Illinois Growth and Innovation Fund

Delivering strong investment performance for Illinois

In 2018, Illinois Treasurer Michael W. Frerichs announced an increase in the amount of investment capital available in ILGIF, raising the total to approximately $1 billion over 10 years from the State’s existing investment portfolio. Furthermore, ILGIF was structured as an evergreen fund designed to allocate capital on a continuing, recurring basis, in perpetuity, to investment firms in Illinois’s venture capital, growth equity, and private venture debt sectors.

Access the Portfolio

Illinois Growth and Innovation Fund (ILGIF) is an impact investment fund that aims to invest approximately $1.5 billion to attract, assist, and retain quality tech-enabled businesses in Illinois. ILGIF is often credited with creating more than 19,000 jobs in Illinois. As of June 30, 2025, $353 million in ILGIF funds has been committed to MWVD-operated firms.

Through ILGIF, the Illinois Treasurer actively seeds and anchors new minority-operated venture capital funds, advancing the investment objective of fostering a more diverse and inclusive manager pool and entrepreneurial community across Illinois.

As of June 30, 2025, $353 million in ILGIF funds had been committed to MWVD-operated firms.

How ILGIF Supports Diverse Firms

Investments made through ILGIF fund managers have supported more than 462 diverse-owned portfolio companies.

Through ILGIF, the Treasurer’s Office also helps seed and anchor new minority-operated venture capital funds. This supports the broader goal of building a more diverse and inclusive group of investment managers and entrepreneurs across Illinois.

Examples of venture capital firms include:

  • Vistria Group
  • Moderne Ventures
  • Brightwood Capital
  • Agent Capital
  • Chingona Ventures
  • Palladium Equity Partners
  • Vamos Ventures
  • Builders VC
  • Impact Engine
Half body portrait of Illinois Treasurer smiling against a backdrop of Chicago

“If you’re looking for the Illinois State Treasurer that invests into the best early-stage startups in Illinois – that’s not me. I invest into the best venture capital managers in Illinois, and they invest in the best early-stage startups.”

Michael Frerichs

Illinois State Treasurer