Nancy Ertman is a Vice President on the investment team at Pinegrove focused on tech investments across enterprise software, defense and deep tech, fintech, and digital health. Prior to Pinegrove, Nancy was a private equity investor at K1 Investment Management, and before that was an investment banking analyst at Barclays. Nancy is actively involved in sourcing, diligence, and portfolio strategy across early and growth-stage investments. She has co-led the Los Angeles chapter of the Emerging Venture Capital Association (EVCA) and is based in Los Angeles.

Could you explain more about what you do in your roles at EVCA?
As co-lead of the EVCA Los Angeles chapter, Nancy helped plan and host events across the LA area focused on relationship-building and thoughtful industry dialogue. Her work centers on bringing together investors, operators, and founders to foster meaningful connections and substantive conversation within the local venture community.

What made you interested in taking a leadership role at EVCA?
Nancy was motivated to take on a leadership role at EVCA to help actively shape and strengthen the venture community in LA. She believes relationships are core to venture capital, and that creating opportunities for people to connect and exchange ideas ultimately benefits everyone involved. EVCA offered a natural platform to contribute, convene, and help build a more engaged local network.

What is your most contrarian view on an existing or emerging technology trend? (5+ sentences)
One of Nancy’s most contrarian views is that some of the most compelling investment opportunities today are in advanced hardware and manufacturing, rather than purely software-driven businesses. While software often scales faster, advanced manufacturing companies can build far more durable pricing power and long-term barriers to entry through physical complexity, capital intensity, and operational know-how. These businesses are harder to replicate and tend to develop sustainable competitive advantages over time. With strong tailwinds behind the reinvigoration of the American manufacturing, Nancy believes we are entering a period of tectonic industrial change. The next wave of transformation will not come solely from AI or quantum computing, but also from energy innovation, scaled manufacturing, and next-generation supply chain technologies. Together, these forces will reshape the industrial landscape in ways that create enduring value for builders and investors alike.