Equity Sales Moscow, Russia; Partner/CEO Dream House Ukraine – The largest manufacturer and builder of wood-frame structures (homes, condos, mid-sized commercial buildings) in Ukraine.

Connect with Ian on LinkedIn

Eric Bialke

Sr. Director, Real Estate Joint Ventures

Eric is an accomplished real estate finance executive with experience in sourcing and structuring JV real estate investments, cash flow valuation, asset management, and investment value add creation. Eric is responsible for new business origination focusing on deal structuring and relationship management of builder/developer partnerships. Eric earned a bachelor’s degree in Accounting from St. Johns University and passed the CPA exam. His experience in real estate investments includes:

Mountain Real Estate Capital (MREC) – Senior Director

• Responsible for investing $250+M in capital across numerous real estate investments in five national markets resulting in $300+M net profits to investors
• During tenure at MREC, served on both the Asset and Land Committees at Oakwood Homes

GMAC-RFC

• 10 years as a Director Investment Manager
• Focusing on sourcing, underwriting and managing real estate investments nationally

Connect with Eric on LinkedIn

Matt Forster

Chief Operating Officer

Matt Forster is the COO of Carpathian Capital Management. He has over 20 years of operations and execution leadership experience. Matt has held executive positions with 3 startups the most recent of which was sold to Pearson in 2010 for whom he recently served as Director, Client Services. Matt is a PMI certified project manager and has a BA in Chemistry from Carleton College in Northfield MN. 

• Over 20 years of operations and execution leadership experience
• Held executive positions in charge of operations or product delivery with 3 start ups
• Most recent for whom he served as Director, Client Services was sold in 2010 to Pearson
• Began his career establishing a foundation in systems and process, working at both CSC Consulting and Systems Integration, as well as IBM Global Services

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Steve Nolander

Sr. Director of Commercial Lending

Steve’s primary focus is overseeing the origination and management of the construction loan portfolio. Steve is a veteran in the space with over 20 years of lending and joint venture equity experience.

• Past 12 years, focused on homebuilder lending with Lakeland Construction Finance & The Excelsior Group, and residential real estate joint venture equity investments with Mountain Real Estate Capital (MREC)
• Managed $150M+ joint venture portfolio at MREC working closely with builder/developer partners on business plans, sales & marketing strategies, cost budgets and project bank financing. 
• Bachelor’s degree in business administration – Financial Management from the University of St. Thomas

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Dan Kragt

Sr. Director of Finance

Dan Kragt is a seasoned finance professional specializing in financial reporting and accounting functions at Carpathian Capital Management. With over 30 years of experience in the alternative investment and private equity industry, Dan has a proven track record of enhancing and streamlining financial processes in complex organizations.

• Served in significant roles at firms such as Merced Partners, Castlelake, and Hunter Street Partners
• Held various leadership positions, including Controller, Director of Operations, and Treasury Director
• Expertise in managing financial audit and tax reporting processes for both internal and external stakeholders

Credentials:

• CPA (inactive)
• Bachelor’s degree in Accounting from Truman State University

Dan’s unique blend of accounting, operations, and treasury experience enables him to drive efficiency and accuracy in financial management.

Connect with Dan on LinkedIn

Rick Hillard

Investment Manager – Real Estate Joint Ventures

Rick is responsible for asset management and financial analysis of real estate joint venture investments with our builder/developer partners. With over 15 years of experience in asset management and analytics, Rick has a proven history in solid investments.

Watermark Equity Group Investment Director

• Oversaw Watermark’s build for rent Twin Cities portfolio totaling 200+ Units, $30M in equity, and $70M in bank debt.

Mountain Real Estate Capital (MREC) Investment Manager

• Managed residential builder/developer Joint Venture investments with a total peak/committed capital of $75M, returning $50M in total net profits and a 26% IRR to investors
• Managed/closed REO/Loan investments within various real estate portfolios including an Illinois REO Bank Portfolio with a UPB of $24M returning a 20% IRR in 24 months

GMAC RFC Financial Analyst

• Assisted the BCG REO Division with valuation, reporting, and the disposition of the REO portfolio

Connect with Rick on LinkedIn