Nicole Wang is the recipient of the Next Gen Leadership Recognition. Nicole is a Senior Portfolio Manager at Texas Treasury Safekeeping Trust Company (TTSTC), where she manages the $9 billion endowment’s venture capital and buyout investments. Prior to joining TTSTC, Nicole spent six years at UTIMCO, where she was responsible for venture capital, growth equity, and buyout investment activities. Before that, Nicole had several years of experience in direct investments.
The following has been edited for length and clarity.
What aspect of your work or contribution are you most proud of, and what impact do you hope it will have on others?
I’m proudest of the role we play in stewarding capital to support the long-term success of universities and critical programs across Texas. By making thoughtful and disciplined investments in venture capital and buyouts, we aim to generate strong, risk-adjusted returns that fund scholarships, academical research, medical research, healthcare, and other initiatives. Our work ensures that these programs have the financial resources to thrive for generations, creating lasting benefits for students and communities across the state.
Beyond returns, I also take pride in the relationships we build with world-class investment partners. Our ability to access top-tier venture capital and private equity funds strengthens our portfolio and, in turn, enhances the impact we can deliver. I hope that our approach demonstrates how strategic, long-term investing can serve a greater mission – one that ultimately improves lives.
What advice would you give someone who aspires to be in your role someday?
1. Develop a long-term mindset. Endowment investing is not about chasing short-term gains; it’s about making disciplined decisions that will sustain institutions for decades. Patience, strategic thinking, and the ability to navigate market cycles are essential.
2. Stay curious and adaptable. The investment landscape is constantly evolving. Being open to new ideas, technologies, and market shifts will help you stay ahead.
3. Be patient with your career trajectory. It takes years of experience, learning from both successes and failures, to build the judgment required for this role. Stay committed, and the opportunities will come.
What part of your portfolio are you most excited about?
With the infusion of $4 billion new endowment in 2024, our endowment nearly doubled in size, giving us a rare opportunity to strategically build out a new VC and buyout portfolio.
We’ve been increasing our exposure to VC and buyouts, carefully selecting top-tier managers and high-potential opportunities to construct a portfolio that will generate strong, risk-adjusted returns over the long term. It’s an exciting challenge to deploy capital thoughtfully in a competitive market while ensuring we gain access to the best investments and maintain diversification. Given our long-term investment horizon, we have the flexibility to be patient and opportunistic, which is a huge advantage.
I’m particularly excited about our venture capital portfolio, especially as we refine our strategy to gain access to high quality investors and high-growth opportunities. Venture capital is a critical driver of innovation, and investing in transformative companies at an early stage not only generates strong returns but also fuels advancements in technology, healthcare, and other industries that align with our mission. We’ve been strategic in building our exposure – balancing early-stage investments with growth and late-stage opportunities, trying to leverage secondaries to mitigate the J-curve, and selectively pursuing co-investments to enhance returns.
Additionally, our buyout investments provide stability and long-term value creation, complementing the higher risk-return profile of venture. By partnering with high quality buyout managers and maintaining discipline in manager selection, we’re positioning the portfolio to deliver strong, risk-adjusted returns over time.
What is your favorite hobby outside of work?
I enjoy fitness including outdoor activities, whether it’s hiking, yoga, or just staying active to balance out the demands of work. It helps clear my mind and keeps me energized.
This piece has been edited for length and clarity.
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