Professional Without Corporate

Our Team

We are a team of dedicated professionals but we aren’t a big, faceless corporation. Our clients have direct access to our entire team and we’re happy to talk. There are no call centers, just us.

Ian Colville

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

Ben Frederickson

Ben Frederickson

Director, Business Development & Investor Relations

Ben leads the Business Development and Investor Relations functions for Carpathian Capital. After graduating with a bachelor’s degree in Global Business from St. John’s University, he worked in client-facing roles in Asset Management at BlackRock and VC/Fintech at Circle. With extensive experience building relationships with Institutional and High Net Worth investors, Ben is focused on delivering a premier investor experience and elevating Carpathian’s visibility in the alternative investment sector.

Connect with Ben on LinkedIn

Eric Bialke

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


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

Connect with Eric on LinkedIn

Matt Forster

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

Connect with Matt on LinkedIn

Steve Nolander

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

Connect with Steve on LinkedIn

Dan Kragt

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


  • 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

    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

      The CCM Difference

      Professional Without Corporate:
      We offer professional interactions without the red tape and bureaucracy.  Our clients, employees, and investors are all stakeholders and priority #1.  Our Executive Team is always accessible, and a phone call away.


      Direct Line Investing:
      We source unique opportunities for investors based on decades of relationships with operating partners, lenders, and advisors. We provide a diverse range of opportunities that match risk-adjusted returns.  We are nimble, agile, and quick to pivot to areas of emerging real estate investment opportunities.


      Our investment underwriting is rigorous, comprehensive, streamlined, and based on proven processes, which identify risks and mitigations.  We continuously research ever-changing market conditions to understand real estate valuations and identify optimal geographic investment opportunities.


      It’s what we know and what we do well.  We are long-term, strategic finance partners to builders, developers, and investors.  We leverage decades of real estate experience to help our operating partners execute their business plans and achieve success.

      The CCM Difference

      CCM Team Experience


      Assets Managed


      Units Closed


      Equity Investments


      Construction Lending