In today’s deal environment, most private equity investors are well-versed in identifying financial, tax, and legal risks—but unclaimed property often remains a blind spot. Unclaimed property generally refers to intangible assets – such as unclaimed checks, customer credits, or unredeemed gift cards – that a company holds on behalf of others and is required by state law to report and remit after a defined period of inactivity. Because unclaimed property represents a significant and recurring source of state revenue – and is often governed by strict record-keeping and reporting rules – states have made enforcement a priority. As a result, unclaimed property routinely attracts aggressive audits and inquiries, and overlooked exposures tied to ordinary balance‑sheet items can emerge late in a transaction, materially affecting purchase price, indemnities, and post‑close obligations for both buyers and sellers. This article highlights why unclaimed property poses frequent and often underestimated transaction risk. It summarizes the legal framework and enforcement environment driving state scrutiny, explains how unclaimed property liabilities arise and transfer in M&A transactions, and outlines practical diligence and mitigation strategies for buyers and sellers to manage exposure and avoid deal‑stage surprises. Read the full article HERE !

IVCA is offering one exclusive sponsorship opportunity for its May 28 member‑only education session, Fundraising Market Conditions & Best Practices. This opportunity is well‑suited for firms that work closely with GPs navigating fundraising strategy and LP relationships. The sponsorship includes welcoming remarks, recognition across IVCA communications, and visibility with a senior‑level GP audience. Interested firms should contact Christie Pruyn for additional details.

Throughout 2026, new member participants in the Illinois Venture Capital Association (IVCA) will keep it expanding. These new members also will give the current membership new opportunities for networking … in addition to optimizing support and partnerships … which leads to guidance and new ideas for Venture Capital, Private Equity and the support industries. The latest new member is the global law firm Sheppard (recently rebranded from Sheppard Mullin), “a full-service law firm with more than 1,200 lawyers dedicated to helping clients at every stage of the business cycle,” including Private Equity. The following is a Q&A profile with Sheppard , which explores the firm’s background and their expectations for interacting with the IVCA. New Member: Sheppard Representatives: Eileen Hirsch, Business Development and Marketing Manager IVCA: What is a brief history of and background of Sheppard ? Sheppard: Sheppard is a full-service, Am Law 50 law firm with an international platform and a long-standing focus on serving innovative companies, investors, and financial sponsors. Over decades, the firm has built multidisciplinary strength across corporate, tax, employment, executive compensation, IP, real estate, finance, and complex litigation; capabilities that matter across the full lifecycle of Private Equity and venture-backed businesses. We advise clients from formation and early growth through financings, acquisitions, strategic partnerships, and exits, and we support fund sponsors across structuring, governance, portfolio operations, and regulatory matters. Our approach is practical and business-minded … we aim to be responsive, solutions-oriented partners who help clients execute transactions efficiently while managing risk. IVCA: Why did the firm decide to join the Illinois Venture Capital Association? Sheppard: We joined IVCA because it is the leading voice and convening organization for Illinois’ Venture Capital and Private Equity community. The Midwest continues to produce high-quality companies and durable investment opportunities, and we see IVCA as an important forum for connecting sponsors, founders, and service providers who are building those businesses. Membership reflects our commitment to the region and to being an active participant, not just a legal resource, in the ecosystem. IVCA: As a large and multiple disciplined firm, what advantages does that give your Private Equity (PE) practice? Sheppard: Private Equity work is rarely confined to one discipline. Diligence findings often implicate tax, employment, benefits, IP, real estate, privacy/cyber, and regulatory issues, and those issues can affect both pricing and structure. Our multidisciplinary firm can address those work streams in parallel and help keep the deal process efficient and consistent. The advantage is also post-close, as portfolio companies frequently face operational and compliance questions where responsive, coordinated legal support can protect value. Our objective is to be practical and integrated, helping clients move quickly without losing sight of the issues that tend to matter later. IVCA: What distinguishes the Chicago office as a representative for the midwestern ethos of commerce and PE in the Windy City and beyond? Sheppard: Chicago is a sophisticated deal market that tends to value pragmatism, discipline, and long-term commercial relationships. Our Chicago team reflects that approach. We focus on clear advice, efficient execution, and a grounded understanding of how sponsors and management teams operate. We also appreciate the regional footprint. Many Midwest businesses are operationally complex and built for durability, which influences diligence, integration planning, and growth strategy. At the same time, we can draw on our international, firm-wide resources when transactions or portfolio issues require additional depth, including regulatory or cross-market considerations. IVCA: What are the key issues currently in PE law that the firm keeps up to date in the ever changing landscape of governmental and regulatory hurdles? Sheppard: We’re focused on the issues that create real friction for sponsor … heightened regulatory scrutiny, which includes SEC expectations; antitrust and competition considerations, especially in add-on and roll-up strategies; tax developments that affect structure and returns; and the employment/benefits and classification issues that can materially impact portfolio companies. We’re also spending more time on privacy/cyber risk allocation and incident readiness, because those can turn into fast-moving value events. IVCA: In the complex and multi-investor contract based world of PE law, what factors in litigation do you think are most preventable and why Sheppard: Many disputes arise less from ‘bad facts’ than from ambiguity, misalignment, or incomplete process. The most preventable drivers typically include unclear governance and decision rights … especially around consents, vetoes, and board control); imprecise economic terms like waterfalls, earn outs, indemnities and adjustment mechanics; inadequate disclosure and diligence documentation; inconsistent communications that later become ‘the record’; and weak post-close integration around compliance, financial controls, or employment matters. These are preventable because they can be addressed with disciplined drafting, careful diligence scoping, clear closing deliverables, and early alignment between sponsors and management teams on expectations and escalation pathways. Investing a bit more upfront in clarity and process often saves significant time and cost later. IVCA: What does Sheppard hope to achieve in their interaction with the VC/PE community within the IVCA? Sheppard: We hope to be an engaged, long-term contributor to the IVCA community. That means building relationships with sponsors, founders, and service providers; sharing practical insights on market terms, regulatory developments, and risk management; and supporting IVCA programming that strengthens the Midwest’s innovation and investment ecosystem. We also want to learn by staying close to what investors and portfolio companies are seeing which helps us provide more effective, commercial advice. For the website of Sheppard, click here . The Upcoming IVCA Education Session … Fundraising Market Conditions & Best Practices … will take place at he Conference Center at the UBS Tower, One North Wacker Drive in Chicago, on May 28th, 2026, starting at 1:00pm. For details and to register, click here .

IVCA Illinois Legislative Report David Stricklin , IVCA Legislative Liaison , Stricklin & Associates

LIVE WEBCAST BDO Talks Transactions: Key M&A Tax Planning Considerations Thursday, May 14, 2026 12:00 – 1:30 PM ET 1.5 CPE credit in Taxes (TX) Deal activity is regaining momentum as financing conditions improve and valuations stabilize, but new tax developments can affect transaction timing and structure. Join our webcast for a practical, deal-focused discussion of the latest M&A tax planning considerations. Our roundtable panel will spotlight new opportunities arising from changes to the qualified small business stock rules in the One Big Beautiful Bill Act and discuss emerging issues in sell side diligence. We will also cover state and local tax and international considerations, including when a Section 338(g) election makes sense for a foreign target. Walk away with a concise set of planning actions as deal pipelines build. After this session, participants should be able to: Analyze the current deal space and understand the latest M&A tax planning considerations. Evaluate the opportunities to use qualified small business stock as a tax planning strategy. Discuss key international tax planning options when engaging in cross-border deals. Register for the Webcast Moderator Kevin Ainsworth - Principal, Corporate Tax Technical Practice Leader, Washington National Tax Speakers Michael Masciangelo - Principal, International Tax Technical Practice Leader, Washington National Tax Erik Corwin - Principal, Corporate Tax and M&A, Washington National Tax Vincent Hulstrom - Principal, Transaction Advisory Services Thomas Leonardo - Principal, State and Local Tax Event questions? Contact Them Danielle DeSimone , Senior Specialist, Events Activation , BDO USA

IVCA Foundation

Illinois Venture Capital Association

IVCA Illinois Legislative ReportDavid Stricklin, IVCA Legislative Liaison, Stricklin & Associates PRITZKER DELIVERS BUDGET ADDRESS TO ILLINOIS AND BEYOND Widely expected to win a third term in November and to then announce at some point for a presidential run, Illinois Governor JB Pritzker today delivered his FY 2027 budget address to an audience of Illinois… The post IVCA Provides Updates for State Legislative Issues – 02/18/2026 appeared first on IVCA - Illinois Venture Capital Association.

The Illinois Venture Capital Association (IVCA), in partnership with Lockton, presents a two‑part webcast series focused on the insurance and risk issues facing today’s private equity firms. These sessions provide strategic updates for senior leaders and practical insights for professionals involved in deal execution and portfolio management. Presented in partnership with If you’d like me… The post Next IVCA Event, March 4th! IVCA Insurance Market Webcast Series appeared first on IVCA - Illinois Venture Capital Association.