DSV co-invested alongside IBC Funds in a number of portfolio companies over a relationship spanning more than 20 years. Throughout his 22 years at DSV, the combined funds invested over $220 million of total capital into 66 portfolio companies. Carter joined IBC Funds in 2021, after serving as managing director and principal of three prior SBIC funds with Diamond State Ventures (“DSV”). Miltenberger received his MBA from the Kellogg School of Management at Northwestern University with majors in Finance and Strategy and graduated from Loyola University New Orleans with a BBA. Miltenberger worked at Hibernia Capital Corporation as Venture Capital Officer.
Miltenberger joined the team at IBCF for the first time as Senior Associate. Miltenberger’s performance was consistently in excess of the benchmark index returns. Miltenberger managed investments in a $1 billion portfolio focused on the merchant power industry, where he was responsible for identifying stressed and distressed opportunities for inclusion into the portfolio, monitoring performing and non-performing assets, and participating on steering committees and company restructurings. He started at Highland in 2006 as Senior Portfolio Analyst and was promoted to Portfolio Manager prior to leaving the firm in 2010. Miltenberger worked at Highland Capital Management, a $25 billion alternative investment asset manager. Miltenberger rejoined IBC Funds in 2010 where he, as part of the general partner, focuses on sourcing, structuring, analyzing, and negotiating direct junior capital investments into lower-middle-market companies. Conrad holds an AB degree from Marshall University. In these capacities, he has been involved in a substantial number of public offerings, private placements, mergers, acquisitions, and other investment banking transactions.
Prior to that time, he was a partner at Howard, Weil, Labouisse, Friedrichs & Company and a predecessor company, Viguerie Hayne & Chaffe, Inc., both of which were New Orleans-based regional investment banking firms. From 1974 to 1983, he was CEO of Hart Delta, Inc., a Baton Rouge, Louisiana-based pharmaceutical manufacturing company. From 1983 to 1988, he served as Senior Vice President and Manager of the Corporate Finance Department at Rauscher Pierce Refsnes, Inc., a Dallas-based regional investment bank. From 1988 to 1998, he was a Founding and Managing Partner of Conrad/Collins Merchant Banking Group Ltd., a boutique merchant banking firm sponsoring lower-middle-market buyout and recapitalization transactions. Conrad co-founded IBC Funds in 2000 and has been instrumental in IBC Funds’ success to date.
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