Two opportunities from VC University we've been asked to share: Cohort 23 Scholarship Application (Deadline: 6/10) The scholarship application is now open for Cohort 23 of VC University. Scholarships cover full tuition and include office hours, a 3-month mentorship program, and more . Audience encouraged to apply: U.S.-based, early-career and aspiring VCs from underrepresented backgrounds ( more details ) Learn more and apply by Wednesday, June 10. Easy Ways to Share: Share this tweet or LinkedIn post Use this sample content for social media, newsletters, or slack Cohort 22 Mentorship: VC Volunteers Needed (Deadline: 6/26) We're also seeking VCs to volunteer as mentors in Cohort 22. Mentors meet with a scholarship recipient for 1 virtual hour/month, from August - October (3-4 hours in total). Audience encouraged to volunteer: U.S.-based VC investors across all sectors and experience levels Learn more and sign up by Friday, June 26.

IVCA FACES HEADWINDS IN 2026 SESSION Illinois lawmakers in the Spring 2026 Session approved in part or in whole several legislative measures to restrict, control, or otherwise manage private equity investments in the state. This is part of a national trend which IVCA members must be increasingly aware of going forward. In this edition of the newsletter, we’re providing links and quotes to press releases and news articles which will give you some context of how Private Equity is increasingly under pressure from policy makers. As always, if you would like further information or want to discuss any of these issues in greater detail, please contact IVCA Executive Director Christie Pruyn and we will respond immediately. RESTOCK THE BLOCK ACT HB 2783 passed the Senate and is now pending further action in the House to accept the changes to the bill which were made in the Senate. https://www.illinoissenatedemocrats.com/caucus-news/82-senator-rachel-ventura-news/6986-ventura-pushes-back-on-corporate-home-buying-passes-bill-to-protect-illinois-housing-supply State Senator Rachel Ventura’s measure to curb the growing influence of private equity and large institutional investors in Illinois’ housing market passed the Senate Monday. “As working families struggle to find affordable homes and rising demand continues to drive up prices, we have a responsibility to preserve our existing housing supply for people, not large corporate investors,” said Ventura (D-Joliet). “Unchecked investor activity is pricing Illinoisans out of their own neighborhoods, and we need clear guardrails to restore balance.” House Bill 2783 would establish a graduated annual fee on institutional investors that acquire more than 10 residential properties, beginning at 10% of a property’s value and increasing for every additional 10 properties owned. The fee would be capped at 50% and be directed into the Illinois Affordable Housing Trust Fund to support public housing development, rental assistance, and pathways to homeownership. The legislation also would require residential properties be listed on the open market for at least 90 days before institutional investors can make a purchase. Violations of the waiting period could result in fines of up to $250,000. Interesting to note this issue has also been addressed at the federal level from the White House Executive Order on PE in Housing and in legislation introduced in Congress HB 5000 passed both chambers and now goes to the governor for consideration. This bill was an initiative of the Illinois Attorney General. https://www.senatorguzman.com/news/press-releases/guzman-effort-to-combat-private-equity-in-health-care-has-passed-the-senate Chicago has faced the growing trend of health deserts because of private equity’s involvement in health care. According to the Private Equity Stakeholder Project , closures of West Suburban Medical Center, Weiss Memorial Hospital and Westlake Hospital were all attributable to ownership by private equity company Pipeline Health. Pipeline employed strategies to boost profit by monetizing hospital assets that led to a weakening of the hospitals. This follows a broader national trend of private equity’s involvement in hospital ownership. According to the Private Equity Hospital Tracker , 488 hospitals in the US are currently owned by private equity firms. This represents almost 23% of all for-profit hospitals. Firms that are engaged in this practice include equity giants such as Apollo Global Management, Bain Capital, and Equity Group Investment–which is based in Chicago–among others. The results have been disastrous for underserved communities with safety net hospitals being stripped for profit. https://www.oakpark.com/2026/06/04/private-equity-healthcare-oversite-laws-advance-in-light-of-west-sub-closure/ Two pieces of legislation aimed to provide additional oversight to private equity involvement in healthcare have made it to Gov. JB Pritzker’s desk. The new acts include HB5000, which strengthens oversight and transparency requirements around healthcare transactions and ownership changes, and HB 4728 legislation establishing new guardrails around private equity ownership of intellectual and developmental disability service providers, according to the Private Equity Stakeholder Project. The legislation comes in the wake of West Suburban Medical Center’s closure in March, with the Oak Park safety-net hospital previously brought to the brink bankruptcy by former owner Pipeline Health, a private equity-backed operator. HB 957 passed the Senate and is now pending further action in the House to accept the changes made in the Senate. https://www.illinoissenatedemocrats.com/caucus-news/74-senator-mike-simmons-news/6979-simmons-passes-right-of-first-refusal-for-tenants-through-the-senate To help communities preserve naturally occurring affordable, accessible housing and protect residents from displacement, State Senator Mike Simmons passed HB 957 which will provide tenants with the right-of-first refusal to purchase a residential building for themselves should the owner put the building up for sale or try to initiate a sale. Specifically, a 90-day notice would be required to tenants from the property owner before accepting or listing a building sale. “With rising costs of living and the influence of private equity, residents across Illinois are feeling the strain, and this measure gives them tools to keep their homes,” said Simmons (D-Chicago). “This legislation balances the need to expand and preserve housing with strong protections for property owners through the right of first refusal, fair valuation requirements, and a transparent acquisition process.” HB 5487 is an initiative of the Illinois Trial Lawyers Association. The bill passed both chambers and now goes to the governor for consideration. https://www.senatorhastings.com/news/press-releases/503-hastings-looks-to-close-private-equity-loophole-influencing-law-firms State Senator Michael E. Hastings passed legislation that would safeguard the professional independence of attorneys and protect clients from undue influence by private equity investors, hedge funds and investor‑backed management services organizations. “Private equity companies are starting to get creative with how they influence law firms,” said Hastings (D-Frankfort). “It is time for Illinois to act decisively and shut down this loophole that is being abused.”

There’s always something brewing in the Illinois capital of Springfield, as the state legislators work for new laws that determine the government’s relationship with commerce, which includes the membership of the IVCA. The long-time advocacy partner and public affairs consultant for the IVCA is David Stricklin. Stricklin is the president of Stricklin & Associates, which is a bipartisan public affairs consulting firm that advocates for client interests in Springfield, as well as Chicago and D.C. Stricklin prides themselves on having a deep expertise in strategic communication that offers tailored solutions that navigates the complexities of public affairs challenges. As the second quarter rolls along, David Stricklin was interviewed for an update regarding Springfield and the IVCA. IVCA: There are always things brewing in Springfield. What does the IVCA have on the fire, and what results are possible from that percolation? David Stricklin: Policy makers are clearly focused on and some are clearly skeptical regarding the role of Private Equity in areas such as health care, housing and even law firms … this was a very busy session! This is an essential time for IVCA members to be sure they know the legislators who represent the districts where they live and to make a concentrated effort to establish a line of communication with those legislators. Reach out to our Executive Director Christie Pruyn and we can help make that happen. IVCA: Procedurally, what is your basic process for creating interest in legislative issues that are beneficial for the membership of the IVCA? Stricklin: We try to give legislators a concrete example of what the policy change would mean to a company in their district or an industry within the State of Illinois. Facts and figures with a personal story attached is an effective approach. IVCA: Of course Governor Pritzker is not only an advocate of VC/PE issues, but a valued historical member of the IVCA. What advantage does that give an agenda for the association? Stricklin: It’s very valuable for people in the Capitol to know the Governor was on the ground floor of our organization. It confers immediate relevance and credibility. IVCA: How does keeping an ear to the ground for legislative news and lawmaker transitions provide a compass for what direction to go with IVCA issues? Stricklin: IVCA members are universally some of the most generous people I’ve ever encountered to help explain to me – and to policy makers – what the consequences of a particular policy might be. Any General Assembly in any state is full of people with ideas and how to who want to make a difference in their communicates. That leads to some ideas which sound good in theory but won’t work in practice. IVCA members have over and over helped walk me through when an idea won’t work and to do it in a way that’s constructive and positive. IVCA: What sections of the great State of Illinois have the most tenuous grasp of IVCA issues, and what type of information or proof-of-results allows them to get a grasp on VC/PE as an economic engine? Stricklin: We often share with legislators the number of companies in their districts with a PE investment and it is almost always a surprise. Nothing beats telling the story of a local business which has grown employment and improved its position in the market thanks to the partnership with one of our members. IVCA: Finally, what is your best pitch for encouraging the membership of the Illinois Venture Capital Association to contact your office with questions, information, or advice? Stricklin: Call Christie and we will respond right away. We want to hear what is holding back progress in the companies you’re working with, because can often help find a direct route to resolve the issue or shorten the time frame for an answer. Our members are some of the most successful in the business and have experience and wisdom which benefit me in every conversation and every interaction. For the website of Stricklin and Associates, click here . The 2026 IVCA Golf Invitational is July 13th at the Olympia Fields Country Club. For details, click here . 

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

A bill to expressly target Private Equity in residential housing was sent to the Senate Executive Committee on Monday and was heard in committee Tuesday. SB 331 with amendment 1 places a fee on entities purchasing more than 10 residential homes, with the proceeds directed to a fund to help create affordable housing. The bill passed out of Senate Executive Committee and is now poised to be heard in the Senate floor. IVCA is working with the Illinois Realtors among others to oppose the bill which while well-intentioned is not going to result in an increased supply of affordable housing. View the status of the bill a t ILGA.gov

The next IVCA Education Session will take place on May 28, 2026 (details below). The program, “Fundraising Market Conditions & Best Practices,” will be moderated by Jim Dugan (OCA Ventures) and feature Alex Fisher (Madison Dearborn Partners), Chris Maduri (Eaton Partners), and Rishi Chhabria (The Vistria Group). Moderator Jim Dugan, Founding Managing Partner of OCA Ventures, shares a preview of the discussion in this Q&A. To complement that perspective, we’ve curated several timely insights from the financial press and industry podcasts. From the Financial Press KPMG – Venture Pulse Q1 2026 U.S. venture investment surged to a record $267.2 billion in Q1 2026, driven in part by the $122 billion OpenAI raise. Even excluding that outlier, quarterly funding would still have reached a new high. Read more: https://kpmg.com/us/en/articles/2026/venture-pulse-q1-2026.html Computerworld – AI Venture Funding to Shoot Up This Year According to S&P Global, generative AI funding exceeded $140 billion in Q1 2026, already surpassing full-year 2025 levels. While deal volume declined amid inflation and geopolitical uncertainty, average deal size increased significantly. Read more: https://www.computerworld.com/article/4164421/ai-venture-funding-to-shoot-up-this-year-as-bubble-looms.html Forbes – As Geopolitics Tightens Capital, Venture Funding Becomes Pickier Rising geopolitical tensions are driving a repricing of risk, increasing the cost of capital and making venture funding more selective. This shift is reshaping which companies attract funding—and which do not. Read more: https://www.forbes.com/sites/dileeprao/2026/03/04/as-geopolitics-tightens-capital-venture-funding-becomes-pickier/ Morgan Stanley – Geopolitics Is the Market Force – What Comes Next? As globalization gives way to a more fragmented, multipolar landscape, investors must navigate the intersection of geopolitics, energy, and trade policy. Capital allocation is increasingly shaped by supply chain realignment and risk mitigation strategies. Read more: https://www.morganstanley.com/insights/articles/geopolitical-risk-impact-investors-institute-2026 From Industry Podcasts Inside Venture Capital – Venture’s Haves and Have-Nots This discussion explores the growing bifurcation within venture capital, evolving risk dynamics, and how geography impacts investment performance. Research Leader Dan Gray shares insights from a recent survey on early-stage VC trends. Listen (45 min): https://youtu.be/YBd65oN5RL4?si=4pWusqsYrZv_gjXc VC Lab – Meet the Managers: Sourcing Top Deals VC managers from StarChain Ventures, Science Fair Fund, and Geek Ventures discuss sourcing high-conviction startups, building founder relationships, and developing repeatable investment processes that drive results and LP confidence. Listen (57 min): https://youtu.be/oYNSK-oeYkM?si=iMhKX7fVkqixZo4s Capital Allocators – Why Culture Matters This episode highlights how WCM Investment Management operationalizes culture—from hiring for character and emphasizing trust to aligning incentives through shared equity and long-term succession planning. Listen (55 min): https://youtu.be/x8-rJctvxrk?si=ziC8nR1W0GieDM2d The IVCA Education Session, “Fundraising Market Conditions & Best Practices,” will take place on May 28 at 1:00 PM at the Conference Center at UBS Tower (One North Wacker Drive, Chicago). Click here to register and view full details.

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

Illinois Venture Capital Association

Another valuable IVCA Education Session is coming up on May 28th, 2026. The topic will be “Fundraising Market Conditions & Best Practices,” moderated by Jim Dugan of OCA Ventures, with the panel being Chris Maduri of Eaton Partners, Rishi Chhabria of The Vistria Group and Jim TenBroek of Growth Catalyst Partners. Jim Dugan is the Founding Managing Partner of OCA Ventures, focusing on investments in Fintech, InsurTech, EduTech, marketplaces and data analytics across many verticals. Mr. Dugan currently serves the boards of various portfolio companies, including Ocient, Alembic, MPP, The MOM Project, Prisidio, ArcherEDU, SpotHero, SnapSheet, Impossible Objects, Roq.ad, and Falcon Insurance Group. Mr. Dugan has over 30 years of corporate finance, capital markets, and Venture Capital investment experience. In addition, Jim Dugan serves on various non-profit Boards such as USOPF, NU Wave, 1871, Illinois Institute of Technology, and HCHS HardShip Endowment Fund, among others. Mr. Dugan is a longtime member of the IVCA through OCA Ventures, and was the 2013 recipient of the IVCA Fellows Award, as well as the 2024 recipient of The Stanley C. Golder Award. As a preview to the IVCA Education Session “Fundraising Market Conditions & Best Practices,” the IVCA interviewed moderator Jim Dugan. IVCA: You are sitting on a panel with a lot of experience and expertise. What points of view can audience participants expect from this panel? Jim Dugan: The theme of the panel, ‘Fundraising Alts’ during highly volatile markets, feels very appropriate and timely given the current market conditions. Some characteristics to consider … All time high market indices, yet bimodal distribution of Magnificent Seven, everything AI and Defense Tech versus rest of market following three years of low DPI from Venture Capital and Private Equity. Yet the large unfunded capital commitments to those funds are such that LPs may be lean on resources to feel comfortable making larger new fund commitments, especially with non-bank debt funds / private credit markets under assault for underlying credit worthiness, in addition to ongoing war and geopolitical threats. All together, it’s a precarious time which presents both risk and opportunity, thus we feel an ideal topic for IVCA members. IVCA: What is generally happening in the world economies and within the environments of the firms themselves, in your perspective, that has generated more cautious investing from LPs and GPs? Dugan: Note what I mentioned above, and in addition that fund managers also are grappling with the natural growth and succession of firms which tend to happen more or less at the end of each major economic cycle … so GPs who embrace next generation professionals and invest in their tutelage should be positioned well for next cycle. IVCA: As the whole of the economic engine is facing the implications of Artificial Intelligence, how theoretically could that affect general fundraising? Dugan: AI is impacting every major facet and functional area of investing, including identifying new qualified investors who may not have surfaced through prior traditional relationship building. Examples of the functional impact of AI includes processing information flow, adhering to compliance and managing LPA docs, in addition of course to the AI investing strategies themselves. We are excited to discuss during the panel the examples of AI implementation related to fundraising and deal sourcing. IVCA: Finally, in your long association with the Illinois Venture Capital Association, how have these Education events generated both camaraderie and new thought? Dugan: Among the many tremendous benefits to IVCA membership are these panels, and the opportunity to share with your community, brainstorm, and contemplate your own strategy and tactics. On some days we collaborate and on other days we compete, yet we all swim in the same ocean of opportunity. The occasion to network is an important component for our alts investment industry’s continued growth and evolution. The IVCA Education Session “Fundraising Market Conditions & Best Practices” will take place on May 28th starting at 1pm at The Conference Center at UBS Tower, One North Wacker Drive in Chicago. For details and to register, click here .