Get to know the experienced team behind Badlands Capital. Our investment committee is dedicated to identifying and investing in promising companies with significant growth potential.
Blaine founded Badlands Capital in 2010. He has over 30 years of experience financing and investing in middle-market companies, with over 25 years in private equity investing. Blaine has also spent over a decade in commercial banking and investment banking. Throughout his career, Blaine has been a member on several corporate and non-profit boards.
Blaine has been involved in founding several private capital funds. He oversees deal origination, underwriting, closing and managing investments. He also maintains board responsibility for several of the Fund’s Portfolio Companies and be involved in leadership of the Fund.
Blaine is the former President of the Midwest Regional Association of SBICs and is a founding member of the Private Equity Advisory Board at the Fuqua School of Business at Duke University. Blaine received an MBA from the Fuqua School of Business at Duke University and a BA in Economics and Finance from Augustana University. He enjoys supporting Duke athletics and long-distance running.
Luke has been a member of Badlands since 2021. He serves as Vice President. His duties include sourcing potential investments for the Fund, performing diligence on investments, coordinating quality of earnings, corporate finance and modeling, and monitoring of portfolio investments. Luke has also been active in administrative activities for the Fund. Luke serves on several non-profit boards in his community.
Prior to Badlands, Luke served in the U.S. Army for five years as a commissioned officer, reaching the rank of Captain. He led a platoon of 25 soldiers in Afghanistan during his tenure with the army. He joined Badlands following his service obligation.
Luke graduated from the United States Military Academy at West Point. He enjoys college football, American history, and fitness challenges.
Ron serves as a partner for Badlands Capital, a role he’s held since 2022. Ron brings 40 years of experience as a bank executive and commercial officer with US Bank. He was Regional President for US Bank for 10 years and later served as Senior Vice President for wholesale banking for an additional 12 years. Ron has also served on several corporate and non-profit boards.
Ron’s vast experience in banking provides a needed viewpoint to the processes of Badlands. He provides input on pipeline management, financial diligence, and relevant industry research. Ron also serves on the Badlands Capital Investment Committee.
Ron received a BA in Economics and Finance from Augustana University. He enjoys golfing and spending time at his lake cabin.
Lori has been serving on the Fractional Chief Financial Officer team for Badlands Capital since 2025, bringing extensive experience in financial strategy, accounting, and fund management. She is also the Founder and Owner of DeLuca Financial Services (DFS), established in 2018, which provides part-time CFO/Controller services to managers of fund of funds, venture capital funds, and private equity funds. Through DFS, Lori oversees accounting, human resources, finance, and treasury functions while serving as a strategic business partner to fund management teams.
Lori brings over 25 years of experience in public accounting and private industry, with deep expertise in the venture capital and renewable energy sectors. Before founding DFS, she spent nearly a decade at Invenergy, a renewable energy company based in Chicago, where she served as Controller and Vice President of Accounting. There, she managed more than 40 professionals and oversaw accounting for over 500 legal entities and more than 65 annual audits.
Lori began her career at Deloitte, where she advanced to Senior Manager in the audit practice. She is a Certified Public Accountant and holds both a Bachelor of Business Administration and a Master of Science in Accounting from Texas A&M University. Lori enjoys cooking, entertaining, and spending time with friends and family.
Rho has led finance and operations functions for over 30 years for firms managing billions in assets across traditional and emerging markets. In her roles as CFO and COO, she oversaw finance and operations within proprietary capital firms, blockchain venture capital and private equity investing. She also led M&A initiatives, tech transformation, and cross-functional strategy.
Her career also includes leadership roles at broker dealers, asset management firms and early experience in audit at Ernst & Young, focused on financial services sector.
Rho graduated from the University of Illinois, Urbana Champaign with a dual major of Accounting and Business Education where she also obtained her Executive MBA with a focus on strategy and finance. She enjoys playing Pickleball and growing the sport as District Ambassador for various counties in Chicagoland area.