Venture capital in Wisconsin
13 venture firms are based in Wisconsin, from SEC filings and the fund index. Below them are Wisconsin’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Wisconsin ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 13 venture firms 51 other sources of capital 19 LPs.
Free weekly email for managers raising: new LP commitments, LPs adding venture funds, and programs taking submissions. Get it.
Venture firms based in Wisconsin
13 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | American Family VenturesAmfam VC Management, LLC | Madison | 4 | $461M | 2019 |
| 2 | Venture Investors LLC Emerging | Madison | 8 | $212M | 2012 |
| 3 | Healthx Management, LLC Emerging | Madison | 9 | $174M | 2019 |
| 4 | Character Capital LLC Emerging | Milwaukee | 4 | $113M | 2026 |
| 5 | Gener8tor Management, LLC Emerging | Madison | 31 | $110M | 2023 |
| 6 | Titletowntech Ventures LLC Emerging | Green Bay | 2 | $95M | 2019 |
| 7 | Capital Midwest Advisors III EmergingCapital Midwest Advisors III, LLC | Mequon | 1 | $86M | 2016 |
| 8 | CVC Manager, LLC Emerging | Milwaukee | 1 | $79M | 2019 |
| 9 | Endowment Wealth Management, Inc. Emerging | Appleton | 7 | $94M | 2018 |
| 10 | Idea Fund Venture Management, LLC Emerging | La Crosse | 3 | $39M | 2025 |
| 11 | NVNG Investment Advisors, LLC Emerging | Madison | 1 | $57M | 2021 |
| 12 | Capital Midwest Advisors II, LLC Emerging | Mequon | 1 | $27M | 2012 |
| 13 | Rock River Capital Partners, LLC Emerging | Madison | 1 | $26M | 2019 |
Other sources of capital in Wisconsin
19 SBA lenders, 15 community development lenders, 6 union pension plans, 4 corporate pension plans, 3 pension master trusts, 2 placement agents, 1 angel group, and 1 university venture fund. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Wisconsin Investment Partners | Madison | Angel group of more than 100 investors, founded in 2000, making seed- and early-stage investments across a wide range of industries. |
| Landolt Securities | OshKosh | 1 venture fund since 2021 |
| Robert W. Baird & Co. Incorporated | Milwaukee | 2 venture funds since 2021 |
| WARF Ventures | Madison | Fund of the Wisconsin Alumni Research Foundation; gives seed and growth funding to startups commercializing University of Wisconsin–Madison technologies. |
| American Family Pension Plan | Madison | In partnerships and joint ventures: $106M |
| The Northwestern Mutual Employee Retirement Plan | Milwaukee | In partnerships and joint ventures: $353M |
| The Northwestern Mutual Life Insurance Company Agents Retirement Plan | Milwaukee | In partnerships and joint ventures: $225M |
| Twin Disc, Inc Combined Retirement Plan for Racine Hourly and Salaried Employees | Milwaukee | In partnerships and joint ventures: $39M |
| Building Trades United Pension Trust Fund Milwaukee and Vicinity | Elm Grove | In partnerships and joint ventures: $746M |
| Defined Benefit Pension Plan of the Plumbers & Steamfitters Local 400 and Mechanical Contractors Association of North Central Wisconsin | Kaukauna | In partnerships and joint ventures: $40M |
| Electrical Construction Industry Pension Plan | Wauwatosa | In partnerships and joint ventures: $33M |
| Milwaukee Drivers Pension Plan | Milwaukee | In partnerships and joint ventures: $252M |
| North Central States Regional Council of Carpenters Pension Fund | Eau Claire | In partnerships and joint ventures: $453M |
| Wisconsin Laborers' Pension Fund | Deforest | In partnerships and joint ventures: $234M |
| CMFG Life Insurance Company Non-Represented Plan Qualified Trust | Madison | In partnerships and joint ventures: $63M |
| Integrys Energy Group Master Retirement Trust | Milwaukee | In partnerships and joint ventures: $412M |
| Wec Energy Group Master Retirement Trust | Milwaukee | In partnerships and joint ventures: $294M |
| ACTS LENDING INC | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Bay Bank | Green Bay | Native community development bank or thrift in Green Bay, WI, certified by the US Treasury’s CDFI Fund. |
| Cedar Growth Corporation | Black River Falls | Native community development loan fund in Black River Falls, WI, certified by the US Treasury’s CDFI Fund. |
| Community Assets for People | Stevens Point | Community development loan fund in Stevens Point, WI, certified by the US Treasury’s CDFI Fund. |
| First American Capital Corporation, Inc. | Hale Corners | Native community development loan fund in Hale Corners, WI, certified by the US Treasury’s CDFI Fund. |
| Forward Community Investments, Inc. | Madison | Community development loan fund in Madison, WI, certified by the US Treasury’s CDFI Fund. |
| Habitat for Humanity International, Inc. d/b/a Habitat for Humanity of Dane County | Madison | Community development loan fund in Madison, WI, certified by the US Treasury’s CDFI Fund. |
| Hmong Wisconsin Chamber of Commerce | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Impact Seven, Incorporated | Rice Lake | Community development loan fund in Rice Lake, WI, certified by the US Treasury’s CDFI Fund. |
| Legacy Redevelopment Corporation | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Milwaukee Economic Development Corporation | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Northwest Side Community Development Corporation | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Wisconsin Native Loan Fund, Inc. | Lac du Flambeau | Native community development loan fund in Lac du Flambeau, WI, certified by the US Treasury’s CDFI Fund. |
| Wisconsin Women's Business Initiative Corporation | Milwaukee | Community development loan fund in Milwaukee, WI, certified by the US Treasury’s CDFI Fund. |
| Woodland Financial Partners Inc | Keshena | Native community development loan fund in Keshena, WI, certified by the US Treasury’s CDFI Fund. |
| American National Bank-Fox Cities | Appleton | 7(a) loans approved, fiscal year 2026: $6.9M |
| Associated Bank National Association | Green Bay | 7(a) loans approved, fiscal year 2026: $70M |
| Bank First, N.A. | Manitowoc | 7(a) loans approved, fiscal year 2026: $15M |
| Bank Five Nine | Oconomowoc | 7(a) loans approved, fiscal year 2026: $43M |
| CCFBank National Association | Altoona | 7(a) loans approved, fiscal year 2026: $18M |
| Citizens State Bank of La Crosse | La Crosse | 7(a) loans approved, fiscal year 2026: $4.8M |
| First Business Bank | Madison | 7(a) loans approved, fiscal year 2026: $32M |
| Hiawatha National Bank | Hager City | 7(a) loans approved, fiscal year 2026: $9.8M |
| IncredibleBank | Wausau | 7(a) loans approved, fiscal year 2026: $7.4M |
| Ixonia Bank | Ixonia | 7(a) loans approved, fiscal year 2026: $9.5M |
| Lake Ridge Bank | Middleton | 7(a) loans approved, fiscal year 2026: $10M |
| National Exchange Bank and Trust | Fond Du Lac | 7(a) loans approved, fiscal year 2026: $4.1M |
| Nicolet National Bank | Green Bay | 7(a) loans approved, fiscal year 2026: $12M |
| Oak Bank | Fitchburg | 7(a) loans approved, fiscal year 2026: $5.2M |
| Oostburg State Bank | Oostburg | 7(a) loans approved, fiscal year 2026: $6M |
| Peoples State Bank | Wausau | 7(a) loans approved, fiscal year 2026: $11M |
| Summit CU | Cottage Grove | 7(a) loans approved, fiscal year 2026: $14M |
| Town Bank, National Association | Hartland | 7(a) loans approved, fiscal year 2026: $5.6M |
| Waukesha State Bank | Waukesha | 7(a) loans approved, fiscal year 2026: $13M |
LPs based in Wisconsin
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.