Treasurer Frerichs recently announced the second round of Technology Development Account funding, the Illinois Growth and Innovation Fund (ILGIF). Starting in 2016 and continuing over the following three years, ILGIF will invest $222 million from the State’s Investment Portfolio in venture capital firms with a track record of investing in Illinois technology companies.
Like the first technology fund, the goal of ILGIF is two-fold: earn investment returns for the state and support technology and related jobs here in Illinois. The investment is expected to create approximately 18,800 jobs in Illinois (8,500 direct and 10,300 indirect) and attract more than $400 million in additional private-sector money, which will further spur interest in the Midwest tech scene that Illinois anchors.
ILGIF aims to invest $222 million in technology businesses over the course of six years. The target is commit $74 million each of the first three years, with remaining uncommitted capital and earning distributions committed in the fourth, fifth and sixth years of the program.
The $222 million investment is expected to attract an additional $400 million in private sector investments for participating technology businesses.
ILGIF gives clear direction to ensure that qualified fund managers and technology businesses owned by minorities, women, military veterans, or individuals with disabilities are recommended for receipt of ILGIF assets.
All ILGIF investments will be managed by 50 South Capital Advisors, which is the program’s administrator.
Click here to access the ILGIF Investment Policy Statement.
ILGIF Meeting Materials
ILGIF Advisory Council – 2017 Meeting Schedule
December 6, 2016 – Meeting Agenda
September 19, 2016 – Meeting Agenda and Meeting Minutes
June 20, 2016 – Meeting Agenda and Meeting Minutes
May 9, 2016 – Meeting Agenda
March 11, 2016 – Meeting Agenda
For More Information
By visiting www.ilgif.com, budding Illinois entrepreneurs can connect to technology funds by submitting their pitch books and investment proposals for review and evaluation. All submissions will be managed by 50 South Capital. Entrepreneurs will also find a number of helpful links on this website designed to expand their resource network.