PE OVERSIGHT BILL GOES TO GOVERNOR As we’ve detailed previously the Illinois General Assembly considered numerous bills this session calling for bans, prohibitions, controls, limitations, and otherwise enhanced reporting of PE ownership in health care, housing, even law firms. Expect this trend to continue in 2027. IVCA is actively involved in addressing these issues. * Tribune | Illinois bill awaiting Pritzker OK would add oversight on private equity firms buying disability group homes : The bill, which passed the General Assembly this spring with broad bipartisan support, requires facilities for people with intellectual and developmental disabilities to report to the state when they are purchased by an asset management company — such as a private equity fund, hedge fund or venture capital firm. After a community integrated living arrangement — commonly known as a group home or CILA — or other licensed facility for people with disabilities is purchased by such a firm, it would have to regularly report financial activity, including assets, liabilities and staffing levels, to the state Health Facilities and Services Review Board.

The IVCA Foundation's 2026 Invitational brought together leaders from Illinois's private equity, venture capital, private credit, and advisory communities for a memorable day of networking, competition, and philanthropy at the historic Olympia Fields Country Club. The Invitational continues to serve as the Foundation's premier fundraising event, bringing together investors, limited partners, lenders, advisors, and industry partners committed to strengthening Illinois's investment ecosystem and supporting the next generation of industry leaders. We extend our sincere appreciation to our sponsors, golfer participants, volunteers, and Golf Committee members whose dedication and support made this year's event a tremendous success. Thank You to Our Sponsors Champion Sponsors WinstonTaylor RSM US LLP Supporter Sponsor Wintrust Sponsor Finance Mentor Sponsors Alvarez & Marsal Antares Capital Arbor/TPC BakerHostetler BCG BMO Deloitte Eaton Partners EY Goldman Sachs Houlihan Lokey Katten Kayne Anderson Kirkland & Ellis Lockton McDermott Will & Schulte Monroe Capital OCA Ventures OceanM19 Old Second Bank Plante Moran PPC Twin Brook Capital Partners Vokal Friend Sponsor Simon Compliance Contest Sponsor Lincoln International Thank You to Our Investor Foursomes A special thank you to the investment firms that participated in this year's Invitational: ARCH Venture Partners Avathon Capital Baird Capital CIBC Frontenac Listen Ventures May River Capital Mid Oaks Investments Prairie Capital Sandbox Industries Shore Capital Partners Thoma Bravo 50 South Capital The Vistria Group Water Street Healthcare Partners Your participation helped make the Invitational a premier gathering of Illinois's private markets community while supporting the mission of the IVCA Foundation. Thank You to the Golf Committee The success of the Invitational would not have been possible without the leadership, planning, and enthusiasm of our Golf Committee. We are grateful for their commitment to the Foundation and our mission. Kaitlyn Desai - Chair, PPC Walter Florence, Frontenac Chris Killackey, Prairie Capital Adam Kleffner, The Vistria Group Rocco Martino, OceanM19 Jeff Piper, Semper Fi Partners Christie Pruyn, IVCA | IVCA Foundation Shoshana Vernick, Avathon Capital Investing in the Future Proceeds from the Invitational support the IVCA Foundation's mission to increase access to careers in private equity and venture capital, particularly for talented students who may have limited exposure to the industry. Through the IVCA Scholars Program, the Foundation provides students with industry education, mentorship, professional networking opportunities, and hands-on exposure to careers in private markets, helping build a stronger and more inclusive talent pipeline for Illinois's investment community. Thank you to everyone who participated in making the 2026 IVCA Invitational such a success. We are grateful for your support and look forward to continuing this important work together. Stay tuned for more information on the 2027 IVCA Invitational. View the pics HERE!

IVCA TARGETED BILLS AWAIT SIGNATURE Illinois legislators sent several bills of concern to IVCA members to the governor for his signature. As of this writing, none of the following have been signed into law, but that is expected at any moment: CONTROLS ON PRIVATE EQUITY IN LAW FIRMS ADDED PE DISCLOSURE IN HEALTH CARE TRANSACTIONS DISCLOSURES OF PE OWNERSHIP OF MENTAL HEALTH AND DEVELOPMENTAL DISABILITY COMMUNITIES All three of these bills and several others which passed one chamber but not the other are indicative of national trends to scrutinize PE business practices and in many instances seek to ban, prohibit, limit, or force extensive disclosures of private investment. Now more than ever IVCA members must know the legislators representing their residences and their office addresses and prepare to work with Executive Director Christie Pruyn

eRaching out to share that early-bird registration for Cohort 23 of the VC University course is now open through July 31. About the program: Produced by Venture Forward, NVCA, Berkeley Law Executive Education, and Stanford Law Executive Education, VC University is a 10-week, virtual certificate course designed to provide a structured, practical foundation in venture capital. Cohort 23 starts on September 1, 2026. Who it's for : Aspiring and early-career investors, founders, angel investors, and professionals in operations, legal, finance, and platform roles looking to deepen their understanding of how venture works in practice, from fund structures and startup investing to deal mechanics and modeling. Join a live info session on Thursday, July 28 at 11:30-12:30 pm PT to learn more. (A recording will be shared with registrants.) Registration & Discounts: Early-bird pricing : $1,500 through May 1 (then $1,850 after) 20% discounts for UC Berkeley/Stanford alumni, NVCA members, and nonprofit/government employees Group discounts are also available 

Join us for the 2026 IVCA CFO Summit! Join us on : Thursday, October 22, 2026 8:00am - 5:00pm Join us at: Our new location with our Host Sponsor, Northern Trust at: Northern Trust Building 6th Floor - Assembly Room 50 South LaSalle Street Chicago, IL 60603 Join us by: Registering! IVCA Members: Registration is FREE! Log in at www.illinoisvc.org to register, or email Kathy Pyne at kpyne@illinoisvc.org to confirm your attendance. Non-Members: Registration is $795. Please contact Kathy Pyne at kpyne@illinoisvc.org and indicate whether you would like to: Receive an invoice for payment by check or ACH Pay by credit card (note: a 3-4.5% processing fee applies to credit card payments) Join us thanks to: Our Presenting Sponsor: EY and Our Hosting Sponsor : Northern Trust

All through the summer of 2026 the IVCA Scholar Program has been up and running with a dozen participants in a diverse and multi-college/university force. The IVCA reached out to the Scholars, to get an idea of their experiences, interactions with firm sponsors and possible future within the Venture Capital/Private Equity industries. The 2026 IVCA Scholar Program provides undergraduate students, – primarily from underrepresented communities – experience that could lead a possible career in the Venture Capital/Private Equity industries. The 10-week program is a deep dive, and upon completion the students will receive a $10,000 scholarship. The Investor firms hosting this week’s group of 2026 Scholars are Avathon Capital , BPOC , Exposition Ventures , PPC , RoundTable Healthcare Partners , and Water Street Healthcare Partners . The following three questions were asked of all the Scholars. Part Two will be published in the next bi-weekly article. JULIE PIOT … School: Yale University, Firm: RoundTable Healthcare Partners IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? Piot : When I applied to the IVCA Scholars program, I really wanted to gain real experience in the financial industry. At school I am an Economics major and Data Science minor with the aspirations of working in finance post-grad, and being able to experience the different sectors within the larger industry is important to me in picking my long-term career. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? Piot : At RoundTable, the team has been extremely invested in my growth and has gone out of their way to help my learn. I have been exposed to the entire timeline of PE, from reviewing CIMs to a sale process, and have also been given additional responsibilities such as market mapping. The diversity of what I have been able to participate in has essentially taught me all that I know today of Private Equity. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? Piot : The IVCA has allowed me to develop a good understanding of VC, PE, fund-to-funds, and private credit. Having that knowledge into the intricacies of each type of fund has already given me valuable insight into which types of environments I am interested in and not interested in pursuing, a mindset that I find valuable to have before my investment banking internship. TEJ SHAH … School: University of Illinois Urbana-Champaign, Firm: Water Street Healthcare Partners IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? Shah : My initial goal in applying to the IVCA Scholars program was to gain exposure to careers in high finance, particularly Private Equity and Venture Capital, while developing a deeper understanding of the healthcare sector. Given my academic focus in finance and interest in investing, I was especially interested in learning about how investors evaluate businesses, identify growth opportunities, and make strategic decisions within a complex and evolving industry like healthcare. The program offered me a unique opportunity to connect these interests through hands-on experience at my host firm alongside weekly visits to learn about the interconnectedness of the ecosystem. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? Shah : During my time at Water Street Healthcare Partners, I have developed a more nuanced understanding of how investment management firms evaluate opportunities, across the firm's core healthcare sectors … healthcare services, medical products & diagnostics, and pharmaceutical & life sciences. Through my exposure to financial analysis, valuation methodologies, and industry roadmaps, I have gained insights into how firms assess growth potential, operational improvements, and strategic positioning. This experience has strengthened my ability to think critically about sector-specific drivers of value creation while applying core financial and strategic frameworks. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? Shah : This experience has further solidified my interest in pursuing a long-term career in investing and has also given me extremely valuable context as I prepare for my upcoming role as an Investment Banking Summer Analyst at J.P. Morgan in Chicago next summer. I am particularly excited to build on this foundation by seeing transactions and client advisory work from a different perspective. In the meantime, I plan to continue developing my technical skill set in financial modeling and accounting while also deepening my connections on campus through leadership in student organizations and alumni networks. Overall, this has been a tremendously rewarding experience, and I am very grateful for the teams at Water Street, IVCA, and everyone else involved in making this opportunity possible. KAREN TOOR … School: University of Illinois Urbana-Champaign, Firm: BPOC IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? Toor : My goal when I applied to the IVCA Scholars program was to get real industry experience within Private Equity to understand the space and the players. I have also wanted to own a business and through school I was introduced to how Private Equity firms buy and operate businesses. I believe that the IVCA Scholars Program allowed me to get great insights on how those interactions take place on a daily basis. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? Toor : I have had the opportunity to do multiple research projects and participate in a few diligence processes. They have allowed me to truly understand the degree of detail that is needed to analyze whether something is a worthwhile investment. I never truly understood what went into an investment decision or the process behind until I got involved with the IVCA program. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? Toor : This experience has solidified the idea that I want to pursue a career in Private Equity. When I am back at school, I plan on staying up to date with Private Equity deals and events to stay knowledgeable on the industry as I move forward in my career. PAUL JACOB … School: University of Chicago, Firm: Exposition Ventures IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? Jacob : I applied out of a genuine interest in startups and how early-stage investment decisions actually get made, beyond the frameworks I'd studied in class. As a business economics major with a data science minor, courses like Building the New Venture and Investments pointed me toward that intersection of startups and capital, and Exposition Ventures' focus on industrial tech and physical AI was a chance to see that interest play out with real companies and real capital at stake. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? Jacob : A lot of my work has centered on financial modeling and understanding the nuances of ownership, cap tables, and how a deal is actually structured, not just the headline valuation. At the same time, I've seen how much narrative and communication matter: understanding a company's growth story and being able to explain it clearly is as important as the numbers behind it. I've also learned how much market potential factors into underwriting a deal, and how a thesis can hinge on a single unresolved number that needs to be flagged rather than assumed. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? Jacob : It's confirmed how much I like being close to the companies themselves rather than one step removed, and it's pushed me toward wanting more analytical work, the kind where the analysis actually drives a decision. I'm thinking more intentionally now about roles in investing and consulting where that link between analysis and decision-making is direct. ANNA O’BRIEN … School: University of Notre Dame, Firm: Pritzker Private Capital (PPC) IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? O’Brien : I initially applied to the IVCA Scholars program to gain exposure to the Private Equity and Venture Capital industries and engage in meaningful learning opportunities and thoughtful career exploration. As a double major in Finance and English, I am seeking a career path that combines rigorous quantitative analysis with more qualitative, strategic thinking, and I found that PE/VC offers a unique intersection of both skill sets. I am particularly drawn to the opportunity to work closely with a variety of businesses, develop a deep understanding of their business models and value propositions, and play a meaningful role in supporting their growth and long-term success. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? O’Brien : PPC has provided me with incredible learning and mentorship experiences, allowing me to develop my professional skills and gain valuable career advice. Throughout the summer, I have had the opportunity to shadow an associate and participate in his work streams and various calls, as well as build out an IOI deck for my summer case study project. One of the most valuable aspects of my internship has been attending the Investment Committee meetings each week as I have learned so much from hearing how the entire team makes decisions and thinks through opportunities and challenges they face. From these experiences, I have been able to develop foundational technical skills including financial modeling and in-depth industry research, as well as learn to think critically about companies and begin to make my own judgements. Finally, I have really appreciated the whole team’s generosity with their time and genuine investment in my growth. I have made so many valuable connections both from daily collaboration with the associate team as well as numerous one-on-one conversations across the firm, providing insight and guidance on career paths. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? O’Brien : This experience has been extremely valuable in shaping my career path, as it has given me hands-on exposure to the industry and confirmed my genuine interest in the work. At PPC, I have particularly enjoyed looking deeply into companies and thinking critically about their business models, value propositions, growth opportunities, and investment potential. I have also appreciated the opportunity to visit numerous IVCA partner firms and learn about their unique investment strategies, which has helped me better understand the types of firms and opportunities that may be the best fit for my long-term interests. I hope to continue to foster the relationships I have made, have conversations with professionals about what excites them in this industry, and further explore these interests through relevant coursework at Notre Dame. AZEEN KHAN … School: University of Chicago, Firm: Avathon Capital IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests? Khan : I applied to the IVCA Scholars program to get hands-on exposure to the buy-side and see how the theory I study as an economics major actually drives investment decisions in the real world. IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry? Khan : At Avathon, I learned how a Private Equity firm builds conviction on a specific sector — in their case, education and workforce companies — rather than a generalist approach. Watching how deep domain expertise drives an investment thesis showed me that specialization is what creates the real edge in middle market Private Equity. IVCA: How has this experience shaped your thinking about your future, whether in terms of career goals or what you want to focus on when you are back at school? Khan : The experience thus far confirmed my interest in eventually pursuing a career on the buy-side. Back at UChicago, I plan on taking courses in the business school on investments and asset allocation to help build the foundation for a career in finance.ragraph

LEGISLATOR RESIGNS AFTER INSPECTOR GENERAL REPORT Suburban Democratic lawmaker Rep. Harry Benton is now former-Rep. Harry Benton after resigning Monday from the Illinois General Assembly. Benton had been reduced to only being able to vote on the floor of the House after allegations of improper conduct were lodged against him. After the Inspector General report, House Speaker Welch demanded his resignation or else he would be expelled. Illinois Politico newsletter: Details of the allegations against Benton, who did not return a request for comment, remain largely unknown, though two people familiar with the General Assembly’s internal discussions have characterized the allegations as involving sexual harassment . They were granted anonymity because they were not authorized to speak publicly. While the report would have been automatically released had it caused Benton’s expulsion, his voluntary resignation leaves its potential release to the public up in the air. ABC Chicago | South suburban Democrats move to replace former Rep. Harry Benton after undisclosed ethics findings : Democratic leaders in Will and Kendall counties will choose Benton’s replacement for the 97th House District, one of the state’s more politically competitive areas. The weighted vote gives Will County Democratic Party Chairman Billy Morgan the ability to make the selection on his own. “We need someone who will be pragmatic and effective in Springfield,” Morgan said. “They need to be somebody who understands how to get things done, and someone who’s a real fighter for the 97th district.”

LEGISLATOR RESIGNS AFTER INSPECTOR GENERAL REPORT Suburban Democratic lawmaker Rep. Harry Benton is now former-Rep. Harry Benton after resigning Monday from the Illinois General Assembly. Benton had been reduced to only being able to vote on the floor of the House after allegations of improper conduct were lodged against him. After the Inspector General report, House Speaker Welch demanded his resignation or else he would be expelled. Illinois Politico newsletter: Details of the allegations against Benton, who did not return a request for comment, remain largely unknown, though two people familiar with the General Assembly’s internal discussions have characterized the allegations as involving sexual harassment . They were granted anonymity because they were not authorized to speak publicly. While the report would have been automatically released had it caused Benton’s expulsion, his voluntary resignation leaves its potential release to the public up in the air. ABC Chicago | South suburban Democrats move to replace former Rep. Harry Benton after undisclosed ethics findings : Democratic leaders in Will and Kendall counties will choose Benton’s replacement for the 97th House District, one of the state’s more politically competitive areas. The weighted vote gives Will County Democratic Party Chairman Billy Morgan the ability to make the selection on his own. “We need someone who will be pragmatic and effective in Springfield,” Morgan said. “They need to be somebody who understands how to get things done, and someone who’s a real fighter for the 97th district.”

It’s nearly here. Next Monday, July 13th is the IVCA Invitational, the annual event in which members of the Chicagoland Private Equity and Venture Capital community come together to play golf, as well as raise awareness and dollars for IVCA Foundation programs. Click here for information and schedule page. A portion of the proceeds from the event will fund the IVCA Scholar Program, a ten-week deep dive into the industry with significant exposure at a Venture Capital or Private Equity firm. Each Scholar is matched with a host firm, attends a two-day skills boot camp, and participates in weekly training organized by IVCA. The 2026 Program is currently in session. Additional proceeds benefit year-round initiatives. In the spirit of the day, and the relative golf skills on display, we thought it would be a departure to search the online resource, not for the usual industries’ news links, but what AI, the web and YouTube videos have to about the oddest elements of golf. ChatGPT.com , ’What are the oddest and weirdest golf tips on the web?’ Count backward during the swing: Some golfers count "3…2…1" or recite a phrase while swinging. The mental distraction helps stop overthinking mechanics. Hit shots with your eyes closed: Advanced players sometimes hit half-swings without seeing impact. This develops feel and balance instead of relying entirely on vision. ASK FOR MORE: https://chatgpt.com/ GolfMonthly.com , ‘These Are The 8 Weirdest Things Golfers Do’ In this video and article, I outline eight of the weirdest things I have seen on a golf course … which may leave any non-golfers reading this scratching their heads in confusion. Fear not, as we explore the logic – or lack of – behind the madness and aim to provide a little clarity … READ MORE: https://www.golfmonthly.com/features/the-game/8-weird-things-golfers-do-197048 Golf-Drives.com , ‘Golf’s Weirdest Rules!’ If you’ve ever been the victim of your ball falling off the tee and had someone merrily call “one”, you will know only too well the frustration and, often, confusion, the rules of golf can cause. Regulated by the R & A , you could say that golf is a well-governed sport, with countless eventualities being covered by the Rules of Golf. With so many rules, you would think playing golf would be easy yet there are still plenty of situations that leave your average golfer scratching their head. READ MORE: https://www.golf-drives.com/guides/strangest-golf-rules/ BeacherReport.com , ‘12 Most Unorthodox Golf Swings of All Time’ For every piece of golf advice telling you to do one thing, you can find another that contradicts it. So it really should come as no surprise that professional golf has seen quite a number of bizarre swings over the years. Some were successful, and some were not. But they are all fascinating to watch. READ MORE: https://bleacherreport.com/articles/903422-xx-most-unorthodox-golf-swings-of-all-time Essential.golf , ‘The Craziest Ever Golf Betting Stories’ Golf is often seen as a game of patience and precision, but there’s a dark, thrilling world of high-stakes betting lurking beneath the surface. While most fans might place a friendly bet with friends or on their favorite pro at the Masters, some stories from the golf betting world are just plain insane. From millionaire gamblers to drunken dares, here are some of the craziest golf betting stories ever. READ MORE: https://essential.golf/craziest-ever-golf-betting-stories/ TheGolfBandit.com , ‘The Most Outrageous Golf Bets & Challenges’ Side bets make it way more fun. Punishments make it way more painful. Here are the most outrageous golf bets and challenges … would you take any of them? READ MORE: https://thegolfbandit.com/the-most-outrageous-golf-bets-challenges/ Mister One Putt YouTube , ‘The Weirdest Whackiest Best Putting Tips You'll Ever Get’ Looking to improve your putting game? Check out these weird and wacky putting tips that will help you make more putts on the green! WATCH (11.5 MINUTES): https://www.youtube.com/watch?v=mwLi5ECxnRE The 2026 IVCA Invitational will take place starting at 10am on Monday, July 13th, at the Olympia Fields Country Club, 2800 Country Club Drive, Olympia Fields, IL.