About - Promise Venture

About Promise Venture

Our Story

For years, studies have identified a persistent gap in wealth among those in underrepresented communities, especially Black Americans. In May 2020, George Floyd became one more unnecessary and tragic death underscoring the dire need for real racial equity.

It was in this moment, our co-founder, Michael Gilligan, already passionate about ensuring economic opportunity for all through Quality Jobs, decided to lean in on leveling the playing field on wealth creation for Black people and other underrepresented communities.

Knowingly, Reggie and others who felt this effect were also seeking to effect change through their own personal career paths in this way. Fortuitously, a mutual acquaintance put Reggie and Michael on the journey that led them here.

Reggie and Michael began conceptualizing how a platform could take shape and sought to recruit value-aligned, experienced operators with domain experience, choosing to partner with co-founders Thomas Askew and Segun Olowofela.

With the team in place, they began their journey in 2021 to build a platform that would change the wealth disparity and trajectory for Black Americans. Together, the partners began laying the foundation for The Promise Venture in 2022 with the intent of maximizing the potential offered by Black and other diverse entrepreneurs to drive outsized returns.

Early 2023, the team publicly launched The Promise Venture in Dallas, Boston, NY and Chicago.

Meet The Team

Our team's extensive commercial and operating experience complements our Search Partners' leadership credentials to maximize investment opportunities.

Founding Advisor

Thomas A. Askew, Jr

Thomas is a founding advisor of The Promise Venture to support and scale its initiative to provide funding and guidance to underrepresented people of color as they acquire businesses in the lower middle market.

Thomas established his career in Healthcare Technology in Consumables, Devices, Capital Equipment, and SaaS Solutions. Thomas began his career at GE in Radiology Capital Equipment before leaving to join Philips Healthcare where he spent most of his 15-year career in Health IT SaaS solution offerings. As a Vice President and Commercial Leader at Philips running the East Coast Territories, Thomas led the Healthcare IT commercial organization from $30M to a $150M in revenues over six years; encompassing Radiology, Cardiology, 3D, Interoperability, Pathology, and Storage health IT solutions. He went on to become the General Manager of Philips Interoperability Business before leaving Philips. Thomas currently is in a global role for a Bio-Technology company leading its Genomics Health IT SaaS business.

Alongside his career he has also made private investments in Multi-Family Real Estate, Hotels, and Small Businesses. Thomas has sat on the Boards of American College of Healthcare Executives, and the Detroit Economic Club.

Thomas received his Masters in Management from Harvard University and a B.S. in Industrial Engineering from University of Michigan.

Founding Partner

Reggie Carter

Reggie is a founding partner of The Promise Venture. He is also the Founder and Managing Director of JENGA Capital Funds, an acquisition company focused on partnering with founders and CEO’s in the lower middle market where he leads the firm’s overall strategy, developing targeted investment themes, supervising and closing the transaction. Reggie has over 20 years of extensive operating experience in several Fortune 100 companies through executive leadership, commercial execution & strategy, operations, and finance roles.

During his tenure at GE, Reggie began his career in the Financial Management Program where he held various finance roles within multiple GE businesses (GE Financial Assurance, GE Mortgage Insurance, GE Corporate Technology and GE Real Estate). His time at GE Healthcare included leading a market from $300M to $400M in revenue.  Diversifying his experience in biotechnology, Reggie was responsible for the commercial launch of the first disease modifying therapy for the treatment of Alzheimer’s for Biogen’s Account Liaisons in the Western US.

Reggie is driven by a passion for growing and scaling organizations, building winning teams and creating an inclusive culture where every employee contributes in meaningful ways.

Reggie currently serves as a board member for Rainbow Days, Inc., Advisory Board for Healthcare Wildcatters, Advisory Board for Catapult Partners, Advisory Board for University of Arizona Tech Launch, member of Association for Corporate Growth (ACG) and Alliance of Mergers & Acquisition Advisors (AM&AA).

Founding Partner

Michael Gilligan

Michael is a founding partner of The Promise Venture. He is a private investor with a strong sense of purpose. He co-founded Bank of Boston’s captive private equity group and was a Founding General Partner of its successor Heritage Partners. The investment strategy of both firms was built around a flagship minority equity recapitalization program, The Private IPOâ , a differentiated solution for family and founder-owned businesses in the lower middle market. Along with honed skills on valuation, strategy and leadership development, Michael crafted his investment philosophy around a genuine spirit of partnership and a strong desire to see all participants share in the fruits of successful business enterprise.

Michael brought his passion for rigor, discipline, and shared value to partner with social entrepreneurs bringing innovative solutions to underrepresented community members in Board leadership roles at LIFT, City Year and YouthBuild. The work of these organizations drove home the need for quality jobs for low-income communities and inspired Michael to focus his attention on raising capital for small businesses providing these vital employment opportunities. Upon the death of George Floyd and the reckoning around racial equity that ensued, Michael chose to concentrate on supporting wealth creation opportunities for Black and other diverse community members as a sole focus.

Michael currently serves on the boards of YouthBuild, empowering Opportunity Youth on a path to thriving livelihoods, New Hope Community Capital, an affordable housing funder, Ovenly, a woman-owned artisan bakery and National Catholic Reporter, a progressive Catholic publication.

Michael has a BS degree from Boston College.

Founding Advisor

Segun Olowofela

Segun is a founding advisor of The Promise Venture. He is a mission driven Finance and Accounting Executive, with over 25 years of experience. Segun has overseen national and multi-national companies across diversiform industries within financial disciplines, from start-ups to Fortune 500 Corporations. He started his career at General Electric graduating from the Financial Management Program and continued his corporate progression with Estee Lauder, Vivendi-Universal, and Pearson PLC.

His responsibilities included auditing various business units for areas of risk, identifying operational efficiencies, solving complex business problems, and process improvement for both domestic and international business units. In 2008, Segun moved into a role as Business Manager for one of Pearson’s business units in Africa, subsequently moving into a senior finance role within the Financial Times. In 2013, he began a new chapter helping SaaS Technology start-up’s scale.

Over the last decade, Segun has leveraged his expertise in Finance and Accounting to solve complex business problems, including; streamlining operations, identifying efficiencies, increasing profitability, financial management, risk assessment, and operational audits, including exit and acquisition strategies.

Today, Segun pursues his passion for purpose and holds a seat on the Board of Directors of The Harding Food Vision, Inc addressing the food insecurity needs of over 378,000 households in the New York City area.

He holds an Executive MBA from Baruch College and a BS in Finance from St. John’s University in New York City.