Legislative Alert: Illinois General Assembly Votes to Increase Investments in Local Companies

Legislative Alert:  Illinois General Assembly Votes to Increase Investments in Local Companies

June 1, 2018
 
IVCA is pleased to report that SB3205, a bill to expand the Illinois State Treasurer’s Technology Development Account from 3% of the State’s investible assets to 5% of the State’s investible assets passed both chambers: the Senate vote was 54-0; and the House vote was 113-0. At least 2x ILGIF dollars must be invested into Illinois companies.
 
“Thanks to the support from the Illinois Venture Capital Association and a unanimous vote by the Illinois General Assembly, technology business across the state of Illinois will now have access to much-needed capital to continue to grow their businesses,” Illinois State Treasurer Michael Frerichs said. “When we support the growth of Illinois’ new venture managers and technology businesses, we are in the position to produce valuable investment returns, spur economic activity and create jobs here at home.”
 
IVCA is grateful to Treasurer Frerichs and his team who ably championed and managed this important job creation initiative now known as The Illinois Growth & Innovation Fund or ILGIF.  IVCA also recognizes and applauds the work done by legislators who understand the role that professional investors in private companies play in expanding our economy forward. 
 
Special Thanks to the Bill’s Sponsors who championed the legislation:
 
Senate Sponsors House Sponsors
Don Harmon John Connor
Patricia Van Pelt Dave McSweeney
Iris Y. Martinez Anna Moeller
  Natalie Manley
  Jonathan Carroll
  Fred Crespo
  Laura Fine
  Stephanie Kifowit
  Peter Breen
  David S. Olsen