What stage does Rice invest at?

Rice invests at the Seed, Series A, Series B stages.

What sectors does Rice focus on?

Rice focuses on AI & Machine Learning, Fintech, PropTech, SaaS.

Where is Rice located?

Rice is headquartered in Plymouth, US.

Rice

Private equity

Plymouth · Seed–Series B · 21 people tracked

Also known as Rice Park Capital Management Lp

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Investment thesis

Rice Park Capital pursues investments in sectors and situations where it can leverage experience across residential and commercial real estate, mortgage, credit, and technology. The firm applies transparent, relationship-oriented strategies to build capital solutions tailored to specific market opportunities. Its core areas include residential mortgage servicing rights (MSR), invested through an integrated platform combining sourcing, servicing oversight, and portfolio management, as well as residential mortgage credit approached via a disciplined framework centered on production, performance, and alignment. The firm also finances business purpose loans for real estate investors acquiring, improving, constructing, and operating residential investment properties.

Invests inAI & Machine Learning Fintech PropTech SaaS United States

Source: firm website, verified Sep 22, 2026.

Stage

Seed–Series B

Plymouth, MN, US

Instruments

Equity · Debt

Founded

2019

AUM

$1.4B

Tracked investments

Team · 21 people

from the firm's website & public directories

Nick Smith· Founder | Managing Partner | Chief Executive Officer

Founder, Managing Partner and CEO of Rice Park Capital, having built it into one of the largest MSR investors in the US. Previously CIO of Blackstone's private residential mortgage REIT, co-founder and CIO of Finance of America, and a Managing Director at Two Harbors.

Bryce Bradley· Partner | President of Originations· United Statesin

Partner and President of Originations overseeing the residential mortgage originations business. Joined via Rice Park's acquisition of Rosegate Mortgage, which he co-founded and led as CEO.

Craig Freel· Partner | President | Co-Chief Investment Officer· St Paul, Minnesota, United Statesin

Partner, President and Co-CIO overseeing the investment team and portfolio management. Joined in 2020 after serving as SVP of Portfolio Management at RoundPoint Mortgage Servicing, and is a CFA charterholder.

Craig Opp· Partner | General Counsel | Chief Compliance Officer· Greater Minneapolis-St. Paul Areain

Partner, General Counsel and Chief Compliance Officer managing legal and compliance. Previously General Counsel at GWG Holdings and at Incenter LLC, with prior counsel roles at Green Tree and GMAC ResCap.

Matt Kennedy· Partner | Co-Chief Investment Officer· Minneapolis, Minnesota, United Statesin

Partner and Co-CIO overseeing the investment team and portfolio management. Previously a senior investment team member at Varde Partners (2009-2021) and a trader/portfolio manager at GMAC Residential Capital.

Nick Boardman· Partner | EVP, Finance & Administration

Partner and EVP of Finance & Administration. Joined via the Rosegate Mortgage acquisition, where he was CFO, with prior finance roles at Tri Pointe Homes and Newland Real Estate Group.

Shawn Kelly· Partner | Chief Operations Officer | Chief Financial Officer

Partner, COO and CFO overseeing accounting, operations, transaction management and asset management. Previously Managing Director of Residential Mortgage Operations at Two Harbors.

Alex Zlotnikov· Vice President of Portfolio Management· Bloomfield Hills, Michigan, United Statesin

Vice President of Portfolio Management responsible for MSR strategy, hedging and trading. Previously managed MSR and balance sheet activity at Flagstar Bank and held roles at Fannie Mae and Washington Mutual; a CFA charterholder.

Ashley Kelner· Vice President | Servicing Oversight & Document Management· Greater Minneapolis-St. Paul Areain

Vice President of Servicing Oversight and Document Management responsible for servicing oversight and mortgage documents for the MSR portfolio. Previously AVP of Counterparty Oversight at Two Harbors.

Audrey Peter· Senior Accountant

Senior Accountant performing corporate and fund accounting for Rice Park and its funds. Previously a Fund Accounting Manager at SS&C Technologies with over 10 years in fund accounting.

Bryan Hill· Chief Administrative Officer· Durham, North Carolina, United Statesin

Chief Administrative Officer overseeing budgeting, financial planning, vendor and project management, and HR. Previously Director of Business Development and Strategy at Two Harbors.

Emily Potrykus· Vice President | MSR Analytics

Vice President of MSR Analytics responsible for MSR pricing, hedging and portfolio management. Previously a Director at Finance of America Capital Management and Incenter Mortgage Advisors.

Ghillian Grantham· Vice President | Transaction Management & Transfers

Vice President of Transaction Management and Transfers overseeing counterparty engagement and service transfers for the MSR portfolio. Previously a Transaction Analyst at Two Harbors.

Jennifer DeCoteau· Senior Accountant

Senior Accountant providing fund accounting and support services. Previously an Associate Manager in fund accounting at SS&C Technologies and a CPA.

Jessica Pejka· Vice President | Administration

Vice President of Administration overseeing vendor and project management functions. Previously VP of Transaction Management at Rocktop Capital Advisors.

Jimmy Bohmbach· Accountant· St Paul, Minnesota, United Statesin

Accountant supporting accounting and finance functions. Previously a Treasury Analyst at Naviga Global.

Jodi Sie· Fund Controller· Greater Minneapolis-St. Paul Areain

Fund Controller overseeing accounting, administration, audit, tax and financial reporting for Rice Park's funds. Previously Controller at Merced Capital with over 20 years in alternative investments.

Ken Casteel· Senior Compliance Counsel

Senior Compliance Counsel managing legal and compliance functions and regulatory examinations for the MSR strategy. Previously in-house counsel at Freedom Mortgage and RoundPoint.

Mitch Steffen· Vice President | Systems, Reporting & Analysis

Vice President and head of systems, reporting and analysis responsible for technology infrastructure and data. Previously VP of Systems, Reporting and Analysis at Two Harbors.

Stephanie Huotari· Vice President | Systems, Reporting & Analysis

Vice President of Systems, Reporting and Analysis responsible for technology infrastructure and data. Previously AVP Data Analyst at Two Harbors.

Travis Brown· Associate of Systems, Reporting, and Analysis· Washington DC-Baltimore Areain

Associate of Systems, Reporting and Analysis responsible for technology infrastructure and data. Previously a Data Analyst at Nexben, Inc.

What they invest in

from 1 of 3 portfolio companies

Circular Economy ×1Cleantech ×1Energy ×1

HQs:United States×2

Investments · 3 tracked

founders shown can be your intro path

By year:2024 · 1 2023 · 1 2019 · 13 dated

Candor Technology, Inc.inFeb 2024

The Villages, US

Thomas Showalter(Executive Officer, Director)inMark Hinshaw(Director)

Board Patrick Meenan(Director)in

Co-investorsArthur Ventures Assurant Ventures

EnerPureenerpure.tech inOct 2023

EnerPure recycles used motor oil (UMO) using small modular recycling plants and a patented process, converting the waste product into a marine fuel product sold to shipping companies.

Circular EconomyCleantechEnergyWinnipeg

Robert Peterson(Director)Norman Barnabe(Director)Todd Habicht(Executive Chairman & Founder)Douglas Kroeker(Executive Officer)Tammy Habicht(Director)Albert Krahn(Director)

Co-investorsRed River Métis Business Development Corporation Canada Growth Fund Rice Investment Group

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Rolebot

Fund performance · per public LP disclosures

as of Sep 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Rice Partners II, L.P.LPs: Washington State Investment Board	1994	—	-3.4%	0.90x	0.88x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What stage does Rice invest at?: Rice invests at the Seed, Series A, Series B stages.
What sectors does Rice focus on?: Rice focuses on AI & Machine Learning, Fintech, PropTech, SaaS.
Where is Rice located?: Rice is headquartered in Plymouth, US.

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