IVCA – Illinois Venture Capital Association

March 5, 2026 – Venture Forward’s “VC Power Hour”

Other Events of Interest

July 20 – 26, 2026 – TECHICAGO Week 2026

IVCA Newsletter – February 18, 2026

Thu, 19 Feb 2026 15:10:00 GMT

Association News

IVCA Feature: New Member Profile of Decasonic

Next IVCA Event, March 4th! IVCA Insurance Market Webcast Series

Legislative News

IVCA Provides Updates for State Legislative Issues – 02/18/2026

IVCA Events

March 4, 2026 – IVCA Insurance Market Webcast Series – #1 The State of the Business Insurance Market

March 11, 2026 – IVCA Insurance Market Webcast Series – #2 Deep Dive on Transaction Liability Insurance

Industry News

Gies Business launches U of I’s first student-led venture capital fund

Arbor Investments Announces Acquisition of Furlani Foods

Baird Capital Invests in Rapid Energy

Aleysian Enters Next Chapter of Growth with Strategic Acquisition by Concentric Equity Partners; Appoints Jon Klinepeter as CEO

First Analysis invests in behavioral health platform TPN.health

H.I.G. Capital Completes Acquisition of CargoTuff

HPA Backs AI-Native DFIR Platform Revolutionizing Catastrophic Breach Recovery

Compa raises $35M for faster compensation data

Regenity Biosciences receives strategic investment from Cinven, adding new partner alongside Linden Capital Partners

Monroe Capital Supports Fusion Capital Partners’ Acquisition of Excel Testing and Engineering Holdings LLC

Horizon Technology Finance and Monroe Capital Support OSSIO with a $50 Million Credit Facility for Continued Growth

Monroe Capital Supports Golden Bear Partners’ Investment in CST Academy

S2G Investments Backed Once Upon a Farm Lists on NYSE in IPO

TRM Labs Announces $70M Series C to Scale AI Solutions to Disrupt Criminal Networks and Counter National Security Threats; Thoma Bravo Participates

Janus Henderson Affiliates Privacore Capital and Victory Park Capital Launch First Interval Fund focused on Private Asset-Backed Credit

Frontenac Named to 2026 TOP 50 PE Firms in The Middle Market™ List

Pfingsten Named to 2026 TOP 50 PE Firms in The Middle Market™ List for Tenth Consecutive Year

Shore Capital Partners Closes Second Industrials Fund Amid Strong LP Demand for Sector-Focused Strategy

Thoma Bravo Port Co Proofpoint Acquires Acuvity to Deliver AI Security and Governance Across the Agentic Workspace

Wynnchurch Capital Port Co ISS Acquires MSHS Pacific Power Group

Professional Advisor News

2025 Market Update for the Americas | Lockton

Vedder Represents Industrial Service Solutions in its Acquisition of MSHS Pacific Power Group

Ropes & Gray Private Equity Group Named Law360 2025 Private Equity Group of the Year

Vedder Represents CGI in its Pending Acquisition of Stratfield Consulting

Audax Private Equity Completes Sale of Colony Hardware

Ropes & Gray Advised Silver Lake in Waymo’s $16 Billion Financing Round

European Wax Center to Be Taken Private by General Atlantic in All-Cash Transaction

Ropes & Gray Recognized as a Leading International Law Firm in Chambers Global 2026

Job Postings

7wire Ventures – Principal Role in Chicago

Fiscal Year 2027 Operating Budget

IVCA Provides Updates for State Legislative Issues – 02/18/2026

Wed, 18 Feb 2026 19:14:00 GMT

IVCA Illinois Legislative Report
David 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 legislators and beyond. He proposed a Children’s Social Media Act, a ban on cellphones in classrooms, a program for affordable home ownership, and spoke about college affordability. The budget address and budget materials may be found here :

Fiscal Year 2027 Capital Budget

Fiscal Year 2027 Budget in Brief

FY 27 PRITZKER BUDGET ANALYSIS

Illinois is sailing into headwinds of uncertain policies from the federal government and the governor used that as a baseline for his address. The governor is also highlighting improvements in the state’s bond rating, pension debt and other examples of what his administration sees as fiscal responsibility – which may also play to a larger audience.

CRAIN’S ON GOVERNOR’S BALANCING ACT

Gov. JB Pritzker is proposing one of the smallest spending increases of his tenure, unveiling a $56 billion budget that would grow just 1.6% next year after years of rapid expansion — and amid growing uncertainty over federal funding and tax policy.

Pritzker is pitching a budget aimed at preserving fiscal stability without broad-based tax hikes. To make ends meet, Pritzker is proposing a tax on large social-media platforms and an increase in gaming taxes to equalize the rate between electronic and table gaming. The social-media tax would produce $200 million, which would be designated for education.

Revenue Proposals – $728 million

* $120 million – Realign the tax treatment for tables and electronic games at 15 of the 16 Illinois casinos (excludes the Chicago casino).
* $200 million – Social Media Platform Fee for larger social media companies that collect consumer data and sell to third-party buyers. [As reported elsewhere, this would go to education funding]
* $269 million – Adjust Net Operating Loss Deduction Cap sunset to a phased-in approach.
* $79 million – Redirect sales tax revenue from the sale of candy/soft drinks/grooming products from Capital Projects Fund to General Funds (FY27 only).
* $60 million – Reduce the LGDF distribution percentage from 6.47% to 6.28%.

There are voices in the Capitol who are clamoring for higher taxes on millionaires and billionaires – those calls are not recognized in the introduced budget.

Tribune …

One day before Gov. JB Pritzker’s scheduled budget address, Illinois’ four top legislative leaders briefed on the plan Tuesday agreed it will have to hew to the line in a tight fiscal year, with one Democratic leader saying he doesn’t expect the governor to embrace calls by some progressive lawmakers to more aggressively tax Illinois’ highest earners. “I’m expecting another responsible, balanced budget proposal from the governor. It’s, as I understand it, likely to be very much a maintenance budget. We’re living in uncertain times, and we don’t know tomorrow morning what tweet’s going to blow another hole in our budget,” Democratic Senate President Don Harmon of Oak Park said, referring to President Donald Trump’s penchant for policymaking via social media. […]

“I just have not heard any talk about the progressive revenue proposals,” [Harmon] added. “I have not heard the governor talk about the progressive revenue proposals that are being circulated.” […]

And funding is expected to stay relatively flat for a program that provides health insurance to some noncitizen immigrants older than 65, the sources said. A similar program for middle-age adults ended last year after Pritzker proposed cutting it.

ILLINOIS REPUBLICANS SAY PRITZKER MISSES THE POINT

After seven years in office, Illinois families are still being squeezed by high taxes, rising crime, and a governor who governs with arrogance instead of accountability. Governor JB Pritzker promised stability and progress, but his tenure has delivered bigger government, higher costs, and policies that continue to fail the people of Illinois.

Next IVCA Event, March 4th! IVCA Insurance Market Webcast Series

Wed, 18 Feb 2026 18:40:00 GMT

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 to register for you, please contact me at kpyne@illinoisvc.org and let me know which date(s) you’d like to attend! (IVCA members only event)

Webcast #1: The State of the Business Insurance Market

Wednesday, March 4 | 12:00 PM CT | 30 minutes

Overview
The commercial insurance market continues to evolve amid economic uncertainty, shifting risk appetites, and increased underwriting scrutiny. This session delivers a concise update on 2026 market trends impacting PE‑backed companies, including pricing, capacity, coverage terms, and emerging risks for sponsors.

Who Should Attend
Private equity partners, operating executives, CFOs, and associates seeking a current, high‑level view of the business insurance landscape.

Speakers (Lockton)

Webcast #2: Deep Dive on Transaction Liability Insurance

Overview
Transaction liability insurance, including R&W, remains a key tool for competitive M&A processes. This session explores current market dynamics, underwriting considerations, deal structures, and best practices for optimizing coverage. Learn how sponsors are deploying these solutions to manage risk, strengthen bids, and protect post‑close value.

Who Should Attend
PE professionals involved in sourcing, diligence, execution, and portfolio oversight, whether seeking a technical refresher or strategic update.

Speakers (Lockton Insurance)

Why Attend

• Insights tailored specifically for private equity firms
• Practical, deal‑driven perspectives from Lockton market leaders
• Short, high‑impact sessions designed for busy schedules

Kate Wolfmeyer, SVP & Managing Director – Private Equity

Seth Braden, VP – Private Equity

Joe Spallina, SVP

Wednesday, March 11 | 12:00 PM CT | 45 minutes

Dan Hoppe , SVP – Transaction Liability

Joe Spallina, SVP

VC University Request for Mentors

Wed, 18 Feb 2026 16:15:00 GMT

Venture Forward is seeking VC investors to volunteer 3-4 hours as mentors for scholarship recipients in Cohort 21 of our flagship program, VC University. This commitment involves 1 virtual hour per month from April to June 2026 (totaling 3-4 hours). Mentors must be full-time, active investors (or retired/part-time with 15+ years of experience), based in the US, and investing in US startups across all sectors. You can find key program details here . The deadline to apply is Friday, February 27.

IVCA Feature: New Member Profile of Hughes & Company

Tue, 17 Feb 2026 14:34:00 GMT

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 firm of the Hughes & Company , which “invests in lower middle market healthcare software and technology-enabled service companies where we see the potential to create substantial value through revenue and EBITDA growth.”

The following is a Q&A profile with Hughes & Company , which explores the firm’s background and their expectations for interacting with the IVCA.

New Member: Hughes & Company
Representative: Jay Dave, Chief Financial Officer/Chief Compliance Officer

IVCA: What is a brief history of and background of Hughes & Company ?

Hughes & Company: Hughes & Company is a Chicago-based, lower middle-market healthcare-focused private equity firm investing in software and technology-enabled services businesses. We were founded in 2011 by Travis Hughes as an independent sponsor and raised our first institutional fund in 2021, followed by a second fund in 2025, which closed with $260 million in capital commitments. From inception, we’ve been grounded in a hands-on, operator-oriented approach, working closely with management teams to build durable, scalable companies that address critical inefficiencies across the healthcare ecosystem

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

Hughes & Company: We joined the Illinois Venture Capital Association to deepen our relationships within the Illinois investment community and engage more meaningfully with fellow investors. As a Chicago-based firm, we value being part of a strong, connected network where ideas, insights, and experiences are shared. IVCA provides an important forum for collaboration and dialogue, and we look forward to building lasting relationships, contributing where we can, and learning from the broader venture and private equity community in Illinois.

IVCA: Your niche is lower middle market healthcare software and technology-enabled service companies. How are these industries evolving in 2026 and what changes to them are the firm anticipating in their acquisitions?

Hughes & Company: Healthcare software and technology-enabled services continue to evolve rapidly, and in 2026 much of the conversation centers around automation and AI-driven capabilities. We view AI as an important enabler, particularly in areas where manual workflows, administrative burden, and fragmented data have historically limited efficiency.

At the same time, we believe durable value creation is grounded in fundamentals. Customers are prioritizing solutions that deliver measurable ROI, integrate seamlessly into existing workflows, and address mission-critical pain points. They are becoming more selective, with longer sales cycles and increased vendor consolidation. As we evaluate new investments, we are focused on finding businesses that solve a real problem in a scalable, defensible way.

IVCA: In association to what the firm is pursuing, what is recognized as the challenges to American healthcare, and how can software and tech enablement help mitigate those challenges?

Hughes & Company: American healthcare continues to face structural challenges, including administrative complexity, fragmented data, rising costs, labor shortages, and misaligned incentives across stakeholders. These dynamics create inefficiencies that burden providers, payers, employers, and ultimately patients.

We believe technology can play a meaningful role in addressing these challenges by automating manual processes, improving coordination, increasing transparency, and enabling better decision-making. When thoughtfully designed and embedded into real workflows, healthcare software can help organizations operate more efficiently, allocate resources more effectively, and ultimately improve both financial and clinical outcomes.

IVCA: Your portfolio lists a variety of company platforms that streamline different types of healthcare circumstances. What is an example of the type of intervention Hughes & Company offers a company once you invest and partner with them?

Hughes & Company: We take a highly engaged, operator-oriented approach once we partner with a company. In addition to providing capital to support growth initiatives, we work closely with management to align on a clear value creation plan and prioritize the initiatives that will most meaningfully accelerate growth and strengthen the foundation of the business.

That often includes helping to recruit key executives, refining go-to-market strategy, sharpening product positioning, implementing KPI visibility and operating cadence, and supporting strategic add-on acquisitions when appropriate. Our goal is not to replace management, but to serve as a strategic thought partner, bringing structure, accountability, and experience to help companies scale in a disciplined and durable way.

IVCA: Growth for a company is important to create value. What is an immediate process the firm uses to recognize opportunities for growth once a company is acquired?

Hughes & Company: Our process begins during diligence, where we assess the company’s most actionable growth levers through detailed analysis of customer health, go-to-market strategy, sales pipeline, product-market fit, and human capital. Following an investment, we refine those insights into a focused value creation roadmap aligned with management. We believe disciplined value creation starts with a clear understanding of where a business is already winning and where incremental focus can meaningfully accelerate growth.

We organize that work across our four pillars of value creation – Foundation for Growth, Product & Technology, Sales & Marketing, and Talent & Culture.

IVCA: What does Hughes & Company hope to achieve in their interaction with the VC/PE community within the IVCA?

Hughes & Company: We hope to build strong, lasting relationships within the Illinois VC/PE community and become an active, thoughtful participant in the dialogue shaping the local investment landscape. Hughes & Company is particularly interested in exchanging insights with fellow investors, sharing perspectives from our experience, and identifying opportunities for collaboration where it makes sense. We want to contribute to a healthy, connected ecosystem by supporting the growth of emerging managers and companies while continuing to learn from the depth of experience within the IVCA network.

For the website of Hughes & Company, click here .

IVCA Newsletter – February 4, 2026

Thu, 05 Feb 2026 18:00:00 GMT

Job Postings

7wire Ventures – Principal Role in Chicago

IVCA Feature: New Member Profile of Decasonic

Association News

IVCA Insurance Market Webcast Series – Register Today!

IVCA Events

March 4, 2026 – IVCA Insurance Market Webcast Series – #1 The State of the Business Insurance Market

March 11, 2026 – IVCA Insurance Market Webcast Series – #2 Deep Dive on Transaction Liability Insurance

IVCA Foundation News

IVCA Foundation Board Leadership Update

Professional Advisor News

Ropes & Gray Advises Taconic Biosciences in Acquisition of TransCure bioServices

BDO – 2026 Private Equity Industry Predictions

Vedder Represents Spartan Aerospace Group in Acquisition of Lourdes Industries, Inc.

Ropes & Gray Advised CIVC Partners in Sale of Digital Marketing Firm 829 Studios

Troutman Pepper Locke Advises Digital Wealth Partners on Selection of Investment Advisor to Manage $250 Million in Bitcoin Holdings

Ropes & Gray Advised Equality Asset Management on $575 Million Fund Close

BDO – 2026 PE Outlook: Deal Flow, Valuations, and Exit Strategies – Part B

Vedder Represents Unitech Aerospace in Sale of Tods Defence Limited and Tods Technology Limited to Canopy Aerospace & Defense

Ropes & Gray Advised on Momentive Software’s Acquisition of Personify

Industrial Defender Secures Significant Strategic Growth Investment With Guidance From Troutman Pepper Locke

Ropes & Gray Advised Sanofi on its Participation in Sensorion’s €60 Million Global Private Offering

BDO – Data Center Investment Due Diligence: A Checklist

Ropes & Gray Advised PK Consumer Health on its Acquisition of Puhdistamo, A Leading Nordic Consumer Healthcare Player

Ropes & Gray Advises EQT on Landmark Acquisition of Coller Capital

Industry News

CORE Industrial Partners Portfolio Company, IMMEC, Announces Partnership with Helton Electrical Services

RoundTable Healthcare Partners Invests in Colorescience, a Premium Skincare and Sun Protection Brand

Concentric Equity Partners Announces Investment in Pollan Paving

Pfingsten Completes First Acquisition for Photonics Platform

Shore Capital Partners Announces the Launch of Maintera Facility Services and Welcomes Commercial Asset Preservation (CAP) to the Platform

GTCR Announces Partnership with Gary Swidler to Form Ascent Sports Group

Monroe Capital Supports Platinum Equity’s Investment in Norton Packaging

Thoma Bravo Completes Acquisition of Dayforce

Water Street Partners with GlobalMed Logistix

Monroe Capital Supports Shore Capital Partners’ Investment in Together Women’s Health

Dentalcorp Announces Closing of Acquisition by Investment Funds Affiliated with GTCR

Wynnchurch Capital Exits Team Car Care

Frontenac Completes Exit of Crofter’s Organic

Thoma Bravo Completes Sale of Raptor Technologies

BitGo debuts with $2.59 billion valuation as crypto IPO window reopens (Jan 22)

May River Capital Port Co PaperTech Acquires Bake-Best Trays, Expanding Food-Focused Sustainable Packaging Platform

S2G Investments-Backed Mitra EV raises $27M for electric fleets

Spring Health Joins Forces with Thoma Bravo Port Co, Alma, Expanding Access to Precision Mental Health Care

Following the Exit of brightfin’s ServiceNow-Native Business, Mobile Solutions Returns With a Focused Mid-Market Strategy and Plans for Strategic Growth

Thoma Bravo Port Co Conga Completes Acquisition of PROS B2B Business

Blake Bartolomei Promoted to Partner of High Street Capital

GTCR Appoints Rohan Ranadive as Chief Financial Officer; Anna May Trala Transitions to Senior Advisor

Baird Capital Elevates Talent Across Investment Team

Victory Park Capital’s Sora Monachino recognized by Private Funds CFO 2026 New Faces of Finance List

Legislative News

IVCA Provides Updates for State Legislative Issues – 02/04/2026

Other Events of Interest

Check back for updates!

IVCA Foundation Board Leadership Update

Wed, 04 Feb 2026 20:01:00 GMT

As of January 1, 2026

As we begin the year ahead, the IVCA Foundation is pleased to share an update on its Board of Directors. The Foundation is guided by a highly engaged and committed Board focused on expanding access, strengthening talent pathways, and supporting the long‑term growth of Illinois’ private equity and venture capital ecosystem through education and workforce development.

We are especially pleased to welcome Kelly Zitlow, Water Street Healthcare Partners, who joined the IVCA Foundation Board this month, bringing valuable perspective and experience to advance the Foundation’s mission. We also welcomed Libby Baker, The Vistria Group, to the Board late last year and are grateful for her leadership, insight, and active engagement.

IVCA Foundation Board of Directors (2026)

Joanna Arras, Baird Capital, Treasurer
Libby Baker, The Vistria Group, Director
Walter Florence, Frontenac, Director
Kelly Zitlow, Water Street Healthcare Partners Director
Shoshana Vernick, Avathon Capital, IVCA Vice Chair
Christie Pruyn, IVCA Executive Director, President

Together, the IVCA Foundation Board provides strategic oversight for the Foundation’s core initiatives, including supporting the IVCA Scholar Program and partnerships that advance inclusive access to careers in private equity and venture capital across Illinois.

To view the full IVCA Foundation Board of Directors, visit:
�� https://www.ivcafoundation.org/who-we-are

Save the Date: 2026 IVCA Invitational

The IVCA Foundation is also pleased to share that the 2026 IVCA Invitational will take place on:

Monday, July 13, 2026
Olympia Fields Country Club

The IVCA Invitational is the Foundation’s premier annual fundraising event, supporting the IVCA Scholar Program and the Foundation’s mission to strengthen and expand Illinois’s private equity and venture capital talent pipeline. Additional details will be shared in the months ahead.

IVCA Insurance Market Webcast Series

Wed, 04 Feb 2026 19:53:00 GMT

he 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

Webcast #1: The State of the Business Insurance Market

Wednesday, March 4 | 12:00 PM CT | 30 minutes

Who Should Attend
Private equity partners, operating executives, CFOs, and associates seeking a current, high‑level view of the business insurance landscape.

Speakers (Lockton)

Webcast #2: Deep Dive on Transaction Liability Insurance

Wednesday, March 11 | 12:00 PM CT | 45 minutes

Who Should Attend
PE professionals involved in sourcing, diligence, execution, and portfolio oversight, whether seeking a technical refresher or strategic update.

Speakers (Lockton Insurance)

Why Attend

• Insights tailored specifically for private equity firms
• Practical, deal‑driven perspectives from Lockton market leaders
• Short, high‑impact sessions designed for busy schedules

Joe Spallina, SVP

Kate Wolfmeyer, SVP & Managing Director – Private Equity

Seth Braden, VP – Private Equity

Dan Hoppe , SVP – Transaction Liability

Joe Spallina, SVP

IVCA Feature: New Member Profile of Decasonic

Wed, 04 Feb 2026 19:44:00 GMT

In this second month and 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 firm of the Decasonic , which is “the Venture and digital assets fund building blockchain and AI innovation.”

The following is a Q&A profile with Decasonic , which explores the firm’s background and their expectations for interacting with the IVCA.

New Member: Decasonic
Representative: Rizza Torres, Marketing Manager

IVCA: What is a brief history of and background of Decasonic ?

Decasonic: Decasonic is an early-stage venture and digital assets firm focused on mainstream adoption of AI, Web3 and blockchain innovations. Founded by Paul Hsu, who serves as the firm’s sole general partner, Decasonic is structured to be enhancement capital for founders.The firm is product first, thesis driven, and designed to partner closely with builders through periods of technological and market inflection.

Paul’s background spans multiple technology shifts, including the early internet, social gaming, blockchain, and artificial intelligence. These experiences shaped the foundation of Decasonic’s investment approach … identifying non-consensus opportunities, underwriting durable product-market fit, and supporting compounding systems from the earliest stages.

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

Decasonic: Decasonic is proud to be based in Chicago. We believe global leadership starts local. Chicago offers a distinct mix of determination, innovation, and institutional excellence, which we believe will be central to building the next generation of technology platforms.

Paul has also joined other Chicago based civic organizations including the Economic Club of Chicago and the World Business Chicago. These collaborations align with our mission to drive technology value creation with broad and inclusive impact.

As part of IVCA, we look forward to learning from, collaborating with, and contributing to the broader venture and private equity ecosystem. Our team brings a forward view of where markets are heading, particularly in AI and blockchain, and we are excited to share our insights while strengthening ties across capital and innovation in Illinois.

IVCA: Your firm focuses on building blockchain and AI innovation, which are two technologies that are front and center in the current tech conversation. What are the industries that are most interested in AI, and what innovations are emerging because of that interest?

Decasonic: AI adoption is reshaping workflows across nearly every industry, particularly where automation, speed, and reasoning drive competitive advantage. These advances are creating leverage at scale by improving productivity, enabling personalization, and accelerating decision cycles across organizations.

At Decasonic, we focus on the convergence of AI and Web3, where intelligent systems interact with decentralized networks to unlock new forms of economic coordination. This includes autonomous AI agents that transact on chain, peer-to-peer AI networks, and tokenized AI infrastructure.

To lead in this space, we have developed and filed a provisional patent for our internal AI operating system, the Reinforcement Learning Expert Network (RLEN) . RLEN enables structured collaboration between humans and AI agents to evaluate non-consensus, high-context decisions and investment risk. It reflects our belief that AI is a compounding force that strengthens conviction, accelerates conviction, and scales insight when embedded deeply into how organizations operate.

IVCA: The term blockchain has been around for several years now, associated mostly with cryptocurrency. What other uses of blockchain have emerged in recent years, how is it currently being applied to crypto, and what innovations have emerged from the new uses of blockchain?

Decasonic: Beyond cryptocurrency, blockchain now powers decentralized identity, tokenized money and financial assets, blockchain-based gaming, programmable loyalty systems, and infrastructure for AI coordination. These systems offer economic alignment, transparency, and ownership at scale, primed for mainstream adoption.

We are particularly focused on dual equity and token structures, where blockchain-native incentives reinforce business value. As blockchain technologies mature, we expect them to underpin global networks where AI agents transact, verify, and earn autonomously. These innovations are not only technical but also represent new market categories for founders and investors.

IVCA: Your firm offers ‘Perspectives’ on the various subset issues regarding blockchain and AI. As most of us have now been exposed to the definition of AI, what questions do you get the most from these Perspectives, especially with businesses or investors who are new or not sure about the tech?

Decasonic: The most common question is how to discern durability from hype. AI and blockchain are complex domains, and many investors ask how to evaluate real utility and long-term market relevance. At Decasonic, we address this through a structured framework that assesses Narrative, Product Market Fit, and Execution.

We also field frequent questions on governance, token mechanics, and regulatory clarity. We respond with data-informed insights and use our operating background to simplify how these technologies create user value. Founders and investors alike benefit when we translate deep technical knowledge into actionable perspectives.

IVCA: Right now there is a renaissance in tech research and development on AI and its possible uses, with new applications emerging seemingly every day. How do investors learn to distinguish how these applications can be viable for use in our lives and businesses, as to make them valuable as investments?

Decasonic: Decasonic is a team of investor-operators, with a ratio of 25 agent teammates per human team-member. Our agent teammates augment the core functions of a venture fund, with agents across investment, data, operations, and marketing. Those agents are accessed through our internal Decasonic AI OS, with the goal of human-AI collaboration with an emphasis on augmenting human-capabilities vs replacement. To invest in AI at a world-class level, investors have to build and experiment with the full capabilities offered by AI.

We focus on AI innovations that deliver real-leverage, where AI is embedded into the core of a product and operating model. Viable investments are those where AI drives distribution, improves capital efficiency, or creates an entirely new category. We seek those signals early and work closely with founders to validate them.

IVCA: What does Decasonic hope to achieve in their interaction with the VC/PE community within the IVCA?

Decasonic: We want to both contribute and collaborate. Our goal is to support the Illinois venture ecosystem with expertise at the frontier of Web3 and AI, while also learning from peers with deep experience in scaling capital-efficient businesses.

We are always looking to build alongside others who share a commitment to long-term value creation. Whether through co-investing, exchanging ideas, or helping founders access strategic resources, we see IVCA as a valuable forum to drive innovation forward.

For the website of Decasonic, click here

IVCA Provides Updates for State Legislative Issues – 02/04/2026

Wed, 04 Feb 2026 19:21:00 GMT

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

GOVERNOR LEADS WITH PENSION COMMITMENT

GOVERNOR PUTS PENSIONS FIRST

Illinois Governor JB Pritzker got out in front of his annual budget message by releasing his preferences for how the state should handle its ongoing pension obligations.

Proposing an extension of the state’s pension buyout program to further reduce long-term liabilities and continue to save taxpayer dollars.
Proposing to direct additional revenues toward paying down Illinois’ pension commitments through transferring unexpected surplus revenues left over after paying income tax refunds.
Reaffirming commitment to the Governor’s 2024 multi-tiered plan to manage the state’s long-term pension funding commitments, including increasing the statutory funded ratio goal to 100% funded by 2048 and addressing the Tier II safe harbor concerns by adjusting pensionable earnings cap, building on $75 million set aside in the most recent budget.

PRITZKER — FULLY FUND PENSIONS

The governor gives his budget address two weeks from today. Legislative leaders and the governor have all signaled to the constituencies who want more spending from Springfield that the budget they produce this spring will be hard pressed to meet all the spending pressures, especially considering uncertainty from the federal government.

CRAIN’S ANALYSIS AND QUOTES ON PRITZKER PENSION PLAN

* Center Square | GOP candidates for Illinois governor challenge Pritzker on state finances : “I believe that when we crack this budget open and start showing the people where all this is going, I think we’re going to have most of what we need to work with to start tamping down on property taxes, energy prices and especially working with our pensions,” Bailey told The Center Square. Bailey said the state budget rose from around $32 billion in 2017 to more than $55 billion this year.

COGFA OFFERS INSIGHT

The Commission on Government Forecasting and Accountability provides the legislature and the executive facts and figures on Illinois economic and revenue trends. Out today with its latest report, COGFA FEBRUARY BRIEFING .

IVCA Newsletter – January 21, 2026

Tue, 03 Feb 2026 22:09:00 GMT

Job Postings

7wire Ventures – Associate & Principal Roles in Chicago

IVCA Feature: 2026 Predictions for Venture Capital and Private Equity

Association News

IVCA Events

Check back for our 2026 Calendar of Events!

Industry News

Water Street Invests in Pillr Health

Wind Point Partners to Acquire The Hiller Companies

Monroe Capital Closes $6.1 Billion in New Investable Capital for its Private Credit Strategy

Origin Ventures Invests in R2: the New Frontier of Security

Nichols Cauley, Partners Risk Services, and JGH Consulting Merge to Establish New Platform in Partnership with Madison Dearborn Partners

Monroe Capital Supports Coalesce Capital’s Acquisition of DecisionHR Holdings, Inc.

GTCR Completes Sale of Worldpay to Global Payments

Thoma Bravo Port Co UserTesting Acquires User Interviews to Strengthen the Industry’s Most Comprehensive Customer Insights Solution for the AI Era

CORE Industrial Partners Portfolio Company AxioAero Group Acquires Airway Aerospace LLC

Thoma Bravo Port Co Majesco Closes Acquisition of Vitech, Advancing Cloud and AI-Native Innovation for Insurance and Pension & Retirement

Periscope Equity Announces 2025 Team Promotions

PPC Names Ted Buell Senior Director, Chief Digital Officer

Prospect Partners Promotes Colin O’Donnell to Director

Baird Capital Finalist for Real Deals’ Private Equity Award

PitchBook: Paul Hsu shares about crypto IPOs and timing the public markets

Professional Advisor News

Highland Rim Capital Closes $208M Debut Fund Above Target; Eaton Partners Acts as Placement Agent

BDO’s 2026 Private Equity Predictions

Gordon Brothers Invests in Rachel Zoe With Guidance From Troutman Pepper Locke

Ropes & Gray Advised Tanabe Pharma Corporation in the $2.5 Billion Sale of Global Rights to its RADICAVA Business to Shionogi

From Diligence to Post-Closing: What’s Shifting in 2026 Health Care Transactions – Troutman Pepper Locke

Ropes & Gray Advises Temasek on Joining AI Infrastructure Partnership

Growing Health-Care, Private Equity Scrutiny Shadows 2026 Deals – Troutman Pepper Locke

Ropes & Gray Advised Gauge Capital in Ecosystems Strategic Growth Investment

Beyond the 50 Percent Rule: OFAC’s Recent Private Equity Enforcement Action Shows Why Ignoring Indirect Sanctions Risk Can Be Costly – Troutman Pepper Locke

Bain Capital Made Strategic Investment in American College of Education

LongRange Capital to Acquire 24 Hour Fitness

Coalesce Capital Announced Majority Investment in Marshall & Stevens

TPG Makes Majority Investment in Trustwell

Legislative News

IVCA Provides Updates for State Legislative Issues – 01/21/2026

Other Events of Interest

January 30, 2026 – VC University Bootcamp – Application Deadline

IVCA Feature: 2026 Predictions for Venture Capital and Private Equity

Wed, 21 Jan 2026 13:39:00 GMT

The new year is underway … Happy 2026. As we begin another journey, what will be ahead in the new year, and how will it affect the Venture Capital and Private Equity world? The predictors and prognosticators in the financial media have had their say, and the IVCA offers the following articles and media that all look forward to the new investor year … which includes Podcasts and AI generated content.

GoHub.vc , ’2026 VC Predictions: Tech and Investment Trends to Watch’

Based on a review of recent market data and GoHub Ventures’ experience investing in B2B technology, our view is that the most relevant tech and VC investment trends for 2026 are less about new technological breakthroughs. Instead, they focus on where existing technologies could be deployed reliably and at scale. This perspective shapes our outlook across B2B software, digital health, and dual-use technology.

MorganStanley .com , ‘Private Equity 2026 Outlook’

A more benign operating environment has commenced after several challenging years. A strong M&A recovery is also under way, which is self-reinforcing to PE fundamentals. PE-backed companies are uniquely positioned to benefit from AI adoption.

LinkedIn.com , ‘5 Predictions for Chicago Tech in 2026’

According to Fred Hoch at TechNexus: “This year, the Chicago tech industry is poised for significant acceleration, moving beyond a period of quiet consolidation.”

BDO.com , ’2026 Private Equity Industry Predictions’

After a prolonged period of subdued deal activity and capital accumulation, private equity is entering 2026 with renewed optimism — flush with dry powder and ready to deploy. Financing conditions are stabilizing, interest rates are decreasing, and valuations are beginning to reset.

BurklandAssociates.com, PODCAST: ‘2026 Outlook: The Startup Ecosystem’

What could 2026 look like for startup funding, growth, and exits – and how can founders position themselves for success?

LISTEN (20 minutes): https://burklandassociates.com/podcasts/2026-outlook-the-startup-ecosystem/

Alts.AXA-IM.com, PODCAST: ‘Private Equity Outlook 2026’

Private Equity enters 2026 not as a year of pause, but one of precision. The industry is still working through a lingering liquidity overhang, even as exit markets begin, cautiously, to turn. With distributions under pressure, secondaries have grown in importance as a critical release valve, alongside trade sales and a gradually thawing IPO market, helping to restore cash flows and confidence.

WATCH/LISTEN (35 minutes): https://alts.axa-im.com/undefined-insight-landing/alternatives-investments/private-equity/podcast-private-equity-outlook-2026

Finance.Yahoo.com , ‘Yes, the Trump Administration is Likely to Buy More Equity in More Private Companies in 2026’

The government took stakes in a number of private companies during 2025, and it’s likely to continue making equity investments while Donald Trump remains in office. Whether or not this is a wise long-term strategy is an ongoing debate, with strong opinions on both sides.

And Finally, using Google AI …

’Venture Capital Predictions 2026 Chicago’

’Private Equity Predictions 2026 Chicago’

IVCA Provides Updates for State Legislative Issues – 01/21/2026

Wed, 21 Jan 2026 13:37:00 GMT

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

BEARS LOSE IN PLAYOFFS BUT MIGHT WIN IN THE CAPITOL

Winning helps. The playoff run the Bears just recorded attracted attention and social media posts from almost all the high-profile (and not so high-profile) elected officials and policy makers in Illinois. Stiff arming a perennially frustrating franchise was easier to do than tackling a winning team for a loss, and when you add in Indiana making a sweet deal to lure the team across the border, it would appear the chances are higher now than before that the Bears will get at least some of what they want from government bodies to relocate to Arlington Heights. Or do something else not yet disclosed.

BEARS FINDING MORE RECEPTIVE AUDIENCE?

ARLINGTON HEIGHTS VS. GARY, INDIANA

* Sun-Times | Bears, Bally’s elbow way onto General Assembly’s spring agenda as lawmakers eye $2.2B shortfall : State lawmakers return to the Illinois House on Tuesday to gavel in the 2026 legislative session and prepare for months of wrangling over how to bridge a $2.2 billion budget gap in a critical midterm election year. Leaders of Democratic supermajorities in the Illinois General Assembly are sticking to the national party message of addressing affordability for voters who face rising costs on utility bills, health care, home insurance and just about everything else.

HOUSE BILL WOULD TAX PE FUNDS

Illinois State Rep. Hoan Huynh represents the 13 ^th District which includes the Uptown and Lincoln Square neighborhoods and at the southern border is across from Wrigley Field. Rep. Huynh is running for the Congressional seat being left by Congresswoman Jan Schakowsky and is in a crowded field of Democrats seeking the nomination in March. All that to say this bill may be a way of trying to break out of the pack of secondary candidates behind front runners Evanston Mayor Daniel Biss, Illinois State Senator Laura Fine, and social media activist Kat Abaguzelah. It does not appear, to us, to be a serious bill or one that would gather much support within the legislative process:

BILLIONAIRE HEDGE FUND FEE ACT / HB 4366

Creates the Billionaire Hedge Fund Fee Act. Imposes a fee on each covered transaction occurring on or after July 1, 2026. Provides that the amount of the fee shall be the base amount with respect to the covered transaction, multiplied by 0.002.

Provides that the term “covered transaction” means: (1) the purchase by a United States person of a security if the purchase occurs on, or is subject to the rules of, the Chicago Board Options Exchange or the Chicago Mercantile Exchange; or (2) the purchase by a United States person of a derivative if the derivative is traded on, or is subject to the rules of, the Chicago Board Options Exchange or the Chicago Mercantile Exchange. Specifies that, for purposes of the Act, “United States person” includes controlled foreign corporations, hedge funds, and private equity funds and their officers and employees. Exempts from the provisions of the Act the purchase of a security or a derivative by an individual for that individual’s personal investment account or personal investment portfolio. Provides that the proceeds from the tax imposed under the Act shall be deposited into the Reducing the Cost of Living Fund. Amends the Illinois Administrative Procedure Act. Grants emergency rulemaking powers to the Department of Revenue. Amends the State Finance Act. Create the Reducing the Cost of Living Fund. Effective immediately.

MARKING TIME TO MARCH 17

With the party primaries coming in mid-March the legislative calendar up to then is relatively sparse, save for the February 18 budget address from Governor JB Pritzker. Republicans are nominating a candidate to challenge the incumbent governor, and Democrats have lively races for Illinois Comptroller, U.S. Senate, several Congressional seats, and even in a few open House and Senate districts.

Capitol News Illinois | Few fireworks as Illinois GOP governor hopefuls share stage for first time : Far ahead of his Republican primary opponents in the most recent public polling, Darren Bailey told a half-filled central Illinois auditorium in that he expected to be “the punching bag.” Instead, Bailey walked away relatively unscathed from a candidate forum Thursday evening as the four Republican candidates for governor struck a conciliatory tone with one another. The four candidates preached unity after years of intraparty conflict, called for an end to the state’s robust protections for immigrants and took aim at Democratic Gov. JB Pritzker while pitching themselves as the most electable candidate in a general election.

PPC Names Ted Buell Senior Director, Chief Digital Officer

Tue, 20 Jan 2026 21:36:00 GMT

Veteran Google Executive to Provide Technology and Commercial Expertise Across PPC’s Family of Companies

CHICAGO – (January 14, 2026) – PPC, a leading family investment firm focused on partnering with family-, founder-, and management-owned businesses, today announced that Ted Buell has joined the firm as Senior Director, Chief Digital Officer. Mr. Buell brings more than 25 years of experience helping companies drive growth through digital transformation and growth marketing. In this role, he will work closely with PPC’s family of companies to assess, design, and lead complex business transformations, utilizing technology, tech-enabled commercial strategies, digital marketing, and AI enablement and activation.

“On behalf of our team, I am delighted to welcome Ted to the PPC family,” said David Gau, President and Head of Operations at PPC. “Ted’s proven track record of helping companies accelerate business outcomes through the adoption of new technology will play an important role in helping our family of companies achieve growth and lasting success.”

Mr. Buell joins PPC after 17 years at Google, where he most recently served as Managing Director of Product Commercialization for Google’s Consumer and Business Services unit. During his time at Google, Mr. Buell advised mid-market and Global 1000 companies on digital strategy, including growth marketing, go-to-market design, sales activation, and new product commercialization to drive top- and bottom-line growth. Mr. Buell began his career at Diamond Management & Technology Consultants, a management and technology consulting firm, before joining Google in 2007.

“I am thrilled to join PPC,” said Mr. Buell. “I’ve already had the chance to work with several companies within the PPC family, and I look forward to partnering with the rest of the company leadership teams to help accelerate growth through digital activation.”

Mr. Buell currently serves on the Board of Directors of Skyline Roofing Partners and previously served as an Advisory Board Member of CapitalG. He received an MBA from the University of Chicago Booth School of Business and a Bachelor of Science in Systems Engineering from the University of Virginia.

About PPC

PPC is a family-oriented investment firm that specializes in partnering with family-, founder-, and management-owned companies in the manufactured products and services sectors. The firm’s differentiated investor base, which is anchored by family investors, allows for aligned decision-making, flexible transaction structures, and a focus on achieving long-term business objectives. For more information, visit PPCPartners.com.

Contacts
Dana Gorman / Mallory Griffin
H/Advisors Abernathy
(212) 371-5999
dana.gorman@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Newsletter – January 7, 2026

Thu, 08 Jan 2026 01:28:00 GMT

Legislative News

IVCA Provides Updates for State Legislative Issues – 01/07/2026

Job Postings

7wire Ventures – Associate & Principal Roles in Chicago

IVCA Feature: The Best Quotes and Perspectives of 2025

Association News

IVCA Announces 2026 Board Leadership

Get ready for Summer 2026: Host an IVCA Scholar and Help Shape the Future of PE/VC

Round Two Applications Now Open for the 2026 IVCA Scholar Program!

Industry News

First Analysis invests in supply chain test automation platform Cycle Labs

Thoma Bravo Completes Acquisition of PROS Holdings, Inc.

Monroe Capital Supports Growth of Recognize Partners’ SDG Corporation

Azul Closes Strategic Investment from Thoma Bravo

Wind Point Partners Combines Turf Masters with Portfolio Company ExperiGreen

Thoma Bravo Completes Acquisition of Verint, a Leader in AI-Driven Customer Experience Automation

GTCR Partners with Ownership Works to Advance Employee Ownership Across its Portfolio

Agent Capital Awarded “Partner of the Year” by Penn Center for Innovation, University of Pennsylvania

Runway Growth Capital Welcomes Ryan McCarthy as Managing Director

RCP Advisors Recognized by Pensions & Investments’ Best Places to Work in Money Management and Crain’s 2025 Best Places to Work in Chicago

Monroe Capital Launches Monroe Capital Enhanced Corporate Lending Fund (MLEND)

Water Street Healthcare Port Co Hansen Hunter and LTC Consulting Join Forces

Victory Park Capital Announces New Warehouse Facility with Zip, Expanding Long-Standing Partnership

IVCA Events

Check back for our 2026 Calendar of Events!

Professional Advisor News

Sidley Represents BioRender in Investment Valuing Company at $900 Million

Ropes & Gray Advised McNally Capital on Airforce Turbine Service Acquisition

Sidley Represents Aboitiz Equity Ventures on Their Strategic Partnership With Global Infrastructure Partners in Aboitiz InfraCapital

Ropes & Gray Advised Steward Partners in Securing Strategic Capital from Ares

Sidley Represents Armis in Its US$7.75 Billion Sale to ServiceNow

Ropes & Gray Names New Leadership Team for Corporate Practices to Accelerate Opportunity and Outcomes for Clients

Sidley Represents ABM In Its US$275 Million Acquisition of WGNSTAR

TPG to Acquire Majority Stake in Conservice

Sidley Represents Lumexa Imaging in US$462.5 Million Initial Public Offering

Ropes & Gray Advised Specialty Alliance in $15 Million Cosan Strategic Growth Investment

Sidley Represents Apollo Funds in Majority Investment in Prosol Group

Oriflame Closes Transformative Recapitalisation Transaction, Delivering Approximately €500 Million Debt Reduction

Other Events of Interest

January 30, 2026 – VC University Bootcamp – Application Deadline

IVCA Feature: The Best Quotes and Perspectives of 2025

Wed, 07 Jan 2026 18:09:00 GMT

Happy New Year 2026 to the membership of the IVCA. As we keep moving through the years, the VC and PE industries continue their unprecedented investment and success. Simultaneously, the IVCA will continue in their mission to represent the VC/PE community and their support organizations and update the membership throughout the year on the website and through the biweekly newsletter and profiles.

In one more look at 2025, here are the best quotes and perspectives from those various articles, including quotes from the honorees of the recent IVCA Awards Dinner …

“Diverse teams win. They bring different perspectives, understand a wider range of customers, and ultimately build better products. We are a team of unique individuals from all walks of life and all corners of the globe. Our passions bleed into the work we do every day – as investors, strategists, operators, and entrepreneurs. We’ve seen firsthand how fostering a sense of community and belonging opens doors to conversations that facilitate real change.”

~ Jim Dallke for New Member TechNexus Venture Collective

“An important part of our new strategic plan is centered around expanding relationships. I am working to expand IVCA’s reach by cultivating relationships with institutional and family investors. These efforts have included developing programming to educate investors about Venture Capital and Private Equity opportunities while facilitating introductions to our members. One successful event has already demonstrated the impact of this work, linking new LPs to IVCA and showcasing the important initiatives of the IVCA Scholars Program and the IVCA Foundation.”

~ Christie Pruyn Executive Director of the IVCA

“That’s what stood out to me about IVCA. It wasn’t just about getting placed at a firm. It was about being part of a bigger experience that included exposure to different corners of the industry, thoughtful programming, and a community that genuinely cares about helping students figure out where they fit. The chance to work at firms like ParkerGale felt like exactly what I was hoping for. I had heard from past scholars that the program gave interns real responsibility and treated them as part of the team, which made me feel like this could be the kind of challenge I was looking for.

Looking back, I’m incredibly grateful I took the leap and applied. IVCA gave me the structure, support, and real-world exposure to explore investing in a way that felt both challenging and rewarding. It’s shaped how I think about my path going forward and made me even more excited about where it might lead.”

~ Fiona Charlton , IVCA Scholar

“The American Investment Council (AIC) has made enormous progress in educating members of Congress and federal regulators, but the AIC could be even more effective if EVERY firm were to become a member and add its own examples to the positive stories the AIC draws on to change inaccurate perceptions.

Making those relationships known to the AIC can be very helpful as well. It also should be noted that some federal legislative proposals that don’t get adopted by Congress make their way to the states, where they can become state legislative initiatives. That’s why it’s so important to support and be active in the work of the IVCA. The IVCA and its PAC program have been highly effective in educating our state legislators about the important role Private Equity and Venture Capital play in the Illinois economy and avoiding harmful legislation at the state level.”

~ Lee M. Mitchell Managing Director/Partner at Thoma Bravo, previewing ‘A Fireside Chat with the American Investment Council (AIC)’

“ Illinois has the combination early-stage investors look for … a deep and diverse talent pool, world-class universities, a strong base of corporate innovation partners and a history of producing massive tech unicorns. Chicago has become the largest Midwest hub where founders can access capital, talent and customers without the cost barriers of the coasts. For M25, Illinois has consistently produced founders who are both ambitious and resourceful, aligning closely with our core philosophy of backing operators in overlooked markets.”

~ Victor Gutwein Managing Partner at M25, the IVCA Rising Star Award Recipient at the 2025 IVCA Awards Dinner

“NextGen Growth Partners empowered our team, supported us and even respectfully disagreed with us at times. The also supported our vision, and pushed us to make data-driven decisions – all while staying engaged and aligned with our mission. From acquisition to exit they were steady, supportive, and committed to us building long-term value. The successful sale in the spring was the realization of that collaboration.”

~ Nick Oberhouse of Door & Window Guard Systems (DAWGS), the Private Equity Portfolio Company of the Year at the 2025 IVCA Awards Dinner

“It’s an incredible honor to be recognized by the IVCA and our peers in the VC community. This award is deeply meaningful because it acknowledges the hard work, perseverance, and dedication our team has poured into growing this business and realizing our mission. It’s also a validation of our approach … that purpose and performance can go hand in hand. This recognition not only celebrates our past efforts, but also strengthens our credibility in the industry, deepens investor and partner relationships, and energizes our team as we continue to build for the future.”

~ Simple Mills , the Venture Capital Portfolio Company of the Year at the 2025 IVCA Awards Dinner

“I’ve already disclosed that I’m a lifelong golfer and have learned so much from the sport, and received so much back. Golf has been a passion and a privilege as an adult as well, providing opportunities to see some of the most beautiful vistas, walk the fairway with incredibly interesting people and observe the unspoken integrity and actions of other players. It has been a way to deepen relationships and create shared experiences.”

~ Shoshana Vernick Co-Founder/Managing Director of Avathon Capital, Facilitator of the IVCA Foundation Golf Invitational, and the Recipient of the IVCA Foundation Award at the 2025 IVCA Awards Dinner

“I believe we all have a responsibility to give back and to help society. These are important lessons that I learned from [my co-founding partner, Steve Miller and his father, Harvey Miller] and have followed. By doing so, my life has been greatly enriched. I am hopeful that my philanthropic endeavors have benefitted people as much as I have benefitted through my involvement and support of these causes.

I encourage young members of our community to find causes that you are passionate about and to donate your time and efforts to these causes to help make the world a better place. I trust that you will find, as I did, that you will benefit from your efforts as much as, if not more than, the charities.”

~ Bruce N. Barron Founding Partner at Origin Ventures, and the Recipient of the Richard J. Daley Award at the 2025 IVCA Awards Dinner

“I’m not sure people really understand how much value the Private Equity community receives from the efforts of organizations like the IVCA. Something that hits close to home for 50 South Capital is that we are fortunate enough to advise the State Treasurer on the Illinois Growth and Innovation Fund. This is a program that the IVCA was instrumental in creating way back in 2004.

This program has led to nearly $1 billion being invested into Venture Capital and buyout funds in Illinois, which in turn encourages growth and employment. I think this is just one of many programs that the IVCA has been instrumental in creating that accrues to the benefit of the entire Private Equity ecosystem and Illinois. ”

~ Robert P. Morgan Managing Director at 50 South Capital, and the Recipient of the Stanley Golder Award at the 2025 IVCA Awards Dinner

Round Two Applications Now Open for the 2026 IVCA Scholar Program!

Wed, 07 Jan 2026 18:05:00 GMT

Help us spread the word to undergraduate students across Illinois and Midwest. This is an incredible opportunity for students to gain hands-on exposure and build industry connections.

Application Deadline: January 30, 2026

More information can be found HERE .

Get ready for Summer 2026: Host an IVCA Scholar and Help Shape the Future of PE/VC

Wed, 07 Jan 2026 18:03:00 GMT

This summer, we are inviting firms to join us in hosting a 2026 IVCA Scholar – help play a direct role in developing Illinois’ emerging leaders in private equity and venture capital.

The IVCA Scholar Program connects high-potential Illinois-based undergraduate students from underrepresented backgrounds with meaningful, hands-on experience at Private Equity and Venture Capital firms.

If you firm is interested, please contact Peggy Castanoli at pcastanoli@illinoisvc.org .

IVCA Provides Updates for State Legislative Issues – 01/07/2026

Wed, 07 Jan 2026 18:00:00 GMT

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

LEGISLATURE READIES FOR RETURN TO SESSION

The Illinois General Assembly begins its work in 2026 with the Senate in session next week and the House the week following. Much of the activity in January will be organizational and preparatory when Governor Pritzker delivers his budget address February 18. Policy makers are wrestling with whether changes to federal programs will impact state spending and what consequences that will have for Illinois residents receiving those benefits.

FEDERAL GOVERNMENT WITHOLDS $1B FROM ILLINOIS

In Illinois, about $1 billion is being frozen that would normally go toward programs that help families pay for child care, support child care workers and help pay for other services, according to Gov. JB Pritzker’s office. The administration is also withholding funds meant for California, Colorado, Minnesota and New York.

* Tribune | Feds to award Illinois $193M next year for rural health care as part of Big Beautiful Bill Act, as state braces for Medicaid cuts. : The federal government is awarding Illinois $193 million next year to support rural health care — money that’s part of the One Big Beautiful Bill Act, but not enough to make up for Medicaid cuts from the measure, state health leaders say. Illinois asked the federal government for $200 million a year for each of the next five years in its application for the funds. […] The federal Centers for Medicare & Medicaid Services announced the award amounts for each state Monday, noting that states are getting an average of $200 million in the first year of funding. The largest amount of $281 million is going to Texas, and the smallest amount of $147 million is for New Jersey.

REVENUE FORECAST SUGGESTS CAUTION

Halfway through the current fiscal year and with a new budget being assembled for next year the Illinois agency which helps guide fiscal policy left this for policy makers to chew on: “a cautious approach to revenue expectations for the second half of FY26 remains warranted until additional clarity emerges through actual tax collections.”

COGFA DECEMBER 25 BRIEFING

GRADUATED INCOME TAX REMAINS A LONGSHOT

AFTER FURTHER REVIEW SPEAKER STILL NOT CONVINCED BY BEARS

* Crain’s | Welch says Bears stadium bid collides with Springfield’s affordability agenda : The Bears aren’t the only ones who are at risk from Democrats’ renewed focus on affordability. Welch, like Gov. JB Pritzker, signaled an interest in insurance reform. “Everything’s going to come down around affordability issues. Folks are concerned about their homeowners insurance, their car insurance,” he said.

Wind Point Partners Port Co SIGMA Acquires Masonry Supply, Inc.

Wed, 07 Jan 2026 15:29:00 GMT

SIGMA acquires manufacturer and supplier of waterworks castings and polymer enclosures

Cream Ridge, N.J., January 7, 2026 – Sigma Companies International Corp. (“SIGMA”), a portfolio company of Wind Point Partners (“Wind Point”) and leading manufacturer and supplier of critical waterworks infrastructure products, has acquired Masonry Supply, Inc. (“MSI”) and its associated Tricast-branded product line.

Based in Selma, N.C., MSI is a manufacturer and supplier of municipal waterworks castings, polymer enclosures and other waterworks accessory products. The acquisition of MSI strengthens SIGMA’s extensive waterworks product portfolio and enhances SIGMA’s fulfillment capabilities across the Southeast region of the U.S. Jacob Nash, Vice President of MSI, will continue leading commercial efforts for the business.

Mark Carpenter, CEO of SIGMA, stated, “We are thrilled to cement our partnership with MSI, a business that has built a reputation for delivering exceptional quality and customer service. Demographic growth across the Southeast U.S. necessitates increased investment to maintain and expand existing waterworks infrastructure. The strategic acquisition of MSI enables SIGMA to further support our customers’ needs in this growing region.”

Terry Keen, founder of MSI, noted, “We have known SIGMA for three decades, and over this time we have developed a mutual respect based on an uncompromising customer-first approach. This exciting new partnership offers MSI access to additional commercial resources and a broader set of product solutions for our customers. We are proud of the legacy we have built at MSI, and I am excited to extend our services in tandem with SIGMA.” Peter Leemputte, Principal at Wind Point, commented, “A core component of the SIGMA value creation plan is product line expansion and deeper regional penetration through acquisitions. The acquisition of MSI closely aligns with this strategy, and we look forward to supporting the growth of the combined businesses.”

About SIGMA

SIGMA is a leading manufacturer and supplier of waterworks infrastructure products for water, wastewater and other critical end markets. SIGMA’s offering consists of fittings, pipe restraints, municipal construction castings, polymer enclosures and accessories. Founded in 1985, the company operates 15 facilities across North America and serves over 1,800 customer locations. Additional information about SIGMA is available at www.sigmaco.com .

About Wind Point Partners

Founded in 1984, Wind Point Partners is a Chicago-based private equity investment firm with approximately $8 billion in assets under management. The firm’s Vision, Talent, Transformation (“VTT”) investment strategy focuses on partnering with top caliber management teams around a clear and exciting plan to invest behind a business to achieve transformational growth and value creation. The firm’s Executive Advisor Partner (“EAP”) network is comprised of more than 40 high-caliber executives who are closely aligned with Wind Point and contribute across all aspects of the firm’s investment process.

Wind Point targets well-positioned middle market businesses within the business services, industrial products and consumer products sectors. Since inception, Wind Point has deployed ten private equity buyout funds in partnership with leading institutional investors around the world, including public pensions, insurance companies, endowments, foundations, fund of funds and family offices.

Additional information about Wind Point is available at www.wppartners.com .

PPC Invests in NaturPak

Tue, 06 Jan 2026 21:20:00 GMT

New Partnership Leverages PPC’s Experience in the Food Manufacturing and Private Label Sector

CHICAGO – (January 6, 2026) – PPC, a leading family investment firm focused on partnering with family, founder and management-owned businesses, today announced the acquisition of NaturPak. NaturPak manufactures and packages a broad portfolio of bone broths, soups, sauces, and wet pet food, as well as high-growth ingredients. The company serves as a key partner for a fast-growing, blue-chip roster of consumer and pet brand companies that serve a diverse range of end markets. PPC is investing alongside NaturPak’s management, including CEO Aaron Jackson who will continue to lead the company.

NaturPak, headquartered in Janesville, WI, is recognized as an innovative and solutions-oriented partner with a dynamic team that guides customers from product conception to commercialization across R&D and manufacturing. NaturPak provides products in a variety of formats including serving as the largest North American manufacturer utilizing Tetra Recart, a fiber-based, BPA-free packaging technology for shelf-stable human and pet food.

PPC looks forward to supporting NaturPak as it seeks to continue driving growth through investing in product development and R&D, expanding its capabilities in bone-broth, pet products and other high-growth ingredient segments, and introducing new packaging format options for its products.

“We are guided every day by our commitment to manufacturing excellence, top-tier product quality and integrated, highly tailored customer experiences,” said Aaron Jackson, CEO of NaturPak. “PPC understands the importance of NaturPak’s legacy and what makes it such a great company. I am confident that joining the PPC family of companies is the right next step for us as we explore organic and acquisition growth opportunities, innovate for our customers, and take NaturPak to new heights.”

“The NaturPak team has built a customer-centric, innovation-powered business that has demonstrated exciting growth,” said Chris Trick, Investment Partner at PPC. “NaturPak’s position at the forefront of consumer trends and impressive customer relationships, including several of the country’s largest retailers and most prominent consumer brands, provide an exciting foundation. We are thrilled to partner with Aaron and the NaturPak team to support NaturPak’s continued growth, category expansion, and ingredients innovation.”

PPC’s acquisition of NaturPak extends the firm’s highly successful track record of partnering with food and beverage manufacturing businesses, including Bardstown Bourbon Company, C.H. Guenther, Monogram Foods, and Sugar Foods. With PPC’s deep co-manufacturing and private label expertise and extensive set of operating resources to support business growth, PPC is a partner of choice for family, founder and management-owned businesses in the sector.

Terms of the transaction were not disclosed.

About NaturPak

NaturPak is an innovative food manufacturer serving many of the largest retailers and consumer brands with nutritional foods, human-grade wet pet food, and bone-broth based ingredients. NaturPak can provide products in a variety of packaging formats including serving as the largest manufacturing and co-packing company utilizing Tetra Recart, a fiber-based, BPA-free packaging technology for shelf-stable foods for humans and pets. With a unique innovation and product development process that is fully integrated with its customers, NaturPak provides robust co-manufacturing, co-packing, and research and development capabilities. Please visit naturpak.com for more information.

About PPC

PPC is a family-oriented investment firm that specializes in partnering with family-, founder- and management-owned companies in the manufactured products and services sectors. The firm’s differentiated investor base, which is anchored by family investors, allows for aligned decision-making, flexible transaction structures, and a focus on achieving long-term business objectives. For more information, visit PPCPartners.com.

Contacts
Dana Gorman / Mallory Griffin
H/Advisors Abernathy
(212) 371-5999
dana.gorman@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Announces 2026 Board Leadership

Tue, 06 Jan 2026 17:51:00 GMT

Effective January 1, 2026, the Illinois Venture Capital Association (IVCA) is pleased to announce its Board and Executive Committee leadership for the year ahead.

Ira Weiss , Partner at Hyde Park Venture Partners , The University of Chicago Booth School of Business , has assumed the role of Board Chair , and Shoshana Vernick , Managing Partner at Avathon Capital , will serve as Vice Chair . Ira and Shoshana bring deep experience, thoughtful leadership, and a strong commitment to IVCA’s mission and member community. Under their leadership, IVCA will continue to advance its strategic priorities, strengthen member engagement, and support Illinois’s private equity and venture capital ecosystem through advocacy, education, and convening.

2026 Executive Committee

IVCA’s 2026 Executive Committee includes:

Ira Weiss , Chair — Hyde Park Venture Partners, The University of Chicago Booth School of Business
Shoshana Vernick , Vice Chair — Avathon Capital
Jeffrey Piper , Treasurer — Semper Fi Partners
Phil Alphonse , Immediate Past Chair — The Vistria Group

IVCA also extends its sincere appreciation to Phil Alphonse for his leadership and service as Board Chair. During his tenure, Phil helped strengthen IVCA’s organizational foundation, supported key programs and initiatives, and positioned the association for continued growth. We are grateful for his contributions and continued engagement with the IVCA community.

To view the full IVCA Board of Directors, visit:
�� https://illinoisvc.org/about/#bod

IVCA Newsletter – December 17, 2025

Tue, 06 Jan 2026 16:42:00 GMT

Professional Advisor News

BDO Private Equity Perspectives Podcast Episode 54A. 2025 Reflections: Private Equity’s Year of Adaptation

Troutman Pepper Locke Represents HMP Global in Acquisition of Music City SCALE

Ropes & Gray Represents Audax Private Equity Origins in Its Sale of Enviromatic Systems to Wind Point Partners

Sidley Represents Radiology Partners and Its Subsidiary Mosaic Clinical Technologies in the Acquisition of Cognita Imaging

Investors Gear Up for Market Momentum in Health Care IT

Ropes & Gray Advised Partners Group on Colead Investment in $835 Million Continuation Vehicle

Sidley Represents Clara Vista Partners and Portman Holdings in Its Majority Investment in Ipswich Town Football Club

Early-Stage Spotlight – Kyha’s Approach to Women’s Health

Ropes & Gray Advised Bain Capital and Portfolio Company Jamco on Acquisition of Iacobucci HF Aerospace, Expanding Global Cabin Interiors Platform

Sidley Represents Lido Advisors in Its Partnership With Stuart Chaussée & Associates

Ropes & Gray Advised PAI Partners on the Acquisition of the Innovad Group from IK Partners

Sidley Advises Leonard Green & Partners on Financing for Majority Acquisition of Topgolf

Applied Therapeutics Announced Sales Agreement to Cycle Group

Sidley Represents Capricor Therapeutics in US$172.5 Million Common Stock Offering

Ropes & Gray Advises Ad hoc Group of Lenders and Noteholders in Luminar Technologies, Inc. Chapter 11

Sidley Advises Bessemer Investors on Strategic Investment in Xanitos

Ropes & Gray Advises Galderma on Increased Equity Investment from L’Oréal

Bain Capital Completes Acquisition of Service Logic

Legislative News

IVCA Provides Updates for State Legislative Issues – 02/18/2026

IVCA Events

March 4, 2026 – IVCA Insurance Market Webcast Series – #1 The State of the Business Insurance Market

March 11, 2026 – IVCA Insurance Market Webcast Series – #2 Deep Dive on Transaction Liability Insurance

Job Postings

7wire Ventures – Associate & Principal Roles in Chicago

Relive the Celebration: 25 Years of IVCA Impact & Award Winners

Association News

IVCA Profile: Shoshana Vernick, Co-Founder/Managing Director of Avathon Capital, 2025 IVCA Foundation Award Recipient at the IVCA Awards Dinner

IVCA Profile: Recipient of The IVCA Rising Star Award is M25 Ventures, honored at the IVCA Awards Dinner

Industry News

First Analysis invests in supply chain test automation platform Cycle Labs

Thoma Bravo Completes Acquisition of PROS Holdings, Inc.

Monroe Capital Supports Growth of Recognize Partners’ SDG Corporation

Azul Closes Strategic Investment from Thoma Bravo

Wind Point Partners Combines Turf Masters with Portfolio Company ExperiGreen

Thoma Bravo Completes Acquisition of Verint, a Leader in AI-Driven Customer Experience Automation

GTCR Partners with Ownership Works to Advance Employee Ownership Across its Portfolio

Agent Capital Awarded “Partner of the Year” by Penn Center for Innovation, University of Pennsylvania

Runway Growth Capital Welcomes Ryan McCarthy as Managing Director

RCP Advisors Recognized by Pensions & Investments’ Best Places to Work in Money Management and Crain’s 2025 Best Places to Work in Chicago

Monroe Capital Launches Monroe Capital Enhanced Corporate Lending Fund (MLEND)

Water Street Healthcare Port Co Hansen Hunter and LTC Consulting Join Forces

Victory Park Capital Announces New Warehouse Facility with Zip, Expanding Long-Standing Partnership

IVCA Provides Updates for State Legislative Issues – 12/16/2025

Wed, 17 Dec 2025 19:02:00 GMT

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

LANDMARK TRANSIT PLAN BECOMES LAW

Governor Pritzker and legislative leaders yesterday celebrated signing into law the mass transit reform and funding package passed during the veto session. The bill was initially to be funded by a grab-bag of taxes including a “billionaires” tax on unrealized capital gains. In the end the choice was to focus on redirecting revenue already within the transpiration system while also increasing tolls on drivers using the Illinois Toll Highway system.

GOVERNOR INKS TRANSIT BILL

The legislation signed Tuesday, which state lawmakers approved in October after months of negotiations and several failed legislative attempts, will provide about $1.5 billion annually for regional transportation from a diversion of the motor fuel sales tax, an increase to a sales tax in the Chicago region and interest from the state’s road fund. The new law also raises tolls on the Illinois Tollway by 45 cents.

HIGHWIRE ACT ON CITY OF CHICAGO BUDGET

This newsletter focuses on State issues, but the City of Chicago is a big part of the State of course and the efforts to finalize a budget might impact policy and revenue decisions at the state level, so with that in mind we will cover the CITY HALL BUDGET BATTLE

The new plan relies upon several tax hikes: a 5 cents-per-bag — or 50% — increase in the city’s plastic bag tax, projected to bring in $8.7 million; liquor tax increases estimated to raise $6 million; and an expansion of the area where ride-share surcharges apply.

The proposal also relies upon several untested plans to earn the city money without taxes. It estimates the city will earn $29.3 million by selling new ads on bridge houses, light poles and city vehicles. And it pegs a new augmented-reality advertising program as a $6 million boon, an amount lower than previous estimates from the group.

The most eye-catching new cash cow: the legalization of video gambling terminals across the city. That controversial plan, long-debated in the City Council, would clear the way for gambling at venues across the city to bring in $6.8 million in licensing fees next year, according to the plan.

LOOKING AHEAD TO 2026

The Illinois General Assembly is in recess until mid-January and even the January session days are not expected to be particularly active. The governor delivers his budget address in mid-February, and the state holds a primary election March 17. After that, we should expect more intense activity in the Capitol.

The governor and legislative leaders have in the past two budget cycles needed approximately $1B in new revenue to make ends meet and the transit bill mentioned earlier also raised new revenue. Policy makers are following trends in tax receipts which is outlined here by the Commission on Government Forecasting and Accountability:

COGFA NOVEMBER REPORT

CIVIC FEDERATION OUTLOOK ON ILLINOIS FISCAL PRESSURES

And the ongoing obligations owed to the state’s pension systems:

COGFA PENSION BRIEFING

ILLINOIS POLICY INSTITUTE ON PENSION DEBT

Illinois’ state pension debt was $143.5 billion at the end of fiscal year 2025, down slightly from the prior year, according to a new report from the state legislature’s Commission on Government Forecasting and Accountability. Across the nation, Illinois remains the only state with over $100 billion in unfunded state pension liabilities.

IVCA Profile: Recipient of The IVCA Rising Star Award is M25 Ventures, honored at the IVCA Awards Dinner

Wed, 17 Dec 2025 15:01:00 GMT

For the 25th Anniversary year, the IVCA recently honored their 2025 awardees at the IVCA Awards Dinner – which took place on December 8th – and the recipient of the IVCA Rising Star Award was M25 Ventures, represented by Managing Partner Victor Gutwein. The Rising Star Award recognizes the firm that demonstrate exceptional promise and leadership in the Illinois investment ecosystem.

M25 is an early-stage venture firm based in Chicago, investing exclusively in tech startups headquartered in the Midwest. Since its launch in 2015, the firm has become the most active investor in the region. Their unique and analytical approach to venture investing aims to reduce risk while maintaining the high returns typically associated with this stage of investing. Emphasizing expansive networks and collaboration, the firm helps to syndicate deals that encourages fair terms as best practice, while at the same time prioritizing relationships.

The IVCA recently interviewed M25, through Managing Partner Victor Gutwein.

IVCA: The IVCA Rising Star Award acknowledges your ascending status as a firm and its contributions to the Illinois investment infrastructure. Within the firm’s philosophy, how does Illinois create the ideal environment for first stage investment and beyond?

M25: Illinois has the combination early-stage investors look for … a deep and diverse talent pool, world-class universities, a strong base of corporate innovation partners and a history of producing massive tech unicorns. Chicago has become the largest Midwest hub where founders can access capital, talent and customers without the cost barriers of the coasts. For M25, Illinois has consistently produced founders who are both ambitious and resourceful, aligning closely with our core philosophy of backing operators in overlooked markets.

IVCA: The firm has established the annual Club M25 Summit in Illinois, which is the largest gathering of VCs in the Midwest. What have you observed about this Summit’s success that is both advantageous to the participants and the State in general?

M25: The Club M25 Summit has quickly grown into the largest gathering of investors in the Midwest because it fills a real need – a centralized, high-quality forum for founders and VCs to connect. By hosting it in Illinois, we’re able to highlight Chicago’s role as the region’s investment hub. The Summit not only benefits attendees by driving meaningful deal flow and relationships, but it also brings national attention and activity into the state, showcasing the Midwest, and especially Illinois, as a premier home for innovation.

IVCA: A significant percentage of your investments are rooted in Illinois or Illinois-tied ventures. From the beginnings of the firm to now, how has the expansiveness of these investments proved that Illinois is a great place to do business?

M25: Being headquartered in Chicago, Illinois has been a core part of our investment strategy since day one. A significant portion of our portfolio companies are based in Illinois, spanning industries from enterprise software to healthcare to logistics. Their growth demonstrates that companies can scale here, hire here, and succeed here. The number of flywheel founders emerging from successful Illinois startups as well as the concentration of core industries in the state have primed Illinois for being a hotbed of startup activity.

IVCA: You also have a philosophy of establishing networks and local cooperatives as part of your operations to expand your ecosystem and community. Beyond the Summit, what has proved effective in reaching out to the broader business world to encourage group interaction and cooperation?

M25: We’ve invested heavily in relationship-driven community building. This includes our Midwest Startups platform, Match Week – our virtual version of the Summit – and our ‘M25 & Friends’ Happy Hours that we host throughout the region. The Midwest wins when we create more surface area for people to meet each other. The more we facilitate connections, the more collaboration and innovation we see across the region.

IVCA: Since the honor is attached to a Rising Star, what does the future hold for M25 that will continue to innovate your Venture Capital investing and continue your success as a firm?

M25: M25 is entering its next chapter with a focus on expanding our investment capacity, deepening our founder support model and continuing to lead the Midwest’s early-stage ecosystem. We continue to expand our network with the recent addition of Venture Partners, plan to increase our presence in emerging Midwest markets and continue to elevate the Midwest as a center for innovation. Basically Rising Star is a recognition of where we’ve been and we’re going.

IVCA: What does it mean to the firm to be recognized as a Rising Star from your peers in the Illinois Venture Capital Association?

M25: Being recognized by the IVCA is an incredible honor, because it comes from peers who understand the effort required to build a firm, support founders and strengthen the Illinois ecosystem. Illinois has been foundational for our strategy and growth, so being honored as a Rising Star reflects both the work of our team and the momentum of the region we’re proud to serve. It reinforces our commitment to investing in Illinois and the Midwest for years to come.

IVCA Profile: Shoshana Vernick, Co-Founder/Managing Director of Avathon Capital, 2025 IVCA Foundation Award Recipient at the IVCA Awards Dinner

Wed, 17 Dec 2025 14:59:00 GMT

For the 25th Anniversary year, the IVCA recently honored their 2025 awardees at the IVCA Awards Dinner – which took place on December 8th – and the recipient of the IVCA Foundation Award was Shoshana Vernick, Co-Founder/Managing Director of Avathon Capital. The IVCA Foundation Award recognizes an individual or firm who has significantly contributed to the IVCA Scholars Program or has made impactful strides in enhancing diversity within the Private Equity and Venture Capital community in Illinois.

Ms. Vernick has been instrumental in the development of the IVCA Foundation, but more importantly has been the force behind the continued and strong success of the IVCA Invitational, the primary fundraising event for the IVCA Scholars Program. Under her leadership, the event has reached record sponsorship, revenue and visibility. Her commitment to the event is evident, as well as her passion that drives the Foundation to continue to elevate its vision and execution.

Shoshana M. Vernick is a co-founder and managing partner at Avathon Capital, an investment platform launched in 2016 to foster innovation and growth in the education and workforce markets. Before establishing Avathon in 2015, Ms. Vernick was a Managing Director at Sterling Partners, a middle market Private Equity firm. Prior to Sterling, she served as an Associate at One Equity Partners LLC, where she worked on direct PE transactions including venture and management buyouts, and at Razorfish, a digital solutions provider. She began her career at Merrill Lynch in the Global Industries Group. She earned a BS with honors at Indiana University.

The IVCA recently interviewed Shoshana Vernick for insight into her career.

IVCA: The IVCA Foundation Award acknowledges your contributions to the IVCA Scholars program… What in your interaction with the program has impressed you the most about its success and why did you want to be a part of its development?

Shoshana M. Vernick: When the IVCA Scholars program was launched, it was an easy ‘yes’ for me to get involved from the very beginning. I wanted to be part of building this program because I believe opportunity is unevenly distributed but talent is not. The Scholars program creates a real on-ramp into VC and PE for students who might never otherwise see this industry as accessible, while strengthening the long-term talent pipeline for our firms. That combination of expanding access, investing in the future of our business community, and paying it forward resonates deeply with me.

What has impressed me most is the caliber of the students we’ve been able to attract. When you spend time with them, you see how eager they are to learn, how grateful they are for the opportunity, and how driven they are to succeed. Their energy is contagious, and it pays dividends to participating firms while establishing a growing alumni ecosystem for the industry.

IVCA: You are the prime mover of the IVCA Invitational event… What has been the key in your oversight of that outing that has made it an established yearly happening and how it gets the word out about the Scholars program?

Vernick: From the beginning, our goal with the IVCA Invitational was simple … create awareness for the Scholars program and raise the philanthropic support needed to sustain scholarships and build firm participation. The irony isn’t lost on me, but we landed on a summer golf outing as the best way to gather our community, raise money, have fun and provide real social interaction with the Scholars themselves. As a golfer, it was important to me to create an exceptional experience for everyone – whether you were new to the game or a low-handicap player. The keys have been a relentless focus on the details, strong partnerships with our sponsors, and making sure the Scholars themselves are visible and central to the day.

Because the Invitational brings together more than 200 GPs, LPs, advisors, and friends of the community, it has become an event people want to put on their calendars year after year. We spread across two of the area’s best 18-hole courses and run a skills clinic. We use the day to connect students directly with leaders in the industry, share outcomes and strengthen relationships. Over time, the combination of a memorable outing and a clear mission has helped cement it as a ‘must-attend’ event and a powerful amplifier for the program.

IVCA: Since VC and PE investments are establishing ever-expanding global reach, how does a diverse workforce create opportunity for investments both domestically and in all corners of the globe?

Vernick: A diverse workforce is a core competitive advantage. Teams that include those who bring different lived experiences, academic backgrounds and perspectives to the table are simply better at seeing around corners, spotting emerging trends and empathizing with new customer segments, in addition to importantly asking different questions about risk and opportunity.

Domestically and globally, the markets we invest in are increasingly multicultural, digital and interconnected. Having people around the table who understand different communities and geographies, as well as the ways of solving problems improves our judgment and our ability to build enduring companies. As an investor in the education and workforce sectors, I see firsthand the importance of making sure your firm – and your portfolio company boards and leadership teams – represent the diversity of the markets you serve.

IVCA: You are recognized as a PE and investment banking expert who also commits to a range of interests that creates a balance of disciplines. What is an example of an outside-the-business interest that both feeds your curiosity and your investment expertise?

Vernick: I’ve already disclosed that I’m a lifelong golfer and have learned so much from the sport, and received so much back. In my youth, I worked in a retail golf shop and paid attention to every detail, caddied for members during events, taught little kids in summer clinics and played competitively. Golf has been a passion and a privilege as an adult as well, providing opportunities to see some of the most beautiful vistas, walk the fairway with incredibly interesting people and observe the unspoken integrity and actions of other players. It has been a way to deepen relationships and create shared experiences.

However, my business curiosity is most fueled by people and conversation … whether that’s in person, in books, or on podcasts. I find the stories of founders fascinating and love to learn from history the patterns that have supported their creativity, resilience, innovation and longevity – qualities that matter when going into long-term partnership with others. Whether through experience or story, I want to keep learning, expose myself to new ideas and be a better sounding board and mentor for my team and our portfolio.

IVCA: In previous interviews you’ve said that you had no background exposure to Private Equity when you were younger… What was a key moment in that learning curve during your journey, and how does it inform your expertise going forward?

Vernick: I grew up in Munster, Indiana, the daughter of a teacher and a small business owner, and the product of a terrific public education. My world was loving and supportive, but nonetheless small. Studying abroad in Maastricht [the Netherlands] in my junior year was a big leap, and in hindsight, one of the best decisions I made. It was my first time in Europe, and it exposed me to cultures and possibilities I didn’t know existed.

As an accounting and finance major, I returned that summer to an internship in public audit, and while a wonderful path, wasn’t the right fit for me. Back on campus senior year, I phoned a friend at Princeton and asked a simple question … “What are your smart friends doing after college?” She said investment banking or strategic consulting, neither of which had been on my radar. Investment banking interviews were up first. I still remember flying to New York City for the first time, completely excited and so nervous. Merrill Lynch was willing to take a chance on an eager, hard-working kid from Indiana and I was off to the races. It was during those early years in banking that I first learned about Private Equity.

IVCA: So once you stepped into the PE space, how were you determined to pay forward the knowledge that you acquired?

Vernick: Coming into the industry without prior exposure has made me very attuned to the power of visualization and to creating access for those who don’t know what they don’t know. I try to make myself accessible to students and younger professionals while remaining conscious of creating room for their curiosity … and I’m also willing to open doors whenever I can. My own experiences have influenced my commitment to the IVCA Foundation and Scholars program.

IVCA: Considering your deep involvement in the Illinois Venture Capital Association, what does it mean to be honored by your peers with the IVCA Foundation Award?

Vernick: This community has given me tremendous opportunities over the course of my career, and it feels special to be honored for efforts aimed at opening those same doors for the next generation.

I also see this as shared recognition because, as we all know, it takes a village. The IVCA Board, the IVCA Foundation Board, the Invitational Committee, participating/sponsoring firms and of course the members of our own teams … who provide direct mentorship and oversight of the Scholars … all play critical roles.

Most of all, this honor reinforces my belief that building a more accessible and diverse talent pipeline is not a side project – it’s central to the long-term success and viability of our PE and VC ecosystem.

Relive the Celebration: 25 Years of IVCA Impact & Award Winners

Tue, 16 Dec 2025 22:00:00 GMT

Celebrating 25 Years of IVCA Excellence!
The IVCA Annual Awards Dinner marked a milestone – 25 years of impact on Illinois’ private equity and venture capital ecosystem. Thank you to our members, sponsors, and guests for making this celebration unforgettable!

Event Highlights

✔ 410 attendees
✔ 150+ firms represented
✔ Special remarks from Governor JB Pritzker, a founding IVCA board member. See remarks HERE!
✔ Honored to welcome Illinois State Treasurer Michael Frerichs and other legislative guests

By the Numbers: IVCA’s Impact

Illinois now ranks 5th nationally for private equity investment , up from 8th in 2011
IVCA members have backed 900 Illinois-headquartered companies , employing 370,000 people
$129 billion in capital raised by those companies since 2000

2025 Award Recipients

Venture Capital Portfolio Company of the Year: Simple Mills
Private Equity Portfolio Company of the Year: Door and Window Guard Systems (DAWGS)
Rising Star Award: M25
Richard J. Daley Award: Bruce Barron, Origin Ventures
Stanley C. Golder Award: Robert P. Morgan, 50 South Capital
IVCA Foundation Award: Shoshana Vernick, Avathon Capital

View Event Photos HERE !

View Event Videos :

Explore the IVCA 25th Anniversary Program Book HERE!

Our program book is now available online This resource will continue to grow throughout 2026 as we continue to celebrate our anniversary year.

Thank You to Our Sponsors

Presenting Sponsor: Kirkland & Ellis
Cocktail Reception Sponsor: White & Case
Dessert Reception Sponsor: Aprio
Wine Sponsor: The Vistria Group
Platinum Sponsor: Greenberg Traurig, LLP
Program’s Back Cover Sponsor: MK Capital
Coat Check Sponsor: OceanM19

IVCA Newsletter – SPECIAL EDITION – December 3, 2025

Wed, 10 Dec 2025 15:12:00 GMT

IVCA Events

December 8, 2025 – IVCA Annual Awards Dinner – Join us!

Professional Advisor News

Job Postings

7wire Ventures – Associate & Principal Roles in Chicago

IVCA Celebrates 25 Years of Impact at Annual Awards Dinner

Association News

Blast from the Past: A Decade of Influence That Shaped IVCA

IVCA Profile: Robert P. Morgan, Managing Director at 50 South Capital, 2025 Stanley C. Golder Award Recipient at the IVCA Awards Dinner

IVCA Profile: Bruce N. Barron, Founding Partner at Origin Ventures, 2025 Richard J. Daley Award Recipient at the IVCA Awards Dinner

Other Events of Interest

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

Blast from the Past: A Decade of Influence That Shaped IVCA

Wed, 03 Dec 2025 23:39:00 GMT

Monday, December 8 ^th | Four Seasons Chicago

As IVCA celebrates its 25th Anniversary, we’re taking a moment to look back at the milestones that built the foundation for today’s thriving investment ecosystem.

In 2010, IVCA published “A Decade of Influence” —a retrospective capturing the first ten years of advocacy, collaboration, and growth for Illinois’ venture capital and private equity community. This historical snapshot highlights how IVCA worked tirelessly to strengthen the business climate, champion innovation, and create opportunities for entrepreneurs and investors across the state.

From early policy wins to landmark events that brought together industry leaders, this decade set the stage for the momentum we see today. The relationships forged, the capital deployed, and the vision shared during those formative years continue to ripple through Illinois’ economy—fueling job creation, innovation, and long-term growth.

Explore the history:

2007: IVCA Connect – Building early networks
2011: Private Equity: Private Good – Advocacy in action
2014: Partnering for Growth – Industry collaboration

View the full historical presentation here .

IVCA’s Decade of Influence

As we honor 25 years of impact, this look back reminds us how far we’ve come and how collaboration and leadership have shaped Illinois into a hub for private equity and venture capital. Looking back inspires us to look ahead. Stay tuned for our vision for the next 25 years!

IVCA Celebrates 25 Years of Impact at Annual Awards Dinner

Wed, 03 Dec 2025 23:35:00 GMT

Monday, December 8 ^th

Four Seasons Chicago

This year’s event will bring together more than 400 attendees, including legislators, policymakers, and top executives from leading firms making a powerful evening of recognition and connection. We’ve planned a refreshed look with special touches to make this milestone celebration truly memorable. It promises to be an extraordinary night honoring award winners and creating opportunities for networking and meaningful conversations.

2025 Award Honorees:

Private Equity Portfolio Company of the Year : Door and Window Guard Systems (DAWGS)
Venture Capital Portfolio Company of the Year : Simple Mills
Richard J. Daley Award : Bruce N. Barron, Origin Ventures
Stanley C. Golder Award : Robert P. Morgan, 50 South Capital
IVCA Foundation Award: Shoshana M. Vernick
Rising Star Award: M25

“As a past chairman, I am incredibly proud to congratulate the Illinois Venture Capital Association on its 25th anniversary. It has been inspiring to witness the IVCA’s unwavering support for the venture and private equity communities, and how that support and collaboration helped fuel so much innovation and economic growth across Illinois.”
— Tony Palcheck, Past IVCA Chairman

Thank You to Our Sponsors

Presenting Sponsor: Kirkland & Ellis
Cocktail Reception Sponsor: White & Case
Dessert Reception Sponsor: Aprio
Wine Sponsor: The Vistria Group
Platinum Sponsor: Greenberg Traurig, LLP

Table Sponsors

IVCA Profile: Bruce N. Barron, Founding Partner at Origin Ventures, 2025 Richard J. Daley Award Recipient at the IVCA Awards Dinner

Wed, 03 Dec 2025 16:55:00 GMT

For the 25th Anniversary year, the IVCA has announced their 2025 honorees at the upcoming (December 8th) IVCA Awards Dinner recently, and the recipient of the Richard J. Daley Award is Bruce N. Barron, Founding Partner at Origin Ventures.

Mr. Barron received a B.S. degree in Accounting from the University of Illinois at Urbana-Champaign in 1977. He earned his C.P.A. certificate and worked as an accountant in the Chicago office of Touche Ross … the predecessor of Deloitte & Touche … and other medium-size public accounting firms. He left the practice of public accounting in 1985 to begin his entrepreneurial career. He leapt into that world, serving as president, chairman, CEO and/or CFO of several startup medical technology companies and has also served on several boards of med tech startups.

A lunch meeting with co-founder Steve Miller became the 1999 origin of Venture Capital firm Origin Ventures. One of their first major investments was Grubhub, taking the food delivery service from a modest local start-up to a high-value public company. Today, Origin Ventures is a leading firm that collaborates with entrepreneurs and founders to build high-growth, innovative and category-defining technology companies.

Mr. Barron philanthropically serves on the boards of the American Cancer Society, the Chicago Baseball Cancer Charities, and Israel Cancer Research Fund (ICRF) Chicago and International Chapters. He also provides funding for the Origin Ventures Office of Entrepreneurship at the University of Illinois and the Jacki & Bruce Barron Cancer Research Scholars Program, a collaboration between ICRF and City of Hope.

The IVCA recently interviewed Bruce Barron for insight into his career.

IVCA: The Richard J. Daley Award acknowledges your significant contributions to the Venture Capital Industry, and in that contribution as it applies to the State of Illinois. What is your assessment about the Venture Capital industry currently in Illinois and Chicago, and what are your thoughts about how to remain competitive?

Bruce N. Barron: Over the years the Venture Capital Industry in Chicago and Illinois has experienced exceptional growth. The quantity and quality of VC funds have continued to increase. Several funds have recently raised new funds at increased amounts of capital in a difficult market.

I am also encouraged by our state’s academic institutions’ increased focus on teaching entrepreneurship and hosting prestigious business plan competitions. I believe that these factors will contribute to the VC Industry in Chicago and enable Illinois to remain competitive.

IVCA: You transitioned from a career in public accounting to an entrepreneur in the mid 1980s. What opportunities did you see at the time in the start-up world you focused on, and what do you think is different about those industries now?

Barron: When I entered the world of start-ups as an entrepreneur in the mid 1980s, there just were not many start-ups in Chicago, and there was not a lot of competition for talent and recognition. There was not much of an entrepreneurial community and there were few sources of capital here. To raise money back then, I spent a lot of time traveling to both coasts.

Today we have a mature start-up community with a vibrant ecosystem supported by leading academic institutions, serial entrepreneurs, various sources of capital, accelerators, hubs, communities, and excellent publications. I am very enthusiastic about the current state of the local start-up community.

IVCA: You have an article on the Origin Ventures website about the founding of firm in 1999 and your first meetings with Steve Miller, the co-founder. What is your advice on recognizing the strengths of colleagues in venture investment, and collaborating those strengths towards successful outcomes?

Barron: I was very fortunate that I met Steve Miller in 1998. We both quickly realized that we had many synergistic qualities and complementary skills. The strength of our relationship and our ability to be successful investors utilized these qualities and skills.

Our most important synergy centered on how we shared strong cultural values. These values included doing business with integrity and honesty and treating people with respect. I take tremendous pride that all current Origin Ventures team members continue to exhibit these same qualities and cultural values.

We also understood how to maximize the value of our complementary skills. Steve is a genius in understanding technology and has a strong background in marketing, while my strengths are in finance and accounting. I believe that combining those strengths helped Origin Ventures realize its successful outcomes.

IVCA: In that same article you talked about how Miller recognized the internet as a force at the time of Origin’s founding, and now Origin Ventures is focusing on the AI revolution. In your long career and lifetime, what is your view on the investment philosophy regarding staying ahead of or taking risks in emerging technologies?

Barron: I believe that our firm has done an excellent job of developing investment theses that stay ahead of the curve and have allowed us to invest in emerging areas of opportunity early. I view this philosophy as a reason for the excellent returns for our funds.

I give a lot of credit to the leadership of our Managing Partners, Brent Hill, Jason Heltzer and Alex Meyer. Together with our great team, I believe we have succeeded in investing in emerging industries and have taken appropriate risks to generate great returns.

Our current investment thesis is focused on the Artificial Intelligence Economy. The world has entered a fifth economic era, which will fundamentally redefine how value is created, delivered, and scaled across industries. As such, we are actively investing in breakthrough early-stage ventures that are building the infrastructure, software, and frontier technologies that will shape the future.

IVCA: You have sat on the board of the IVCA, which is celebrating its 25th Anniversary. What have you observed about the importance of the association to the health of the Venture Capital and Private Equity industries, and how being together makes the industries better?

Barron: I was fortunate to be a member of the IVCA board for many years. During my tenure on the board I was privileged to work with great fellow board members from the VC and PE industries and wonderful leadership and staff, with a nod towards the former Executive Director Maura O’Hara, and associate staff Kathy Pyne.

I believe that the IVCA has done an excellent job of bringing value to its membership by providing many things, including outstanding programming, access to our state legislators and opportunities for networking. Our VC and PE communities are much better due to the value provided by the IVCA.

IVCA: You sit on many boards having do with cancer research, and also fund the Origin Ventures Office of Entrepreneurship at the University of Illinois. How has this philanthropy enriched your journey, and how would you encourage others to get involved?

Barron: I was blessed to have two wonderful mentors who, early in my VC career, taught me the importance of philanthropy … my co-founding partner, Steve Miller and his father, Harvey Miller. The examples they set for me by supporting many charitable organizations with both their time and money were very meaningful to me.

I believe we all have a responsibility to give back and to help society. These are important lessons that I learned from them and have followed. By doing so, my life has been greatly enriched. I am hopeful that my philanthropic endeavors have benefitted people as much as I have benefitted through my involvement and support of these causes.

IVCA: Finally, what does it mean to you personally to be recognized by the Richard J. Daley Award from your peers in the IVCA?

Barron: Receiving the Richard J. Daley award from my peers in the IVCA means so much to me. The IVCA is the leading organization in our industry and has done such great work for 25 years. I am humbled and flattered to be in the company of so many amazing previous winners of this award.

I joke with Steve Miller … the recipient of the Daley Award in 2014 … that it only took me 11 years to catch up to him.

The 2025 IVCA Annual Awards Dinner – sponsored by Kirkland & Ellis LLP, White & Case LLP and Aprio – will be on December 8th, 2025 (5:30p-9:30p) at the The Four Seasons Hotel Grand Ballroom, 120 East Delaware Place, Chicago. For details and registration info, click here .

IVCA Profile: Robert P. Morgan, Managing Director at 50 South Capital, 2025 Stanley C. Golder Award Recipient at the IVCA Awards Dinner

Wed, 03 Dec 2025 16:52:00 GMT

For the 25th Anniversary year, the IVCA has announced their 2025 honorees at the upcoming (December 8th) IVCA Awards Dinner recently, and the recipient of the Stanley C. Golder Award is Robert P. Morgan, Executive Vice President and Managing Director at 50 South Capital.

The Stanley C. Golder Award, a traditional IVCA award named for a Chicago-based VC/PE pioneer, recognizes individuals for their outstanding contributions to the Private Equity profession and to the Illinois Venture Capital Association.

Mr. Morgan received his B.A. in economics from Wake Forest University and an MBA from Emory University. Prior to joining 50 South Capital, he worked as a Director at Frye-Louis Capital Advisors, LLC (FLCA). Prior to joining FLCA, he worked for Heller Financial, Inc., a middle-market commercial finance company which was later acquired by General Electric. Bob was a Senior Vice President at Heller and was responsible for its Private Equity programs. Within Heller, he held several roles, including positions in the Corporate Finance Group, Corporate Credit and Heller Equity Capital Corporation, Heller’s captive Private Equity fund.

He was the Director of Private Equity at Northern Trust, a position he held since co-founding that funds group in 2000. When 50 South Capitol was rebranded in 2015 as subsidiary of the Northern Trust Alternatives Group, he continued to provide alternative Private Equity and Hedge Fund solutions. Mr. Morgan has management responsibility for the current firm and is Chair of the 50 South Capital Investment Committee.

The IVCA recently interviewed Robert P. “Bob” Morgan for insight into his career.

IVCA: The Stanley C. Golder acknowledges and recognizes your significant contribution to the Private Equity industry. At this point in your career, what is interesting to you about the evolution of Private Equity, as new companies and technologies emerge?

Robert P. Morgan: Wow! There are a lot of answers to that question. We formed the alternatives group at Northern Trust coming out of the internet bubble period of 2000. For perspective, the iPhone didn’t even exist. The pace and evolution of the industry over that time has been amazing, including many different economic cycles, trends and technology advances.

The industry is ever-evolving… Artificial Intelligence is a great example these days. The other big evolution we have seen is the sophistication of investors and how they allocate and invest in private markets. We will no doubt continue to see new trends in investing and structures that open private equity up to more investors.

IVCA: You’ve headed Private Equity programs for various firms in your career. How has your philosophy regarding PE acquisitions and investments remained consistent despite shepherding different institutions with different goals?

Morgan: We have always believed that strong returns are created by building great businesses, so we never get too caught up in what is happening ~~the~~ in the macro environment. This is largely about the people, aligned incentives, and thoughtful strategic decisions made by management and the PE firm. It gets back to the old saying that you need to focus on what you can control.

IVCA: You became Managing Director of 50 South Capital Advisors in 2015, which was established from Northern Trust. At the time what was the main goal focus of that rebranding, and how have those goals flexed ten years later?

Morgan: We have been a part of Northern Trust since 2000 and re-branded our group to 50 South Capital in 2015. The primary goal of that was to establish ourselves as a ‘center of expertise’ around alternatives investing, while leveraging all the resources and infrastructure of one of the largest financial institutions in the world. I think we have always had a strong brand within the Private Equity community, but this also helped us build that brand in the investor community as well. It has also helped us in recruiting and growing a fantastic team of very talented people.

IVCA: I saw a quote recently where you said ‘Time arbitrage is the ability to focus on long-term value creation rather than getting caught up in the day-to-day market moves.’ In that point of view, how does that time arbitrage create better outcomes in the Private Equity and Hedge Fund space?

Morgan: I have always been a big believer in the ‘illiquidity premium’ in Private Equity. The long-term focus and patient investor base allows firms to build long-term business value. In private markets, there is not the distraction of dealing with quarterly earnings estimates — you can focus on longer-term performance goals, and aren’t subject to public market scrutiny.

Our team talks a lot about the ‘structural advantages’ that private markets possess over public markets, and the marriage of building long-term business value with a patient investor base is one of them. The structural advantages help create a certain level of outperformance. Add on top of that a manager’s skill, and you get the strong returns in the asset class that have led to the growing popularity of Private Equity over the last 25 years.

IVCA: Since you have experience as an IVCA board member, what is the importance of associations in industries like Private Equity and Venture Capital, as far as networking, lobbying and most vitally, collective education?

Morgan: I’m not sure people really understand how much value the Private Equity community receives from the efforts of organizations like the IVCA. Something that hits close to home for 50 South Capital is that we are fortunate enough to advise the State Treasurer on the Illinois Growth and Innovation Fund. This is a program that the IVCA was instrumental in creating way back in 2004.

IVCA: Finally, what does it mean to you personally to be recognized by the Stanley C. Golder Award from your peers in the IVCA?

Morgan: When you look at the prior recipients and appreciate all that Stan Golder did for building the Private Equity industry, it is a profound honor to be associated with this group and the Award.

IVCA Newsletter – November 12, 2025

Thu, 13 Nov 2025 12:49:00 GMT

Other Events of Interest

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

Professional Advisor News

Martin Partners Recruits Sandy Anaokar as Chief Commercial Officer to THC (Tend, Harvest, Cultivate)

Sidley Assisted Armis Security in Its US$435 Million Series E Funding

Troutman Pepper Locke Advises FORTH in Investment by Milestone Partners

Ropes & Gray Advised State Street Investment Management on Strategic Investment in Coller Capital

Sidley Represents Spacial on Its US$10 Million Seed Financing Round

The Tax Blueprint: Structuring Funds, Joint Ventures, and REITs (podcast)

TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises to Acquire Denny’s Corporation

State of Play in Navigating Distressed Middle Market M&A (podcast)

Ropes & Gray Advised New Mountain Capital in Sale of Pearce Services to CBRE

TPG to Acquire PTC’s Industrial Connectivity and IoT Businesses

Arcline Investment Management to Acquire Novaria Group for $2.2 Billion

Sidley Represents Bonaccord Capital Partners in Minority Investment in Kingswood Capital Management

Ropes & Gray Advised Avista Healthcare Partners on Strategic Partnership with PK Benelux

Sidley Represents Mubadala Capital as Lead Investor in Aquarian Capital’s US$4.1 Billion Take-Private of Brighthouse Financial

Ropes & Gray Represented Nexthink in Majority Investment by Vista Equity Partners

Sidley Represents Life360 in Its Acquisition of Nativo

Sidley Represents One Equity Partners in Brown & Root’s Acquisition of Specialty Welding and Turnarounds

Sidley Represents Denny’s Corporation in Its US$620 Million Take-Private Sale

Sidley Represents Qualcomm in Its Acquisition of Arduino Sidley Represents Apexium Financial in Its Sale to United Capital Financial Advisors

Industry News

MK Capital Announces Sale of OneCause to Bonterra

Wind Point Partners Acquires Buske

Monroe Capital Supports Osprey Landscape Group’s Acquisition of Earthworks, Inc.

Trading Technologies Announces Close of Investment from Thoma Bravo

Jeppesen ForeFlight Launches as a Standalone Company to Redefine the Future of Aviation Software – Thoma Bravo

Monroe Capital Supports Westbourne Capital Partners’ Acquisition of Harvey Vogel, a Metal Fabrication Company

Prospect Partners Port Co Entech Accelerates Florida Growth with Strategic Acquisition of LAN Infotech

The Edgewater Funds Announces Boulden Holdings, LLC’s Acquisition of Ace Precision Industries, Inc.

Ipsen to acquire ImCheck Therapeutics, expanding its leadership in oncology, strengthening its pipeline

Runway Growth Capital Recognized on Inc.’s Founder-Friendly Investors List for Third Consecutive Year

Monroe Capital Named to Inc.’s 2025 List of Founder-Friendly Investors

Pfingsten Named to Inc.’s 2025 List of Founder-Friendly Investors Thoma Bravo Earns Spot on Inc.’s 2025 Founder-Friendly Investors List for Third Consecutive Year

Legislative News

IVCA Provides Updates for State Legislative Issues – 11/12/2025

Association News

Celebrating 25 Years of Impact – Secure Your Sponsorship Today

IVCA Profile: Private Equity Portfolio Company of the Year at the upcoming 2025 IVCA Awards Dinner is Door and Window Guard Systems, Inc. (DAWGS)

IVCA Profile: Venture Capital Portfolio Company of the Year at the upcoming 2025 IVCA Awards Dinner is Simple Mills

Job Postings

IVCA Provides Updates for State Legislative Issues – 10/29/2025

IVCA Events

December 8, 2025 – IVCA Annual Awards Dinner – Join us!

IVCA Profile: Venture Capital Portfolio Company of the Year at the upcoming 2025 IVCA Awards Dinner is Simple Mills

Wed, 12 Nov 2025 19:47:00 GMT

Now let’s meet the 2025 Venture Capital Portfolio Company of the Year, Simple Mills. IVCA celebrates Simple Mills, along with Sponsors: Kirkland & Ellis LLP, White & Case LLP, Aprio at the annual IVCA Awards Dinner, on Monday, December 8th, 2025, starting at 5:00pm at the Four Seasons in Chicago. That night, we also honor the Private Equity Portfolio Company of the Year, the Richard J. Daley Award, the Stanley C. Golder Award, the Rising Star Award and the IVCA Foundation Award.

Simple Mills will be presented the Award by the company’s Venture Capital investor Hyde Park Angels’ (HPA) Managing Partner, Peter (Pete) Wilkins. Accepting on behalf of Katlin Smith, Founder and & CEO will be Michelle Lorge, Innovation & Marketing Officer of Simple Mills.

Simple Mills was founded by Katlin Smith in 2012 with the mission to revolutionize the way food is made to positively impact people and the planet. Today, the company is a market-leading natural foods brand – offering premium better-for-you crackers, cookies, snack bars, and baking mixes.

Hyde Park Angels (HPA) invested seed money in Simple Mills in 2014, and provided subsequent capital and strategic support. This was part of a 10 year partnership that culminated in the recent acquisition of Simple Mills by Flower Foods, Inc.

The IVCA recently interviewed both HPA and Simple Mills on the investment and the company evolution. Both entities represent their answers through their institutions.

IVCA: Beginning with HPA, what made Simple Mills the perfect fit for your investment philosophy at the point you first came in?

HPA: Simple Mills matched our ‘People First’ approach. We back purpose driven founders where our operating experience and network can matter. Katlin Smith built the company around a clear better for you thesis and a mission to improve how food is made, which aligned with the type of leaders we like to support. We led the first institutional round in 2014 and continued to provide capital and strategic help as the company scaled, ultimately becoming its largest Chicago venture investor.

IVCA: For Simple Mills, what is the origin of your company, and what was the process of securing investors, including HPA?

Simple Mills: Simple Mills was founded in 2012 after our founder, Katlin Smith, experienced firsthand the transformative power of food. While working as a management consultant and traveling constantly, she noticed she wasn’t feeling her best. After shifting to a whole foods-based diet, she felt dramatically better – a personal revelation that sparked a larger mission … to make eating well easier, more accessible, and genuinely nourishing for everyone.

As Katlin learned more about the food system, she saw an opportunity to raise the bar on what consumers could expect from packaged foods, to create products made with purposeful ingredients that support both people and the planet. That vision became the foundation of Simple Mills.

While pursuing her MBA at the University of Chicago Booth School of Business, Katlin entered the New Venture Challenge to refine her business idea and learn the mechanics of entrepreneurship and fundraising. What began as a classroom exercise quickly became a real-world journey. When an early investment of $200K fell through at the last minute, Katlin’s parents made an extraordinary leap of faith, mortgaging their home to provide the startup capital that kept Simple Mills alive and moving forward.

The process of securing early investors was as scrappy as it was inspiring. Katlin met with anyone willing to hear her story, fueled by belief in the mission and a relentless drive to bring better food to market. Hyde Park Angels (HPA) recognized that potential early on. Their investment and partnership provided not only critical capital, but also mentorship, strategic guidance, and a network that helped Simple Mills expand distribution, hire its first employees, and strengthen operations. That support gave the company the “oxygen” it needed to grow responsibly and sustainably.

Over time, our partnership with HPA and other investors enabled Simple Mills to evolve from a passionate startup into the leading cracker, cookie, and baking mix brand in the natural channel — a company dedicated to revolutionizing the way food is made, so that it truly nourishes both people and planet.

IVCA: To HPA, when the firm is strategizing after making a decision to invest, what metrics do you use as far as how deep your influence will go, beyond signing the check?

HPA: We start with founder needs, then align on where HPA’s ‘People First’ community can move the needle at critical moments. That means agreeing on the right governance model, identifying the highest impact work streams, and mobilizing our operators and network accordingly. With Simple Mills, that looked like taking a board seat in 2016, supporting financing strategy including debt and growth capital, and staying engaged through the acquisition process.

IVCA: For Simple Mills, what is the philosophy behind the building of the Simple Mills team – including partnering with HPS – and how has your environment for that team contributed to your success?

Simple Mills: From our earliest days, Simple Mills has been intentional about how we build our team and the environment we create. Our philosophy centers on purpose and growth, bringing together humble, mission-driven people united by something bigger than themselves. Our partnership with Hyde Park Angels was foundational to that approach. Beyond investment, HPA connected our founder Katlin Smith to Laura Sanchez-Greenberg, an executive coach and organizational development consultant whose partnership helped define how we lead and grow together. Laura guided us in clarifying the cultural cornerstones already taking shape – authenticity, shared purpose, and resilience – that continue to ground our work today.

Those early years were fueled by entrepreneurial energy and a belief in purposeful growth. We loved to win together and understood that the way we work shapes both what we achieve and who we become as a team. As new leaders joined, they preserved that early magic while evolving our culture for each stage of growth.

Today, that same environment, built on connection, ambition and grit continues to drive our success and sustain our purpose. It’s a culture that fuels innovation, strengthens our people, and amplifies the positive impact we strive to make on both people and the planet.

IVCA: In Simple Mills’ acquisition by Flowers Food, Inc., how did your investor partners help to facilitate the acquisition and complete their investment?

Simple Mills: Regarding our investor partners – including Charlotte Capital Partners (CCP), Hyde Park Angels and Vestar Capital Partners – each played a pivotal role in facilitating our acquisition by Flowers Foods, Inc. Each brought distinct strengths, strategic guidance, and steadfast support that were instrumental in positioning Simple Mills for long-term success.

As early investors, CCP and HPA were deeply influential throughout our growth journey. They provided more than capital, they offered mentorship, strategic insight, and access to an invaluable network of industry and operational experts that helped us scale efficiently and sustainably.

When Vestar Capital Partners joined as a minority investor, their partnership helped us strengthen our organizational foundation, refine our go-to-market strategy, and prepare the business for its next stage of expansion. Vestar’s collaboration also helped align all stakeholders around a shared vision, ensuring that when the opportunity with Flowers Foods emerged, we were ready to pursue it with clarity and confidence.

Ultimately, the acquisition was the culmination of years of disciplined growth, shared purpose, and partnership. Our investors played a key role in helping us remain true to our mission while enabling a transaction that ensures Simple Mills can continue to grow its impact, reach, and innovation under Flowers’ ownership.

IVCA: Finally to HPA, as an ‘A Round’ investor, how will you maintain a presence with Simple Mills post their acquisition?

HPA: Flowers Foods is keeping Simple Mills independent and Katlin in the CEO role, so our relationship continues. We will be available as advisors and will plug in on specific projects when the team asks. The trust built over a decade is what keeps us close even as formal governance transitions to the acquirer.

IVCA: For Simple Mills, as the 2025 recipient of the Venture Capital Portfolio Company of the Year, what does it mean to you personally to be recognized by the IVCA and your peers in the Venture Capital industry?

Simple Mills: It’s an incredible honor to be recognized by the IVCA and our peers in the VC community. This award is deeply meaningful because it acknowledges the hard work, perseverance, and dedication our team has poured into growing this business and realizing our mission. It’s also a validation of our approach … that purpose and performance can go hand in hand. This recognition not only celebrates our past efforts, but also strengthens our credibility in the industry, deepens investor and partner relationships, and energizes our team as we continue to build for the future.

The 2025 IVCA Annual Awards Dinner – sponsored by Kirkland & Ellis LLP, White & Case LLP and Aprio – will be on December 8th, 2025 (5:00p-9:30p) at the The Four Seasons Hotel Grand Ballroom, 120 East Delaware Place, Chicago. For details and registration info, click here.

IVCA Provides Updates for State Legislative Issues – 11/12/2025

Wed, 12 Nov 2025 18:52:00 GMT

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

STATE TREASURER TO RUN UNOPPOSED

The office of Illinois State Treasurer is the constitutional office with the most specific connection to the IVCA as the Treasurer is responsible for the Illinois Growth and Innovation Fund (which some old-timers may still call the Technology Development Account). After petition filing season concluded last week, Illinois State Treasurer Michael Frerichs is the only statewide official with no primary or general election opponent with filed petitions. There are still avenues for the Illinois Republican Party to get a candidate on the ballot but the lack of a filed candidate who is out campaigning and seems to want to do the job is noticeable.

NO OPPONENT FOR FRERICHS

BAILEY TO STAY IN THE RACE

2022 gubernatorial candidate Darren Bailey and his family have decided to continue their 2026 campaign for governor in the wake of losing his son, daughter in law and two grandchildren in a helicopter crash in late October.

Bailey to stay in governor’s race following family tragedy. Capitol News Illinois …

– Less than three weeks after a helicopter crash claimed the lives of his son, daughter-in-law and two grandchildren, Darren Bailey said late Monday that he will move forward with his campaign for governor.
– Bailey said he received encouragement from President Donald Trump to “keep fighting” and stay in the race. “That’s exactly what we’re going to do,” Bailey said in a nearly three-minute video recorded with his wife.

VETO SESSION INCLUDES TRANSIT PACKAGE

Illinois legislators sent to the governor’s desk a funding and reform package for mass transit in the Chicagoland area and for the rest of Illinois. It included several funding mechanisms which did not resort to ideas such as a “millionaires” tax or a delivery surcharge. The idea of a tax on carried interest or other suggestions from the Chicago Teachers Union and its allies were not included in the final package.

The Taxpayers Federation of Illinois summarizes expertly the revenue implications from the transit bill and other action taken during the Veto Session in October.

Here is a summary of the relevant changes in SB2111:

Sales Tax Rate Increase: The bill allows the RTA to increase the sales tax rate in Cook, DuPage, Kane, Lake, McHenry, and Will Counties by 0.25 percentage points. This increase would apply to general merchandise and low-rate items, such as groceries and medicine. The bill takes effect on June 1, 2026, and provides the RTA Board 60 days to increase the sales tax rate. It is unclear when the new sales tax rate would take effect. TFI will provide additional guidance as it becomes available. It is estimated that a 0.25% increase in the RTA sales tax rate would generate $478 million a year. This provision is on page 332 of the bill.

Sales Tax on Motor Fuel: Under current law, revenues from Illinois’ sales tax on motor fuel are deposited into the state’s Road Fund. This bill redirects those revenues, estimated to be worth $860 million, to public transit operations. Of these revenues, 85% would go to the RTA/NITA and 15% would go to downstate public transit systems.

Road Fund Interest: Up to $200 million of the interest earned on the cash balance in the state’s Road Fund would go to public transit systems for capital projects. Of these revenues, 90% would go to the RTA/NITA and 10% would go to downstate public transit systems.

Toll Increase: There will be toll increases of 45-cents for passenger vehicles and 30% on commercial vehicles operating on the Illinois Tollway beginning in 2027. Beginning in 2029, these tolls would increase each year by CPI, but not more than 4%. These funds would be used by the Tollway for yet-to-be announced capital projects. The toll increases are estimated to generate $1 billion a year.

Skinny Omnibus Tax Bill
A revenue omnibus bill ( SB1911 ) passed both chambers with tax changes. The bill has an immediate effective date; however, these tax changes apply for the 2026 tax year:

GILTI/NCTI: In June, Illinois law changed its tax law so that corporations may only deduct 50% of their foreign income known as Global Intangible Low-Taxed Income (GILTI) that they receive, or are deemed to receive, from their foreign subsidiaries. Before the change, corporations were allowed to deduct 100% of this income. The federal One Big Beautiful Bill Act (OBBBA) replaces GILTI in 2026 with a broader term called “net CFC tested income” (NCTI). SB1911 updates Illinois law to match this federal change by only allowing corporations a 50% deduction for NCTI. It does not provide factor representation for this income.

Bonus Depreciation: OBBBA created section 168(n), which allows companies to immediately deduct the full cost of qualified real property used in manufacturing, instead of depreciating it over time. SB1911 decouples Illinois from this federal change starting with the 2026 tax year, meaning Illinois taxpayers will have to depreciate the asset over its entire useful life.

Pass-Through Entity Tax: SB1911 makes the optional pass-through entity tax permanent. The bill does not change how the tax is calculated.

Excess Business Losses: SB1911 also makes a deduction for excess losses for trusts and estates permanent as OBBB made the excess loss limitation permanent.

STAR Bonds: SB1911 also creates the Statewide Innovation Development and Economy Act to allow additional STAR Bond districts to be created in Illinois. Like TIF districts, STAR bond districts use tax growth to finance development, but they rely on increases in sales tax revenue rather than property tax revenues.

Film Tax Credit: SB2111 also extends the Film Tax Credit through 2039 and makes other changes to the program.

Public Transit Reform
The Illinois General Assembly passed SB2111 , which replaces the RTA with the Northern Illinois Transit Authority (NITA) and provides significant funds for public transit. There are two revenue sources the public would directly experience: a higher sales tax in northeastern Illinois and increased tolls.

An amendment was introduced earlier in the week which would have imposed a statewide amusement tax of 7%, expanded the individual income tax to unrealized gains for individuals with more than $1 billion in assets, and allowed speed cameras in the RTA region. None of these proposals made it into the final bill.

IVCA Profile: Private Equity Portfolio Company of the Year at the upcoming 2025 IVCA Awards Dinner is Door and Window Guard Systems, Inc. (DAWGS)

Wed, 12 Nov 2025 07:28:00 GMT

It’s that time of year for the Illinois Venture Capital Association (IVCA) to reflect back upon the many successes and honor those who have worked toward that success. Kirkland & Ellis LLP, White & Case LLP, Aprio and the association will present the annual IVCA Awards Dinner, taking place on Monday, December 8th, 2025, starting at 5:00pm at the Four Seasons in Chicago. The honors conferred will be the Private Equity Portfolio Company of the Year, the Venture Capital Portfolio Company of the Year, the Richard J. Daley Award, the Stanley C. Golder Award, the Rising Star Award and the IVCA Foundation Award.

The Private Equity Portfolio Company of the Year is Door and Windows Guards Systems (DAWGS), and the honor will be given to them by the company’s Private Equity investor NextGen Growth Partners (NGP). Brian O’Connor, NGP Managing Partner, will present the honor on Awards Dinner night to Nick Oberhouse, CEO of DAWGS.

Door and Windows Guards Systems is the best option for property preservation. Property preservation means caring for the inside and outside of a foreclosed property, whether vacant or occupied. DAWGS works with property preservation businesses, banks, property management companies, asset management companies, and mortgage field services to protect vacant investment properties.

In April of 2025, NextGen Growth Partners announced their successful exit through a sale to The Riverside Company. The transaction marked a significant milestone for DAWGS and represents the first exit from NGP’s Fund II.

The IVCA recently interviewed both NGP and DAWGS on the investment and the company evolution. NextGen Growth Partners (NGP) will represent their questions as a firm, and CEO Nick Oberhouse will answer for DAWGS

IVCA: What was behind the decision-making process for NextGen in acquiring Door and Window Guard Systems (DAWGS), and creating the environment for a successful investment sale this year?

NGP: At NGP, we employ what we call the ‘3T’ approach – Thesis, Team, and Trade. We believe growth stems from partnering with enduring businesses in expanding industries, backing talented entrepreneur-operators, and maintaining a disciplined approach to valuation and structure.

DAWGS was a clear fit for that framework. When we acquired the company in 2021, it had been thoughtfully established under the leadership of its founder, Brandon Buhai, and was primed for its next chapter of growth. Working alongside Nick Oberhouse, Brandon Buhai, and the broader leadership team, we built upon that strong foundation to expand DAWGS’ reach and capabilities.

While the business isn’t entirely a-cyclical, its service offerings perform across different economic cycles. DAWGS provides a mission-critical service and positive community impact that’s needed in all market conditions – securing vacant properties for owners as they prepare for revitalization or redevelopment. Even amid broader market turbulence, the company’s consistency and reliability created strong demand from potential acquirers.

The combination of a resilient business model, an exceptional team, and disciplined execution ultimately set the stage for a successful outcome.

IVCA: For DAWGS, what was behind the development of the company, and what was the game changer of NextGen Growth Partners coming to acquire the organization as a portfolio company?

Nick Oberhouse, DAWGS: DAWGS was built to solve a critical problem in the community safety and real estate space – how to protect vacant properties in a way that is both secure and cost effective. When NGP and I acquired the DAWGS business, they brought a depth of operational skills which the business had never had in the past.

Their approach to value creation, accretive M&A and leadership development were game changers that helped us to transform the business from a regional provider into a national entity. A key part of that transformation was assembling the right leadership team, including a Director of Operations, to ensure the business had the right people in place to support its growth.

IVCA: For NGP, what was unique about the type of business DAWGS is, and the type of challenges that you had to interact with once NGP acquired the company?

NGP: DAWGS operates in a unique niche by providing temporary security solutions for vacant buildings, a challenge that owners and developers continually face while working to restore or repurpose their properties. Compared to alternatives like plywood boarding or traditional physical security, DAWGS offers a more effective, cost-efficient, and scalable solution to a must-have service. This differentiation not only defines DAWGS’s customer value proposition but also anchors its long-term market position and competitive advantage.

The primary challenge wasn’t proving the product, it was broadening market awareness. The focus was on expanding into new markets, educating property owners, and building credibility through consistent service delivery and customer success stories.

IVCA: For DAWGS, what was the experience of working with NGP, up to and including the sale of your business in the spring?

Oberhouse, DAWGS: NGP empowered our team, supported and even … respectfully … disagreed with us at times. The also supported our vision, and pushed us to make data-driven decisions – all while staying engaged and aligned with our mission. From acquisition to exit they were steady, supportive, and committed to us building long-term value. The successful sale in the spring was the realization of that collaboration.

IVCA: Post the investment sale, and looking into the crystal ball, what are the plans for DAWGS in 2026 and beyond?

Oberhouse, DAWGS: We’re focused on scaling our business and community impact further. Since the NGP sale, we’ve continued growing the business, going from 12 to 15 warehouses. In 2026, we plan to expand into new regions, deepen our relationships with municipal and institutional clients, and continue innovating our service offerings. The foundation built with NGP gives us a platform to expand into the next phase of growth.

IVCA: Finally for NGP, since this was your first exit from the NextGen’s FUND II, what lessons were learned about continuing successful exits within the fund?

NGP: This exit reaffirmed the fundamentals of our model. Great outcomes come from great businesses that serve real, mission-critical needs, led by talented operators. We also saw the value of staying true to our disciplined investment approach. The 3T framework — identifying the right thesis, backing the right team, and structuring the right trade — remains core to how we invest and how we build toward successful exits.

DAWGS exemplified that formula and reinforced our conviction that when we stay focused on those fundamentals, we build enduringly profitable and soundly foundational businesses that we believe will continue to thrive under any future ownership.

IVCA: And finally for DAWGS, as the 2025 recipient of the Private Equity Portfolio Company of the Year, what does it mean to the company personally to be recognized by the IVCA and those individuals in the Private Equity industry?

Oberhouse, DAWGS: It’s incredibly meaningful. This award recognizes not just financial results, but the collective effort of a team committed to delivering real value – to customers, employees, and communities. I’m deeply proud of the journey we’ve taken with NGP and grateful to the IVCA for acknowledging our hard work and purpose.

Celebrating 25 Years of Impact – Secure Your Sponsorship Today

Tue, 11 Nov 2025 23:05:00 GMT

This year marks 25 years of the Illinois Venture Capital Association championing a strong business climate for private equity and venture capital in Illinois. From our early advocacy that created the Technology Development Account to helping launch the Illinois Growth & Innovation Fund , IVCA has been at the forefront of shaping policy and building a thriving investment ecosystem.

Over the years, we’ve:

Grown into the leading voice for Illinois’ venture and private equity community.
Delivered consistent advocacy wins that protect and strengthen Illinois’ competitiveness.
Welcomed future leaders through the IVCA Scholars Program, building a more inclusive industry.

Now, we invite you to celebrate this legacy and invest in the future at our 25th Anniversary Awards Dinner —IVCA’s signature event and a powerful opportunity to showcase your firm’s leadership. Your sponsorship ensures IVCA can continue advancing programs, advocacy and initiatives that matter most to our industry.

Why Sponsor?

Visibility: Position your firm among Illinois’ top investors and advisors.
Impact: Demonstrate your commitment to strengthening Illinois as a hub for private equity and venture capital.
Networking: Connect with industry leaders, legislators, and honorees at an unforgettable evening.

Sponsorships are still available. Don’t miss your chance to be part of this milestone celebration.

�� Click HERE to secure your sponsorship or contact Kathy Pyne for details.

THANK YOU to our current Sponsors: Kirkland & Ellis LLP, White & Case, Aprio, 50 South Capital, Adams Street Partners, ARCH Venture Partners, Frontenac, Growth Catalyst Partners, JP Morgan, Mayer Brown, Origin Ventures, Plante Moran, Prairie Capital, RSM US LLP, Sheppard Mullin, Thoma Bravo, Vedder Price, and Winston & Strawn

IVCA Newsletter – October 29, 2025

Thu, 30 Oct 2025 00:52:00 GMT

Legislative News

IVCA Foundation News

IVCA Foundation Awards Grant to Chicago:Blend

Industry News

MK Capital Announces Sale of OneCause to Bonterra

First Analysis advised, invested in healthcare tech provider Intelligent Locations

GTCR Announces $200 Million Strategic Minority Investment in Solmetex

RoundTable Healthcare Partners Completes Sale of Stake in Designs for Health Following a Successful Partnership

Origin Ventures Closes $140M Sixth Fund

Monroe Capital Supports Growth of Anderson Global

GTCR Completes Investment in JMG Group

Wynnchurch Capital Port Co FloWorks Acquires Slater Controls

RiverGlade Capital Announces Promotion of Dan Skowronski to Partner

Periscope Equity Hires Jonathan Levinsky as Head of Talent to Join Operations Team

Baird Capital’s Ben Hanessian Featured on PE Hub’s Disruption Matters

Shore Capital Partners Named to Inc.’s 2025 Founder-Friendly Investors List

Avathon Capital Named to Inc.’s Founder-Friendly Investors List for Third Consecutive Year

Deerpath Capital Among Top U.S. Direct Lenders

Frontenac Named to Inc.’s 2025 List of Founder-Friendly Investors

Victory Park Capital selected to Inc. Magazine’s 2025 Founder-Friendly Investors List

Job Postings

Announcing the 2025 IVCA Award Recipients

Association News

IVCA Recap: Panel Event ‘Leveraging AI to Transform VC & PE Firms’

Professional Advisor News

Sidley Represents Webcor in Its Acquisition of GCON

Preparing for Q1 2026: The New Era of ILPA Reporting and Performance Templates – BDO

Troutman Pepper Locke Represents OrderMyGear in Merger With Inktavo

Ropes & Gray Advised Bain Capital in Investment in Kailera Therapeutics’ $600 Million Series B Financing

Sidley Represents Neuberger and LuminArx in the US$165 Million Series G Preferred Equity Investment in Upgrade

Troutman Pepper Locke Advises Vance Brothers, a Division of The Sterling Group Portfolio Company Pavement Preservation Group, in Acquisition of Circle C Paving

Ropes & Gray Advised Real Chemistry in Spring & Bond Acquisition

Sidley Represents Piere in Its Seed Financing Round

Troutman Pepper Locke Advises Genesis Park in Strategic Investment in Redhawk Federal Solutions

Ropes & Gray Represented Nexthink in Majority Investment by Vista Equity Partners

Sidley Represented Ampa in Its US$8.5 Million Seed Funding Round

Riveron Partnered with Eden Data to Enhance Risk Advisory Solutions

Sidley Represents RoundTable Healthcare Partners in the Sale of Designs for Health

Ropes & Gray Ranks Among UK’s Leading Law Firm Firms in Chambers UK 2026

Sidley Represents Church Brothers Farms in Its Acquisition of the Mann Packing Vegetable Business

Bloomberg Law Highlights How Ropes & Gray Leverages AI to Expand M&A Capabilities and Add Client Value

Machinify Acquired Performant Healthcare for Approximately $670 Million

Eight Ropes & Gray Attorneys Recognized as Leading Dealmakers by Lawdragon

IVCA Events

December 8, 2025 – IVCA Annual Awards Dinner – Join us!

Other Events of Interest

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

IVCA Provides Updates for State Legislative Issues – 10/29/2025

Wed, 29 Oct 2025 17:58:00 GMT

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

Wednesday, October 29, 2025

ILLINOIS VETO SESSION HAS REVENUE ON THE MENU

Illinois legislators are meeting this week in the Capitol to address a host of issues including reform and funding mass transit. By the time you have had an opportunity to review this message things could have changed significantly. There is committee and floor action taking place all day and night with one day of session scheduled for tomorrow. The management issues for transit seem to be mostly resolved, but the how to pay for it part is under construction:

The House proposal would raise between $1.5 billion and $1.8 billion annually through a mix of measures, including a 4.95% “billionaires tax” on unrealized gains, a new 7% statewide amusement tax on streaming, sports and concert tickets, and a $5 surcharge on large-event tickets that would double as a transit day pass, state Rep. Kam Buckner of Chicago, one of the lead transit negotiators, told Crain’s.

TRANSIT PLAN LEAVING THE STATION?

The Illinois Revenue Alliance, which has advocated for a carried interest tax and a billionaire wealth tax has a press conference this morning to encourage consideration of its proposals which you can see here:

Illinois Revenue Alliance “Progressive” Tax Plan

Few if any of these proposals have any sort of broad support and legislators are obviously reluctant to vote on major tax increases and then go to the voters in the March primary. It’s a jigsaw puzzle without a couple of corner pieces right now.

WAITING TO SEE IF ENERGY BILL HAS THE POWER TO PASS

“This is really the only bill that recognizes we need every watt that we have got,” Illinois Senate President Pro Tempore Bill Cunningham said.

That debate is likely coming down to the Clean Renewable Grid Affordability Act or CRGA. CRGA has seen significant support from democrats and consumer advocates. But the Illinois Manufacturers Association is joining Republicans in opposing the bill.

They say funding the expanded battery storage component pushes the cost to consumers when prices are already high.

“We have to, we have the mindset right now of all energy, especially if we want to have data centers, especially if we want to expand manufacturing and people to actually come to our state,” House Minority Leader Tony McCombie said.

CITY OF CHICAGO LOOKS FOR $ FOR SCHOOLS AND SERVICES

* Crain’s | Johnson: Those opposed to head tax ’should do some real soul searching’ : Mayor Brandon Johnson said today the business community is “awfully unreasonable” in opposing his attempt to revive the corporate head tax, but pledged to fight to keep it in his $16.6 billion 2026 budget proposal. “We have constantly asked working people to accept less. That’s not what my ask is in this moment. We’ve balanced budgets off the backs of working people; I’m going to defend working people in this city with everything that I have inside of me,” he said.

VETO NOT OVER AND 2026 PRESSURES ALREADY MOUNTING

* The Civic Federation | GOMB Report Projects Pressure on Illinois’ Budget Amid Federal Policy Changes : After several years of relative fiscal stability, GOMB’s new projections show emerging fiscal gaps beginning in FY2026 and widening through FY2031, driven by federal tax code changes and restrictions/cuts to federal programs like Medicaid and food assistance. The report provides updated revenue and expenditure estimates for the current 2026 fiscal year, which began on July 1, 2025, and a five-year projection through FY2031. The projections are based on current assumptions, demonstrating what would happen if no policy actions were taken to adjust for revenue declines.

IVCA Recap: Panel Event ‘Leveraging AI to Transform VC & PE Firms’

Wed, 29 Oct 2025 14:33:00 GMT

The IVCA, along with sponsor Ropes & Gray and Baker Tilly, hosted the panel event “Leveraging AI to Transform VC & PE Firms” on October 7th, 2025, moderated by Martin Ruhaak, Partner at Ropes & Gray. The event featured real-world use cases and candid insights from investors who are integrating AI into their workflows, not just investing in AI companies.

The panel was Ryan Beauchamp, Managing Director at GTCR, Jeff Cantalupo , Managing Partner & Founder at Listen Ventures and Paul Hsu, CEO & Founder at Decasonic Venture/Digital Assets Fund. The chat topics included how firms are using AI to improve workflow, strategies in use within portfolio companies, the art of what is possible & next, becoming AI native at the GP level and real-world approaches from active investors.

Below is a brief recap of the event …

PERCENTAGE OF FORTUNE 500 COMPANIES DISCLOSING AI USE

An MIT report showed that 84% of the Fortune 500 are publicly disclosing that they’re using AI in some fashion or another. Most telling about where the industry is right now and where people think of AI, 95% of those disclosures were in the risk factor section of public disclosures. So people view this as an inherently risky opportunity, but an opportunity nonetheless, and they are communicating to investors in the same way.

GPs & AI

Very few GPs have indicated they are seeing a financial advantage right now in terms of using AI. It’s very much in the capital intensive phase and very much in the learning phase. One investor remarked it the valley of despair, where people are still learning how to use the technology in a way that can either monetize portfolio companies, find opportunities for GPs, or even things that are more expansive than that.

So for a particular deal and an investment team, they can clones market expertise, so that’s an insightful use of AI clone technology that can be built in-house. It’s constantly updated, and those updates can be applied to investment criteria. So it’s almost like having an investment committee for a solo GP consisting of world-class experts who can help calibrate what greatness should look like.

PRACTICAL USE OF AI IN VC/PE OPERATIONS

As an example, a portfolio company deployed AI agents based on demos a firm gave them of their agents, and that company is seeing 40% reduction in development time, higher quality of code shipped, and a lot of the operational activities internally that became automated. That drives clear capital efficiency across the portfolio. One of many data points to point at in this example is that clearly a firm can build AI to enhance their investment output.

For internal VC/PE film applications, it can increase efficiency. So everything from investment teams to automating NDAs for a legal team. If AI actually brings a solution they haven’t been able to leverage previously its a huge opportunity – either to reduce cost or increase revenue.. For example, a third of portfolio companies that are new acquisitions are using AI co-piloting and reference calls for job applicants … a third are actively starting to deploy it … a third have landed AI solutions that have impacted their bottom line or are changing exit valuations. So there is a need to meet portfolio companies where they are and help them sort of progress along that continuum.

Firms often start by manually understanding workflows, then buy off-the-shelf tools for quick wins, and finally build proprietary tools if needed for competitive advantage.

INTEGRATING VC/PE OPERATIONS IN AI

The belief is that AI is advancing so fast that it’ll eventually figure out your use case by a bigger company solving for it anyway. So you can build internally and you should because you need to understand it. But eventually the people that are building AI from an infrastructure level perspective are likely going to solve a lot of problems anyway.

For example, a Customer Relationship Management (CRM) model was created over a weekend. And it did a better job at providing the glimpse at what was needed to capture in a CRM as a consumer investment shop than off-the-shelf $50,000-a-year SaaS products did. It did 80% of what they wanted it to, but that 80% was probably worth dumping the subscription for … saving $50,000 a year.

Right now is the precipice of the AI revolution. It’s a practicality in very specific human domain expertise, in imagination and in the creativity to drive frontier ideas from humans, when paralleled with smart interns in AI. Everyone has to future-proof … they have to take those steps.

ADOPTION AND LEARNING CURVE

It’s starts at the top, leading by example. So much learning can be accomplished watching YouTube videos, X and Threads, listening to experts like Mark Benioff and Jensen Huang. What they say at their keynotes has been so enlightening to understand where the trajectory of this technology is … and the questions always has to be, what have you thought about using it for work? How have you thought about using it for work? And what parts of our process do you think could benefit the most from it?

The discovery session is where to start, and then make it part of internal operations. The other part to think about is based on your strategy or vertical or whatever you’re focused on as a firm, what could you use AI for to give you an advantage in that industry?

If you don’t have anything, it’s actually a great spot because if you gather all the ideas across the firm, can half of those be accomplished if they just had access to ChatGPT? Do you need a third party tool? You know, do you need to build something? They’ll quickly point you in the right direction.

And then if necessary, for example, what can be added is Copilot, Chachi PT and other applications … it can all come from what people were asking for. So the nice thing is you don’t have to answer it like the employees will. Just give them the right forum to collect this information and gather it together.

The next IVCA event – presented by Kirkland & Ellis LLP – will be the 2025 IVCA Annual Awards Dinner on December 8th, 2025 (5:30p-9:30p) at the The Four Seasons Hotel Grand Ballroom, 120 East Delaware Place, Chicago. For details and registration info, click here .

Announcing the 2025 IVCA Award Recipients

Wed, 29 Oct 2025 14:27:00 GMT

IVCA is proud to announce the recipients of the 2025 IVCA Awards, recognizing outstanding achievement, leadership, and innovation in Illinois’s private capital community.

2025 IVCA Award Recipients

Venture Capital Portfolio Company of the Year
Simple Mills

Private Equity Portfolio Company of the Year
Door and Window Guard Systems (DAWGS)

Richard J. Daley Award
Bruce N. Barron, Origin Ventures

Stanley C. Golder Award
Robert P. Morgan, 50 South Capital

Rising Star Award
M25

IVCA Foundation Award
Shoshana M. Vernick

Celebrate With Us

Join us on Monday, December 8th at the Four Seasons Chicago for the IVCA Awards Dinner.

The IVCA Awards Dinner is a signature event that brings together leaders from across the private equity and venture capital landscape. This year’s celebration marks 25 years of IVCA’s impact , and we look forward to honoring the individuals and firms shaping the future of our industry.

Consider supporting IVCA through sponsorship and join us for an unforgettable evening of recognition, networking, and celebration.

IVCA Foundation Awards Grant to Chicago:Blend

Wed, 29 Oct 2025 14:15:00 GMT

The IVCA Foundation is proud to announce an expanded grant to Chicago:Blend , deepening the nonprofit’s work to advance diversity, equity, and inclusion in Chicago’s venture capital ecosystem. This multi-year collaboration supports Chicago:Blend’s Venture Fellowship Program , which provides emerging investors from underrepresented backgrounds with access to training, mentorship, and career opportunities in venture capital.

“We’re deeply grateful to the IVCA Foundation for its partnership and support,” said Joey Mak , CEO of Chicago:Blend. “At our core, both of our organizations believe that expanding access to opportunity isn’t just the right thing to do—it’s essential to building a stronger, more innovative venture ecosystem in Illinois. Together, we can continue opening doors for the next generation of investors, founders, and leaders who will shape Chicago’s future.”

The IVCA Foundation’s support reflects its commitment to building a more inclusive and representative investment community.

“We recognize the important work Chicago:Blend does to support the ecosystem and are thrilled to support their efforts,” said Christie Pruyn , Executive Director of the IVCA and IVCA Foundation. “This partnership aligns with our mission to foster a more equitable and dynamic private capital landscape in Illinois.”

The IVCA Foundation looks forward to continuing its collaboration with Chicago:Blend and supporting the next generation of diverse leaders in venture capital.

IVCA Newsletter – October 15, 2025

Thu, 16 Oct 2025 14:39:00 GMT

Association News

IVCA Feature: New Member Profile of Lockton Companies

Celebrate 25 Years with Us!

Exploring AI in Private Capital: IVCA’s Panel Draws 120+ Attendees https://illinoisvc.org/ivca-annual-awards-dinner/

Legislative News

IVCA Provides Updates for State Legislative Issues – 10/15/2025

IVCA Events

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Other Events of Interest

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

Industry News

Origin Ventures secures $140M for new fund amid tight VC market

First Analysis advised, invested in healthcare tech provider Intelligent Locations

RCP Advisors closes fifth secondaries fund, oversubscribed at $1.25B hard cap

Shore Capital Partners Closes $850 Million Across Two New Funds, Bringing Assets Under Management to Over $14 Billion

Wynnchurch Capital Exits Clyde Industries

RoundTable Healthcare Partners Announces Sale of Renaissance Lakewood, LLC

Thoma Bravo Announces Strategic Minority Investment in SDC Capital Partners

Shore Capital Partners Announces Partnership with New York Empire Baseball and Launch of RISE Partners

Wynnchurch Capital Acquires Charter Industries

GTCR Announces $200 Million Strategic Minority Investment in Solmetex

Libertas secures $100 million credit facility from Victory Park Capital to help small to medium-sized businesses accelerate growth

Monroe Capital Supports Newman Reilly Capital Partners’ Acquisition of an Environmental Services Company

Frontenac Port Co CROM Acquires Specialty Infrastructure Services Provider, CFG Industries

Benford Capital Port Co Industrial QC Completes 4th Acquisition

Thoma Bravo Port Co Coupa Announces Acquisition of AI-Powered Scoutbee to Drive Supplier Intelligence and Discovery

Frontenac Port Co Integrated Openings Solutions Announces Acquisition of Design Supply Doors

Victory Park Capital’s Olibia Stamatoglou selected by PEI Group for Women of Influence in Private Markets List

Monroe Capital Strengthens Private Credit Leadership with Launch of Abu Dhabi Office

Periscope Equity Hires Jonathan Levinsky as Head of Talent to Join Operations Team

GTCR Announces Promotions and New Team Appointments Across the Organization

Professional Advisor News

Preparing for Q1 2026: The New Era of ILPA Reporting and Performance Templates – BDO

Vedder Price Represents GSI Group in Acquisition of GenesisBPS

Sidley Represents Clearlake Capital Group and Constant Contact in New Strategic Investment

Blue Sage Capital’s Strategic Credit Fund Closes at $287 Million With Troutman Pepper Locke’s Counsel

Ropes & Gray Advised Facile.it on Its Acquisition of Horizon Automotive

Troutman Pepper Locke Counsels Susquehanna Growth Equity in Strategic Investment in Tint World

Sidley Advises Avalanche Foundation on Strategic Transaction in US$675 Million Digital Asset Treasury Company With Avalanche Treasury Co. and Mountain Lake Acquisition Corp.

Ropes & Gray Advised Lee Equity Partners on Investment in Arcadian Risk Capital

PE Pathways Podcast – Going Nuclear – Private Equity Trends in US Energy

Sidley Represents Renaissance Lakewood, LLC in Its Sale to LTS LOHMANN Therapie-Systeme AG

Ropes & Gray Advised Genstar Capital and Flourish Research in Partnership with Valkyrie Clinical Trials

What’s in a Down Round? Key Features of a Down Round

Sidley Advises Sensi.AI in Its US$45 Million Series C Financing

Heidrick & Struggles Enters into Definitive Agreement with Investor Consortium Led by Advent International and Corvex

What’s a Board to Do? Navigating a Down Round Financing

Sidley Represents CWX in US$23 Million Series A Funding

Ropes & Gray Recognized as a Leading Law Firm in Legal 500 UK 2026

Sidley Represents Alex Cooper and the Unwell Network in Partnership With Google and Unwell Creative Agency Launch

Job Postings

Please view the full details for each Job Posting listed below, on our website HERE . Once at Job Postings please scroll down the pages to view the jobs. They are listed chronologically as received, most current first.

Sandbox Industries – Associate position (Clinical Innovation )

The post IVCA Newsletter – October 15, 2025 appeared first on IVCA - Illinois Venture Capital Association .

Association News

IVCA Feature: New Member Profile of Lockton Companies

Celebrate 25 Years with Us!

Exploring AI in Private Capital: IVCA’s Panel Draws 120+ Attendees https://illinoisvc.org/ivca-annual-awards-dinner/

IVCA Events

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Professional Advisor News

Preparing for Q1 2026: The New E ra of ILPA Reporting and Performance Templates – BDO

Vedder Price Represents GSI Group in Acquisition of GenesisBPS

Sidley Represents Clearlake Capital Group and Constant Contact in New Strategic Investment

Blue Sage Capital’s Strategic Credit Fund Closes at $287 Million With Troutman Pepper Locke’s Counsel

Ropes & Gray Advised Facile.it on Its Acquisition of Horizon Automotive

Troutman Pepper Locke Counsels Susquehanna Growth Equity in Strategic Investment in Tint World

Sidley Advises Avalanche Foundation on Strategic Transaction in US$675 Million Digital Asset Treasury Company With Avalanche Treasury Co. and Mountain Lake Acquisition Corp.

Ropes & Gray Advised Lee Equity Partners on Investment in Arcadian Risk Capital

PE Pathways Podcast – Going Nuclear – Private Equity Trends in US Energy

Sidley Represents Renaissance Lakewood, LLC in Its Sale to LTS LOHMANN Therapie-Systeme AG

Ropes & Gray Advised Genstar Capital and Flourish Research in Partnership with Valkyrie Clinical Trials

What’s in a Down Round? Key Features of a Down Round

Sidley Advises Sensi.AI in Its US$45 Million Series C Financing

Heidrick & Struggles Enters into Definitive Agreement with Investor Consortium Led by Advent International and Corvex

What’s a Board to Do? Navigating a Down Round Financing

Sidley Represents CWX in US$23 Million Series A Funding

Ropes & Gray Recognized as a Leading Law Firm in Legal 500 UKLegal 500 UK 2026

Sidley Represents Alex Cooper and the Unwell Network in Partnership With Google and Unwell Creative Agency Launch

Job Postings

Sandbox Industries – Associate position (Clinical Innovation )

Legislative News

IVCA Provides Updates for State Legislative Issues – 10/15/2025

Other Events of Interest

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

Industry News

Origin Ventures secures $140M for new fund amid tight VC market

First Analysis advised, invested in healthcare tech provider Intelligent Locations

RCP Advisors closes fifth secondaries fund, oversubscribed at $1.25B hard cap

Shore Capital Partners Closes $850 Million Across Two New Funds, Bringing Assets Under Management to Over $14 Billion

Wynnchurch Capital Exits Clyde Industries

RoundTable Healthcare Partners Announces Sale of Renaissance Lakewood, LLC

Thoma Bravo Announces Strategic Minority Investment in SDC Capital Partners

Shore Capital Partners Announces Partnership with New York Empire Baseball and Launch of RISE Partners

Wynnchurch Capital Acquires Charter Industries

GTCR Announces $200 Million Strategic Minority Investment in Solmetex

Libertas secures $100 million credit facility from Victory Park Capital to help small to medium-sized businesses accelerate growth

Monroe Capital Supports Newman Reilly Capital Partners’ Acquisition of an Environmental Services Company

Frontenac Port Co CROM Acquires Specialty Infrastructure Services Provider, CFG Industries

Benford Capital Port Co Industrial QC Completes 4th Acquisition

Thoma Bravo Port Co Coupa Announces Acquisition of AI-Powered Scoutbee to Drive Supplier Intelligence and Discovery

Frontenac Port Co Integrated Openings Solutions Announces Acquisition of Design Supply Doors

Victory Park Capital’s Olibia Stamatoglou selected by PEI Group for Women of Influence in Private Markets List

Monroe Capital Strengthens Private Credit Leadership with Launch of Abu Dhabi Office

Periscope Equity Hires Jonathan Levinsky as Head of Talent to Join Operations Team

GTCR Announces Promotions and New Team Appointments Across the Organization

Celebrate 25 Years with Us!

Wed, 15 Oct 2025 21:42:00 GMT

Join Us in Celebrating 25 Years of IVCA Leadership

2025 marks the 25th anniversary of the Illinois Venture Capital Association and we’re celebrating with our most anticipated event of the year: the IVCA Annual Awards Dinner , held on Monday, December 8, 2025 at the Four Seasons Chicago.

This milestone evening will honor the legacy of IVCA and the leaders who have shaped Illinois’s private capital ecosystem, while spotlighting the firms and individuals driving innovation and growth today.

Sponsorship Opportunities Are Now Open!

Sponsors receive premium visibility, curated networking, and an opportunity to mingle with over 400 senior professionals from Chicago’s PE & VC community. This is a unique opportunity to showcase your firm’s leadership and commitment to the industry.

Download the Sponsorship Flyer (PDF)

Learn More About the Annual Awards Dinner

Thank You to Our Confirmed Sponsors

Interested in sponsoring or attending?
Contact us at kpyne@illinoisvc.org to secure your sponsorship today!

Let’s celebrate 25 years of leadership and build the next chapter together!

Exploring AI in Private Capital: IVCA’s Panel Draws 120+ Attendees

Wed, 15 Oct 2025 19:39:00 GMT

On October 7, IVCA welcomed more than 120 attendees to The Chicago Club for a dynamic panel discussion on how venture capital and private equity firms are integrating artificial intelligence to sharpen investment strategies and elevate portfolio company performance. The conversation featured expert insights from Ryan Beauchamp (GTCR), Jeff Cantalupo (Listen Ventures), and Paul Hsu (Decasonic), with moderation by Martin Ruhaak (Ropes & Gray).

Attendees gained practical perspectives on becoming AI-native at the GP level, deploying AI across portfolios, and navigating what’s possible now and what’s next. Carrie Raffin of Water Street Healthcare Partners called the session “incredibly useful and educational,” praising the panel’s depth and clarity. No matter their level of expertise or firm usage, attendees left inspired, informed, and ready to take the next step in their AI journey.

IVCA extends sincere thanks to our sponsors, Ropes & Gray LLP and Baker Tilly US , for their generous support in making this event possible.

�� View event photos here , and stay tuned as IVCA continues to help members become “AI Champions” in the evolving investment landscape.

IVCA Provides Updates for State Legislative Issues – 10/15/2025

Wed, 15 Oct 2025 18:51:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, October 15, 2025

LEGISLATURE WRESTLES WITH TRANSIT / BEARS / ENERGY / FEDERAL GOVERNMENT

The Illinois General Assembly is in session this week in the first week of the annual Veto Session. Veto Session isn’t much about dealing with a veto from the governor these days with Democrats in control of both chambers of the Illinois General Assembly and the governor’s office. It’s instead a mini-regular-session, a place where overlooked or unsettled issues go for a hearing, except of course for the fact that it requires a super-majority three-fifths of the votes for something to pass. The legislature meets this week mostly to assess member sentiment and to prepare for floor action the last week of October.

* WAND | Back in action: Illinois House Speaker, Minority Leader break down veto session priorities : While McCombie is not optimistic about work getting done this week, Speaker Emanuel “Chris” Welch told WAND News it is time to address actions threatening public safety. […] Democrats hope to limit ICE agents from detaining people in courthouses, expand the definition of law enforcement prohibited from cooperating with immigration enforcement, and potentially ban law enforcement from wearing masks or neck gaiters on the job. Yet, Republicans strongly oppose those ideas.

While the “fiscal cliff” for the transit reform and funding package seems to have been turned into a “fiscal curb”, there’s still hundreds of millions of dollars needed, and the ideas being floated run the gamut:

MILLIONAIRES TAX AND MORE TRANSIT IDEAS

Some of those ideas are obviously without much support in the Capitol building. But somewhere there will have to be new revenue found for the mass transit package.

Tribune …

One of the Illinois legislature’s biggest opponents of the Chicago Bears’ plan to relocate outside the city introduced legislation on Tuesday that could stall or hinder the team’s efforts, but significant questions remain about whether the bill will garner enough support or when it might be voted on.

The legislation from state Rep. Kam Buckner of Chicago — a former University of Illinois football player who represents the district where Soldier Field is located — calls for greater transparency around stadium deals in Illinois and could require the team to dig deeper into its pockets. It remains silent, however, about major financial issues, including whether the franchise would have to pay off outstanding debt for the 2003 Soldier Field renovation, a point some opponents of the team’s move have said is a bare minimum for their support. […] “I want to at least lay down the tracks for what the rules of engagement are for us,” Buckner said. “We’ve asked the Bears to come forward with a plan and show their work and show how this is a net benefit to the people. I think they’ve fallen short of that. And so, I think now the ball is back in our court. It’s incumbent upon us to tell what we need to hear from them.” […

In addition, the Buckner bill targets the Bears’ plans to negotiate a long-term property tax deal with local schools and other taxing bodies, which is a crucial aspect of the team’s plan to relocate to northwest suburban Arlington Heights. Under Buckner’s proposed legislation, sports franchises would instead have to reimburse schools, libraries and emergency services for property taxes lost as a result of stadium agreements.

FORMER SPEAKER REPORTS TO FEDERAL PRISON

Once the most powerful person in state government, outlasting numerous governors and plenty of political foes, former Illinois House Speaker Michael J. Madigan reported Monday to a federal prison facility in West Virginia.

FORMER SPEAKER BEGINS 7.5 YEAR SENTENCE

IVCA Feature: New Member Profile of Lockton Companies

Wed, 15 Oct 2025 18:12:00 GMT

October 15, 2025

As the new member participants in the Illinois Venture Capital Association (IVCA) keeps expanding, the current membership are given new opportunities for networking, in addition to optimizing support and partnerships, which leads to guidance and new ideas for Venture Capital, Private Equity and support industries.

The latest new member is the firm of the Lockton Companies , who is the world’s largest independent insurance brokerage, and provides customized solutions to meet an organization’s risk, benefits and retirement needs.

The following is a Q&A profile with Lockton Companies , which explores the firm’s background and their expectations for interacting with the IVCA.

New Member: Lockton Companies
Representative: Joe Spallina, Senior Vice President

IVCA: What is a brief history of and background of Lockton Companies ?

Lockton: Lockton Companies was founded in 1966 in Kansas City, Missouri by Jack Lockton. From its entrepreneurial beginnings, Lockton has grown into the world’s largest privately held insurance brokerage firm. Known for its client-first culture and private ownership model, the company expanded throughout key regional markets across the U.S. before growing internationally.

Today, Lockton serves clients in more than 140 countries, offering expertise across risk management, employee benefits, retirement, and private risk solutions. Its continued success is rooted in a commitment to innovation, independence, and long-term client partnerships.

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

Lockton: We believe that investing in companies to help them grow is not only good for business, it creates jobs, fuels innovation, and strengthens the economy. Lockton has a long history of supporting the investment community in Chicago, rooted in the entrepreneurial spirit of our founder, Jack Lockton.

That legacy continues today as we partner with Private Equity and Venture Capital firms to provide strategic risk management solutions across transactions and portfolio companies. We’re excited to deepen our engagement with this dynamic community.

IVCA: You mention on your website that even given your size, Lockton remains a family organization with a more independent approach towards your clients. How does that independence create better outcomes in serving the client’s needs?

Lockton: Lockton’s independence is a defining advantage in how we serve our clients.
As a privately held, family-owned firm, we’re free from shareholder pressures allowing us to prioritize client outcomes above all else. Ron Lockton, our CEO, often emphasizes that this independence empowers our Associates to make fast, local decisions, tailor solutions to each client’s unique needs, and invest in specialized practices that drive innovation.

It also fosters a strong, values-driven culture that leads to exceptional client retention and satisfaction. Independence isn’t just a structure, it’s a mindset that enables us to deliver better results, every time.

IVCA: The size of your organization includes over 100 worldwide offices. What kind of expertise has been forged through the scope of your global reach, and what advantages does it have for potential clients?

Lockton: Lockton’s global reach delivers meaningful advantages to our clients.
With offices in over 100 cities and capabilities in more than 150 countries, Lockton has built deep expertise across industries and geographies. Our global footprint allows us to provide clients with local market insight, regulatory guidance, and cultural understanding while maintaining centralized coordination for consistency and efficiency.

Clients benefit from unified global practices that combine U.S. and international expertise, enabling seamless knowledge sharing and tailored solutions. Our Global People Solutions team, for example, supports multinational employers with benefits strategy, compliance, and workforce engagement across borders. This global scale, paired with our independent structure, allows us to innovate quickly and deliver smarter, more agile solutions wherever our clients do business.

IVCA: You position yourself as partners to your clients, and pride yourself on having the flexibility of creative thinking even in an industry like insurance. What is an example of creative thinking for a client if they have specific or even alternative needs?

Lockton: At Lockton, we start by understanding our clients’ goals and aligning our strategies to meet them. Creative thinking often means going beyond traditional insurance, leveraging captives, structured solutions, alternative retentions, and contractual risk transfer strategies. We combine this flexibility with a data-driven approach that blends rigorous reporting with deep expertise, allowing us to tailor solutions to each client’s unique needs.

For example, in a recent consumer product stock transaction, we identified coverage and pricing improvements during a 30-day exclusivity period. With approval to market under a project name, we delivered at-close coverage replacement that resulted in a 42% rate savings and enhanced balance sheet protection, translating to an immediate EBITDA increase for the Private Equity firm.

In another case, our Complex Claims Management and Pharmacy teams collaborated to address high-cost infusions for a rare immune disorder. By proposing a “gold bagging” strategy by billing the medication through the pharmacy benefit and delivering it to the hospital’s infusion center, we achieved $849,886 in total savings while maintaining the same high-quality care for the patient.

IVCA: You list five categories of products and services … Risk, People Solutions, Private Risk Solutions, Capital and Industries. What data are you assessing for each potential client to focus their needs, or even expand them if you detect something in that data that could help their business within your products and services?

Lockton: At Lockton, data drives strategy, but it’s our insight that delivers results.
We assess a wide range of financial, operational, and risk-related data across our five service areas, Risk, People Solutions, Private Risk Solutions, Capital, and Industries to uncover opportunities and tailor solutions. For example, we analyze exposures, claims history, insurance spend, and contractual risk transfer strategies in Property & Casualty; plan design, funding mechanisms, and compliance risks in Employee Benefits; and liabilities and vendor contracts in Retirement.

But we don’t rely on data alone. Our consultants combine rigorous reporting with deep expertise to align recommendations with each client’s business and people. Lockton’s proprietary platform, Infolock® , connects advanced data capabilities, unique benchmarking, and unmatched analysis to give us a complete view of our clients’ health plan members allowing us to deliver smarter, more targeted solutions that drive measurable impact.

IVCA: What does Lockton Companies hope to achieve in their interaction with the VC/PE community within the IVCA?

Lockton: Lockton is excited to deepen our engagement with the VC and PE community through the IVCA. Our goal is to foster new partnerships with firms that value having a trusted, strategic advisor across multiple service areas from M&A due diligence to portfolio company support. We’ve built long-standing relationships by delivering tailored, high-impact solutions across risk, employee benefits, retirement, and private risk. Through IVCA, we hope to continue that legacy of helping firms navigate complexity, unlock value, and support growth across their investments.

For the website of Lockton Companies, click here . To arrange a conversation, please reach out to Joe Spallina at joe.spallina@lockton.com .

IVCA Newsletter – October 1, 2025

Thu, 02 Oct 2025 18:15:00 GMT

IVCA Events

October 7, 2025 – IVCA Panel: Leveraging AI to Transform VC & PE Firms sponsored by Ropes & Gray

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Legislative News

IVCA Provides Updates for State Legislative Issues – 10/01/2025

Professional Advisor News

Employers should brace for sharp rises in healthcare costs in 2026.  Read @Lockton’s Q3 People Solutions Market Update on what’s driving the increase.

BDO – AI Use Case Portfolio for Private Equity

Troutman Pepper Locke Advises Station Partners in Strategic Investment in First Children Service

Ropes & Gray Wins Two Awards at the 2025 Asia Legal Awards

Sidley Represents Affinity Partners in Consortium’s Landmark US$55 Billion Acquisition of EA

Genesis Park, Guided by Troutman Pepper Locke, Forms Strategic Partnership With Perfect Feast and SageLink Capital

Ropes & Gray Advises SimCorp on the Acquisition of Domos

Sidley Represents Fortegra Group in Its US$1.65 Billion Acquisition by DB Insurance

Troutman Pepper Locke Represents HMP Global in Acquisition of Psychiatry Redefined

Ropes & Gray to Host Pharmaceutical Licensing Group Autumn Workshops & Networking Reception on Blended Venture Deals

Sidley Represents DigiCert in Its Acquisition of Valimail

Delaware Court of Chancery Rescinds Stock Cancellation and Stock Repurchase Agreements for Board of Directors’ Failure to Adhere to Corporate Formalities

GHO Capital Partners Enters Agreement to Acquire AI-Powered R D Orchestration Platform Scientist com

Sidley Represents Newfold Digital in Sale of Markmonitor

Delaware Court of Chancery Invalidates Noncompete in Incentive Equity Agreements Due to Overbreadth

Ropes & Gray Represents Patient Square Capital as Regulatory Counsel in $2.6 Billion Take-Private Acquisition of Premier Inc.

Sidley Represents MaxHome.AI in US$5 Million Series Seed Funding

Cohere Capital Completes Strategic Growth Investment in Leverege, a VisionAI Technology Company

Sidley Represents ChowChow Cloud in Its IPO and Listing on NYSE American Ropes & Gray Shortlisted for Private Capital Firm of the Year at the British Legal Awards 2025

Association News

Only 6 days left until October 7th’s IVCA Panel: Leveraging AI to Transform VC & PE Firms sponsored by Ropes & Gray

Deadline Extended: IVCA Rising Star Award

Sandbox Industries – Associate position (Clinical Innovation)

Job Postings

Industry News

America’s Top Venture Capital Firms of 2025 – Time Magazine

Plymouth Growth is now Straylight!

Baird Capital Invests in EvoluteIQ

Dentalcorp Agrees to be Acquired by Investment Funds Affiliated with GTCR in C$2.2 Billion Transaction

HPA Invests in Iris Finance’s $6.2M Series Seed, a CFO Platform for CPG

Arbor Investments Announces Acquisition of Acxion Foodservice

Janus Henderson, Victory Park Capital, and CNO Financial Group Announce Strategic Partnership

Frontenac Announces Recapitalization of Professional Services Firm, Beckway

Monroe Capital’s Independent Sponsor Group Supports Red Dog Equity’s Successful Exit of Superior Waste

SimpliSafe Signs Definitive Agreement to be Acquired by GTCR

PROS Holdings, Inc. Enters Into Definitive Agreement to Be Acquired by Thoma Bravo

Moderne Ventures Named to TIME Magazine 2025 “Top Venture Capital Firms” List

Monroe Capital’s Ted Koenig Calls for Federal Reserve Independence as Markets Weigh Rate Path

Kinzie Capital Partners Expand Team, Advancing Client Service and Portfolio Value Creation

Baird Capital’s Katie Schoen Featured in The Drawdown

PitchBook Recognizes RCP’s Secondary Program with Top Rankings

Water Street Port Co Lumelight Acquires BMI Audit Services

BPOC Port Co. Praxis Packaging Solutions Expands with Acquisition of Advanced Concept Innovations, LLC

Thoma Bravo Port Co ServiceTitan to Empower HVAC Contractors with Acquisition of Conduit Tech

The Edgewater Funds Announces Silver State’s Acqusition of Four Commercial HVAC Service Providers

Baird Capital Port Co Cleanwater1 Acquires PureAir Filtration

CORE Industrial Partners Portfolio Company Momentium Acquires Superior Lithographics

Thoma Bravo Port Co BlueMatrix Expands Global Reach and Product Breadth Through Acquisition of RMS

Wynnchurch Capital Port Co Handgards Acquires Albany Packaging USA Solifi Acquires DataScan, Expands Automobile Wholesale Finance and Inventory Risk Management Solu tions

Other Events of Interest

October 9, 2025 – MVCA 18th Annual Awards Celebration

November 12, 2025 – BUILDING BLOCKS: The Fundamentals of M&A Transactions

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

IVCA Provides Updates for State Legislative Issues – 10/01/2025

Wed, 01 Oct 2025 18:48:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, October 1, 2025

LINING UP FOR VETO SESSION Legislators and the governor return to Springfield October 14,15 and 16 for the first week of Veto Session. With unified control of the legislature and the executive branch, Illinois Democrats have very little to do in terms of upholding or overriding vetoes. These days the Veto Session serves as a safety valve for issues which were not resolved in the Spring Session, or which have matured since adjournment in May. Among the issues which could be considered are mass transit reform and funding, renewable energy, and the never-say-die question of moving the Chicago Bears to Arlington Heights. House speaker unsure if there’s enough support for Bears stadium tax break. Daily Herald … – During an appearance in Arlington Heights Tuesday night, Illinois House Speaker Emanuel “Chris” Welch said he’s unsure whether property tax break legislation that would allow the Bears to leave Chicago for the Northwest suburb has a chance of passing.- Gov. JB Pritzker, who has said he prefers the Bears remain within city limits, has expressed support for the megaproject concept, but earlier this month declared it a “prerequisite” for the Bears to first pay off the $534 million owed for the 2003 Soldier Field renovations.- On Tuesday night, Welch told the Daily Herald he and House Democrats are “open to listening” to such proposals. “If the megaprojects bill is going to pass, you still need to convince 26 Chicago legislators that it’s good for Chicago as well,” Welch said. “And so is that something that can convince Chicago legislators that it’s a good thing? I don’t know. I think that there’s still a lot of work that needs to be done.” REPUBLICAN CANDIDATES FOR GOVERNOR North Shore policy expert Ted Dabrowski is running and has earned endorsements from former legislators who once supported one of his opponents (see below) and from well know Republican donors: DRABOWSKI DRAWS BIG DOLLARS Former State Senator Darren Bailey is running for governor again. He was defeated by Governor JB Pritzker in the 2022 contest. * WSPY | During visit to Yorkville, Bailey and Del Mar talk taxes, power shifts as they begin campaign for governor’s race : The second time around, Republican gubernatorial candidate Darren Bailey is counting on people to know they need to get off the fence and show up at the polls. The southern Illinois farmer carried 100 of the state’s 102 counties in [the 2022 primary] but got just 42 percent of the vote overall [in the general], his popularity offset by J.B. Pritzker’s mainly in heavily Democratic and densely populated Cook County. Bailey says the state’s in deeper distress now and taxes are a big reason.

Deadline Extended: IVCA Rising Star Award

Wed, 01 Oct 2025 18:29:00 GMT

The 2025 IVCA Rising Star Award recognizes a rising private equity or venture capital firm that is demonstrating exceptional promise and leadership in Illinois’s investment ecosystem.

Eligibility:

Open to any PE or VC firm based in Illinois or with an office in Illinois
Firm must be currently managing their first, second, or third fund

Selection Criteria:
Nominees should demonstrate strength in multiple of the following areas. It is not expected that nominees meet every criterion. The award recognizes emerging firms showing exceptional promise, innovation, and impact.

Investment Performance & Strategy
Early investment success or strategic innovation
Creative fund structure or sourcing approach

Capital & Community Engagement
Involvement in local civic, philanthropic, or nonprofit organizations that contribute to community development or economic vitality

Impact in Illinois
Demonstrated impact through job creation, investment in Illinois-based companies, partnerships with local institutions, or initiatives that strengthen the state’s economic infrastructure

Startup Ecosystem Participation
Active engagement in the Illinois or regional startup ecosystem (e.g., accelerators, incubators, university partnerships, founder support)

Note:
The Rising Star Award will only be bestowed in years when the Executive Committee determines that there is a nominee who clearly meets the award’s criteria and embodies its spirit.

Nomination Process

Who can nominate : IVCA members, self-nomination, peers, or broader community members
Deadline : September 30, 2025
Required Materials :
- Firm Overview
- Portfolio highlights
- Impact statement (max 500 words)

Nominations reviewed and Awardee selected by the Executive Committee. The award will be presented at the IVCA Awards Dinner on Monday, December 8, 2025.

Submission Instructions:

Submission Deadline: September 30, 2025
Submit Completed Form to: Kathy Pyne at kpyne@illinoisvc.org

Only 6 days left until October 7th’s IVCA Panel: Leveraging AI to Transform VC & PE Firms sponsored by Ropes & Gray

Wed, 01 Oct 2025 18:19:00 GMT

Tuesday, October 7
11:30 AM – 1:30 PM
The Chicago Club | The Daniel Burnham Room | 81 E Van Buren St, Chicago, IL 60605

Join us for an exclusive panel discussion exploring how venture capital and private equity firms are actively using AI to transform their own operations, investment strategies, and portfolio company performance.

This session will feature real-world use cases and candid insights from investors who are integrating AI into their workflows, not just investing in AI companies.

Panelists:

Ryan Beauchamp , Managing Director, GTCR
- Leads GTCR’s technology investments and has been instrumental in integrating AI into firm operations and portfolio strategy.
Jeff Cantalupo, Managing Partner & Founder, Listen Ventures
- A brand-focused venture investor with deep experience in consumer innovation and early adoption of AI tools in creative workflows.
Paul Hsu, CEO & Founder, Decasonic
- A venture investor and technologist at the forefront of AI-native startup ecosystems, with a focus on Web3 and frontier tech.
Moderator: Martin Ruhaak , Partner, Ropes & Gray
- Advises private equity and venture capital firms on fund formation and strategic innovation, including the legal implications of AI adoption.

IVCA Members: Free to attend

REGISTER HERE!

Topics include:

How firms are using AI to improve internal workflows
Deployment strategies within portfolio companies
The art of what’s possible and what’s next
Becoming AI-native at the GP level
Real-world approaches from active investors

Not sure if you’re a member? Having issues registering? Please contact Kathy Pyne at kpyne@illinoisvc.org

Sponsored by:

Register today to reserve your seat and be part of this timely conversation.

We look forward to seeing you there!

IVCA Preview: Panel Event ‘Leveraging AI to Transform VC & PE Firms’ on October 7th, 2025 at the Chicago Club

Wed, 01 Oct 2025 14:48:00 GMT

October 1, 2025

The IVCA, along with sponsor Ropes & Gray and Baker Tilly, will be hosting the panel event, “Leveraging AI to Transform VC & PE Firms” on October 7th, 2025, moderated by Martin Ruhaak, Partner at Ropes & Gray. The event will feature real-world use cases and candid insights from investors who are integrating AI into their workflows, not just investing in AI companies.

Scheduled to appear on the panel will be Ryan Beauchamp, Managing Director at GTCR, Jeff Cantalupo , Managing Partner & Founder at Listen Ventures and Paul Hsu, CEO & Founder at Decasonic Venture/Digital Assets Fund. The chat topics will include how firms are using AI to improve workflow, strategies in use within portfolio companies, the art of what is possible & next, becoming AI native at the GP level and real-world approaches from active investors.

As a preview to the panel event, Paul Hsu – from a recent Decasonic session and presentation – pulled out a couple of examples what Decasonic is implementing regarding the above chat topics …

IN HOUSE AI AGENTS

A demonstration of AI networks built for Venture workflows, showing AI evaluating product-market fit, underwriting, and networking at scale. A major theme … AI-native teams are scaling faster and with fewer people, leading to an organizational shift.

Decasonic’s 80-agent roster had examples like AI Agent Emma, a networking concierge, and “Edison,” an AI analyst … emphasizing modular specialization and performance-based agent swaps.

IMPLICATIONS FOR BUILDERS OR INVESTORS

For builders, there was a call to embrace AI not as automation, but augmentation. Modular, agent-based workflows enable startups to scale faster with better decision-making.

For investors, it underscored the need to adopt or back teams that are AI-native – those who use AI to enhance every stage of research, diligence, and execution. The age of human/AI co-leadership is here.

At the IVCA panel event, these examples will be expanded upon, explained and connected to the workflow elements of Private Equity and Venture Capital. Join us for this cutting edge AI presentation.

The next IVCA Panel event – sponsored by Ropes & Gray and Baker Tilly – will be ‘ Leveraging AI to Transform VC & PE Firms ’ on October 7th, 2025 (11:30a-1:30p) at the Chicago Club, 81 East Van Buren Street, Chicago. For details and registration info, click here.

IVCA Newsletter – September 17, 2025

Wed, 17 Sep 2025 21:15:00 GMT

IVCA Events

September 23, 2025 – Legislator luncheon with Sen. Paul Faraci (for IVCA Investor members only)

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Legislative News

IVCA Provides Updates for State Legislative Issues – 9/17/2025

Industry News

Pritzker Private Capital Names Andrew Petri as Chief Financial Officer

HPA Announce Its Participation in $6.2 million Seed round of Iris Finance

Growth Catalyst Partners Announces Final Closing of GCP III with Capital Commitments at Hard Cap of $360 million

SimpliSafe Signs Definitive Agreement to be Acquired by GTCR

Zentiva, a leading European generics pharmaceutical company, announces sale from Advent to GTCR

Monroe Capital Supports Crossplane Capital’s Acquisition of Mooring USA

Monroe Capital Supports Growth of Clarion Capital Partners’ Narrative Strategies, LLC

Bennelong Funds Management Signs MOU and Partners with Monroe Capital

Shore Capital Partners Announces Partnership with Optis Consulting

Shore Capital Partners Announces Formation of Technology Advisory Platform

Thoma Bravo Completes Acquisition of Olo

CORE Industrial Partners Portfolio Company Momentium Acquires Superior Lithographics

Benford Capital Partners Port Co Argus Monitoring Solutions Completes Acquisition of Geoscan Seismic Services

Benford Capital Partners-Backed BSC Industries Completes Acquisition of Gipson Bearing & Supply Co.

Thoma Bravo Port Co USU Acquires French Knowledge Management Leader Mayday To Build the European Leader in Knowledge Management

Thoma Bravo Port Co BlueMatrix Expands Global Reach and Product Breadth Through Acquisition of RMS

Water Street Healthcare Port Co Lumelight Acquires ClearFile to Expand Health Care Compliance Solutions

Linden Capital Partners Welcomes Gadi Lachman as Operating Partner

Five ARCH-backed companies and executives named to Fierce 50 list of those making a significant impact in the biopharma and healthcare industries

Crain’s Chicago Business selects Victory Park Capital for 2025 Best Places to Work in Chicago List

Association News

IVCA 2025 Award Nominations Are Now Open!

Sandbox Industries – Associate position (Clinical Innovation)

Job Postings

Other Events of Interest

September 18, 2025 – McDermott Will & Emery’s Boot Camp for Private Equity Professionals 2025

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

December 9, 2025 – BDO’s 2025 Private Equity Fund CFO Roundtable

Professional Advisor News

Sidley Represents OSEA Malibu in Strategic Growth Investment from General Atlantic

Ropes & Gray Advised Domino’s Pizza® in $1.32 Billion Refinancing Transaction

Troutman Pepper Locke Represents MediSpend in Merger With RLDatix Subsidiary

Sidley Represents BBQGuys in Acquisition of Mont Alpi

Direct-To-Consumer Home Solutions Company Leaf Home Acquires Erie Home

Navigating a Challenging Landscape: Funding Sources, Strategies, and Best Practices for Businesses

Sidley Represents Cantilever Group in a Minority Equity Investment in Tecum Capital

Ecovyst Announces Agreement to Sell Advanced Materials & Catalyst Segment to Technip Energies

Troutman Pepper Locke Advises Luna Health in $23.6 Million Series A Financing

Sidley Advises Garage Beer on Strategic Investment from Durational Capital Management

TPG To Acquire GE Vernova’s Proficy Manufacturing Software Business for $600 Million

Sidley Represents Kroll in Strategic Collaboration With StepStone Group Sidley Austin guides Apollo-managed funds on Kelvion acquisition

IVCA 2025 Award Nominations Are Now Open!

Wed, 17 Sep 2025 17:53:00 GMT

Celebrate excellence in Illinois’s private equity and venture capital community by nominating a candidate or company for one of IVCA’s annual awards:

NEW: IVCA Rising Star Award – Honors an emerging PE or VC firm demonstrating exceptional promise (open to firms managing their 1st, 2nd, or 3rd fund)
Stanley C. Golder Award – Honors lifetime achievement and leadership in private equity
Stephen S. Beitler Award – Recognizes outstanding contributions to IVCA and the industry
Richard J. Daley Award – Celebrates civic leadership and impact on Illinois’s business climate
Private Equity Portfolio Company of the Year – Recognizes an Illinois-based company with a successful exit in 2024 or 2025
Venture Capital Portfolio Company of the Year – Celebrates an Illinois-based VC-backed company with a successful exit in 2024 or 2025

Nomination Deadline: September 30, 2025
Submit completed forms to Kathy Pyne at kpyne@illinoisvc.org
Awards will be presented at the IVCA Awards Dinner on Monday, December 8, 2025

Download All Nomination Forms

Register today for October 7th’s IVCA Panel: Leveraging AI to Transform VC & PE Firms sponsored by Ropes & Gray

Wed, 17 Sep 2025 15:00:00 GMT

Tuesday, October 7
11:30 AM – 1:30 PM
The Chicago Club | The Daniel Burnham Room | 81 E Van Buren St, Chicago, IL 60605

This session will feature real-world use cases and candid insights from investors who are integrating AI into their workflows, not just investing in AI companies.

IVCA Members: Free to attend

REGISTER HERE!

Topics include:

How firms are using AI to improve internal workflows
Deployment strategies within portfolio companies
The art of what’s possible and what’s next
Becoming AI-native at the GP level
Real-world approaches from active investors

Panelists:

Ryan Beauchamp , Managing Director, GTCR
Leads GTCR’s technology investments and has been instrumental in integrating AI into firm operations and portfolio strategy.
Jeff Cantalupo, Managing Partner & Founder, Listen Ventures
A brand-focused venture investor with deep experience in consumer innovation and early adoption of AI tools in creative workflows.
Paul Hsu, CEO & Founder, Decasonic
A venture investor and technologist at the forefront of AI-native startup ecosystems, with a focus on Web3 and frontier tech.
Moderator: Martin Ruhaak , Partner, Ropes & Gray
Advises private equity and venture capital firms on fund formation and strategic innovation, including the legal implications of AI adoption.

Not sure if you’re a member? Having issues registering? Please contact Kathy Pyne at kpyne@illinoisvc.org

Sponsored by:

Register today to reserve your seat and be part of this timely conversation.

We look forward to seeing you there!

IVCA Feature: Highlights of ‘Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC)’ September 9th, 2025

Wed, 17 Sep 2025 14:53:00 GMT

September 17, 2025

On September 9th at the Union League Club of Chicago, the IVCA and sponsor firm KPMG presented the “Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC),” moderated by Lee M. Mitchell, Managing Director/Partner at Thoma Bravo, and a board member of both the IVCA and the AIC.

Sitting on the panel at the chat was Will Dunham, President and CEO of the AIC and Lee Slater , Senior Vice President of Government Affairs at the AIC. The chat topics were a look back at the 2025 tax policy debates, the growing opposition and perception regarding the PE industry and how the industry can respond, as well as private capital and state level legislative trends in the current environment.

The American Investment Council (AIC) is an advocacy and resource organization established to develop and provide information about the private investment industry and its contributions to the long-term growth of the U.S. economy and retirement security of American workers. Member firms of the AIC consist of the country’s leading Private Equity and growth capital firms united by their successful partnerships with limited partners and American businesses.

IVCA Executive Director Christie Pruyn began the luncheon by introducing sponsor KPMG, a British-based multinational professional services firm, and also one of the “Big Four” accounting firms. The following are the highlights of the event … NOTE: remarks edited for space and clarity.

INTRODUCTION

Moderator Lee Mitchell began by introducing Will Dunham and Lee Slater of the AIC, and expanded on the topics …

Lee Mitchell: We associate politics within the frenzied atmosphere of today, and we tend either not to pay attention or think much about it … but as has been said before just because you do not take an interest in politics doesn’t mean that politics won’t take an interest in you.

The image of Private Equity got established in Washington, when no one was there to defend the interest of the industry and for opportunistic legislators who had a problem with Private Equity for any reason. The industry was a sitting duck. There was literally nobody there to defend the industry.

And finally we got smart and worked to establish the American Investment Council. The talent, like the two gentlemen on the panel, have made enormous progress in setting the record straight about Private Equity. And while they’ve made great progress, as you’re going to hear today, there’s still a lot more to be done.

ONE BIG BEAUTIFUL BILL ACT

Mitchell opened the discussion with Will Dunham regarding the recent tax bill…

Will Dunham: The first six months of the for the AIC was totally focused on the tax bill.

It consumed the White House, the Treasury Department and both chambers of Congress. Almost no legislation passed for the first six months while they were working on this big bill.

That feverish work came about because a lot of tax policy was set to expire at the end of this year, so it had to pass or a big cliff was coming and a big impetus to get this done was on the part of the White House because they had sort of put all their eggs in one basket on this ‘One’ Bill, as the name suggests.

And no Republican was willing to step out of line line and vote against the bill, so to advocate any policy in that environment was difficult, because no member was going to vote against a bill this big and with this much momentum over one policy. Donald Trump had consolidated his power in his second term, it’s a striking change for us, having observed the first Trump administration to the second.

Dunham: So another piece of the context as we’re looking at this bill. In February, President Trump put out some of his priorities. One was to eliminate carried interest, which is obviously … in the Private Equity and Venture Capital Industry … how a piece of those profits are taxed. To counter that proposal was one of our big fights.

We spent a lot of time educating Congress … there are a lot of new members since the last signature bill in 2017. There were only four members of the Ways and Means committee on the Republican side in 2025 who were there in 2017, and now there are 21 who were brand new. They were not there when the first signature bill was originally passed … they were in some ways a blank slate coming into this bill. So every time we sat down with a member of Congress, we would take a list of all the portfolio companies in their district.

We would point out that the companies in their districts were all backed by Private Equity and Venture Capital. We worked in tandem with the National Venture Capital Association on carried interest and ultimately it came out favorably. The House of Representatives did not include it in the bill when it went to the Senate.

Dunham: Republicans used the reconciliation process to write the bill, so in the Senate the Democrats get one chance in that process to amend the bill … called Vote-a-Rama. So Lee and I had to get to work talking to Democrats. Lee will speak to that component.

Lee Slater: In Vote-a-Rama, kind of all rules are off except for Democrats have the opportunity to offer as many amendments on any topic that they’d like. Since there are only 50 votes on each side in the Senate, there are opportunities to pass amendments with a few Republican votes … there is a lot more populism on both the, the left and the right side, which creates an opportunity on issues like this to actually generate support.

So the goal is to start targeting which members on the Democratic side might be most likely to offer it up and start to think creatively for maybe things that they would want to focus their time on that would be more popular across the party and maybe more popular across the outside kind of Democratic activism community.

It was about getting a couple of Democratic senators to go to leadership and come up with other amendments and avoid a vote at three or four in the morning.

Dunham: We were protecting the industry from a doubling of its tax rate.

Dunham: Also on the table was Section 899. which would have given the administration the power to raise taxes on banking clients and, and foreign LPs if their home country had what the Treasury Department determined was a discriminatory tax against us. If you live in a country with a DST and do business with a U.S .bank or an LP with a U.S. Private Equity or Venture Capital firm, you could have seen your tax rate go up by 10-20%.

We love to partner up and build coalitions. We were part of a coalition with banks and a lot of others on Section 899 … fortunately we were able to get that out of the bill … and were ultimately successful.

Dunham: Interest deductibility was a big issue for us. For all the tax nerds out there, in 2017 it went to 30% of EBITDA. Then we went down to 30% of EDIT two years ago, and we saved the DA, so we’re back to 30% of EBITDA for interest deductibility, and that’s now permanent. That was a big win in the house, and made permanent in the Senate.

That gives you a flavor of hat gives you a little flavor for our involvement in the One Big Beautiful Bill and it all shook out pretty well.

COUNTERING GENERAL PERCEPTION OF PRIVATE EQUITY

Moderator Lee Mitchell opened this topic with (click) a video of Senator Elizabeth Warren . In summary, it was indicting Private Equity for their handling of businesses including the Joanne Fabrics Store and the Red Lobster restaurants.

Lee Mitchell: This comes up over and over again and a lot of it comes from Washington, but a lot of it comes from a lot of other places. What can we do about it? … To kind of get this back in a box and bring some facts to the discussion. What are you doing, what can we all do to address this?

Will Dunham: It is important to know what people are saying about the industry and, bring a few facts to the debate. One of those facts we put out at AIC is a pension study every year, the top 10 public pensions, the top 10 states by Private Equity returns, and it just turns out that Massachusetts [Senator Warren’s state] is actually number four out of 50 states for Private Equity returns.

And what we worry about is the sort of horseshoe theory of politics where populism on the left infects populism on the right, and there’s sort of a me too following among Republican senators saying, well, if Elizabeth Warren is getting clicks and likes for that kind of argument, we’re going to start making that argument.

As an industry and within the AIC, we’ve got to go in and talk to these members and educate and advocate … to make sure that they know what we’re doing, both on the retirement side for their state and on the investment side for businesses and jobs and economic growth.

Dunham: We worry about some of the rhetoric and, and, and so we’re talking to these new members who have run and recently come to the Senate and the House … and with redistricting there are less and less swing seats … to make sure they understand what we do an aren’t seduced by the caricature that’s kind of being put forward on both the far right and the far left.

Lee Slater: There are still good members of Congress up there who want to think actually about what happens, when capital is invested, and how to make sure the rules are fair. The fact that even despite her ongoing outcry as it relates to Private Equity, going back to the one big beautiful bill act, there still wasn’t an amendment on the Democratic side targeting Private Equity.

HEALTHCARE AND PRIVATE EQUITY PERCEPTIONS

Lee Mitchell: The problem is actually worse in the healthcare space. Senator Chris Murphy [D] of Connecticut has said that the Private Equity firm uses a leverage buyout, which means that they put up a small amount of their own money. They borrow all the rest, immediately saddling the the business with debt. Next, they strip the hospital. They comb through the balance sheets to find as many cost cutting opportunities as possible.

They lay off workers and they don’t pay the vendors. And while they’re, while they’re stripping the hospital of assets and depriving the staff, Private Equity executives pay themselves and their investors in the form of a dividend and, and they demand that their companies borrow money to pay shareholders even when they’re struggling. That’s known as a dividend recapitalization.

This pushes the companies into bankruptcy. That’s a healthcare investment strategy today … these strategic bankruptcies enable the fund to avoid paying debts such as unpaid bills and pension liabilities.

Mitchell: There is a push to get Private Equity out of this space. The problem with that is – even for those of us who maybe don’t invest in hospitals or don’t invest in doctors’ practices – is that once Private Equity gets pushed out of one sector, what’s the next sector that it’s going to be pushed out of? All of us who invest in any sector with Private Equity or Venture Capital money, once this gets going, it can have a life of its own and go well beyond healthcare. So that’s what we’re concerned about.

What’s gonna happen in this space? What’s Congress and the AIC doing about that, if anything?

Will Dunham: Healthcare is a headline risk for the industry to be sure, and I think there is a very credulous press, happy to write about it. If you look at the data and you’re fair about it, Private Equity investments in healthcare lead to quality outcomes and more access. And the way, prices don’t go up. So we are getting that word out there that private equity investments into healthcare actually does a lot of the things that we all want out of the healthcare system.

Elizabeth Warren likes to relate stories about about Steward Health, she tells it over and over again, that Private Equity bought this hospital, bankrupted it, and got rich again. What she doesn’t mention is that Cerberus Capital, the Private Equity firm who owned Steward Health, hadn’t owned it for five years when it went bankrupt.

There is a lot wrong with the healthcare industry. Private Equity is a convenient boogeyman for those criticizing the system. What we want to do is work with data-driven terms, and that’s why we’re sort of focused on a lot of research in this space, and there is not going be federal legislation regulating this space.

Lee Slater: It is devastating for a community when a hospital goes out of business because it affects people and draws attention, and it sets it apart from some of the other issues like investment, manufacturing, housing, etc. They’re not necessarily the same, and at the federal level they have been unable to create additional transaction review hurdles, but the debates are there at the state level, especially in Massachusetts and Connecticut as a byproduct of the Steward bankruptcy

It all comes down to being able to get in front of lawmakers and, and kind of walk them through what they’re being sold by these national organizations. The jobs that are already there and trying to unpack what we actually do when we build a relationship with a physician practice. And I found that those conversations have been incredibly successful.

In Oregon, where there was a hard-charging push for change, we were able to get in with the health chair and majority leader there and just walk them through piece by piece how this change to their MSO [Management Services Organization, investment entities that manage healthcare systems] structure was just going to result in basically that only hospitals would own these physician practices, which wasn’t gonna be a good outcome either, but the bill passed.

Slater: Without fanfare, there was another bill passed we were involved in that adjusted technical corrections to the other bill, but made the changes necessary for Private Equity to operate in the state, a little more confined, but a more normalized way.

When we’re able to have the conversations and are able to bring in local portfolio companies that can help tell the story, it’s been a pretty positive outcome.

Lee Mitchell: In Illinois we’re generally not on the list of states or areas that have become hostile to Private Equity or to Venture capitaI, and I think one reason for that is the 25 years of the IVCA. There is no other state that has been that has an organization that’s been around for 25 years that’s been trying to look out for those industries.

And I would just encourage everyone who’s not involved to get involved. And I’d also encourage firms that aren’t AIC members to think about becoming AIC members. And, and I know a lot of people think that that’s just for large firms, but there are ways for smaller firms to join.

The more firms that are in any of these organizations, the better off it will be for everyone … And the small firms often have the best stories to tell because you deal at a level of business that’s smaller and people can relate to, better than the kind of things that we deal with in a multi-billion dollar company that people don’t relate to as well.

AUDIENCE QUESTIONS

QUESTION: The IRS has gone in many directions regarding enforcement, and the current Trump administration has made a show about pulling money from the IRS and taking it away. I find the people who are there now aren’t like they used to be, they’re without a skilled understanding of how big business and small business works, and I worry about that situation. Does the AIC we have a position on any of this and how we think about resources on the tax side?

Dunham: It’s not something we would would naturally lobby on, advocate or educate around. We saw this administration with DOGE make a lot of cuts. Well, now the people and areas that were cut have been restored since then, because of their important functions. The cuts were not smart and the targeting created more problems than the benefits created. Sanity is starting to take over again.

Congress really needs to assert itself through the appropriations process. That’s really the proper place to make targeted cuts or changes to agencies. It won’t get headlines, but we’re seeing some strong pushback from the legislators.

QUESTION: You mentioned the Tik Tok videos and how they are used to inform, especially the younger generations that use social media for information. How is the Private Equity industry using social media to inform Gen Zs and younger that the industry is not bad, counter to what we saw earlier?

Dunham: We don’t do a good enough job in that space. Our digital team is telling us shorter is better … a 15 second video is just right. But we need to do a better job countering the anti-Private Equity front, because once a meme is out there, putting it back in the bottle is almost impossible.

Private Equity in general are focused on being the best investors in the world, strong returns for their LPs, and economic growth and job creation for their portfolio companies. I’m just guessing that you don’t have a team on social media defending Private Equity.

For all the firms that are doing social media, there are dozens who don’t have any public relations specialists at all, because they don’t want to be in the news. But of course the news will come to you if you’re not willing to go to the news.

QUESTION: Lee, how are you feeling about the health of Chicago and Illinois as headquarters for Private Equity? Short term and long term.

Lee Mitchell: We’ve had a very steady population of Private Equity and Venture Capital in Illinois and particularly in Chicago. And there hasn’t been any reason or people to feel that this isn’t a good enough place for them to be, except occasionally when something is proposed at the state level that actually could make it not as a pleasant a place to be for those of us in the business.

This is the kind of thing that the IVCA gets itself involved in. We have Dave Strickland sitting here who is a contract lobbyist essentially for the IVCA and knows an awful lot of people in the state legislature, just like the AIC know an awful lot of people in the national legislature.

And we say to legislators, don’t do something that will cause us all to want to leave, because we do invest in Illinois businesses and pensions, and because it’s not hard to leave. We don’t have factories, we don’t have embedded costs. And could we move tomorrow? Yes. Most of us could just pack up and go someplace else. That has resonated with our Illinois legislators, fortunately, over the years.

Mitchell: But bottom line I think people like it here, that’s why we are here. And we may have opened offices all over the country, but in many cases this is where we were founded. This is what we call our headquarters. And that’s how we want it, and we wouldn’t change that unless there’s something that is aimed at us by a legislature that’s might be hostile, and the IVCA works hard to make sure that isn’t the case.

I’d urge everybody who isn’t involved get involved … Christie Pruyn [Executive Director of the IVCA] and Amy Selco [Senior VP of Membership Services of the AIC] are the contacts sitting here. They can tell you how to get more involved.

For more information about the AIC, click here .

The next IVCA Panel event – sponsored by Ropes & Gray – will be ‘ Leveraging AI to Transform VC & PE Firms ’ on October 7th, 2025 (11:30a-1:30p) at the Chicago Club, 81 East Van Buren Street, Chicago. For details and registration info, click here.

IVCA Provides Updates for State Legislative Issues – 9/17/2025

Wed, 17 Sep 2025 14:47:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, September 17, 2025

IVCA ALLY ANNOUNCES RETIREMENT

One of the most effective legislators in Springfield and a strong ally of the IVCA announced he will not run again in 2026. Illinois State Senator Bill Cunningham , who is the Senate President Pro Tem and a negotiator on some of the most complex and contentious issues in the Capitol will not run again for his southside-south suburban district. IVCA issues were among those assigned to Cunningham to oversee. Cunningham put his support for a replacement behind former State Rep. Fran Hurley.

CUNNINGHAM TO RETIRE AFTER 2026 SESSION

CHICAGO REVENUE OPTIONS INCLUDE REQUESTS TO SPRINGFIELD

* Block Club | Chicago Budget Task Force Recommends Tax Hikes, Higher Fees To Close $1 Billion Gap : Mayor Brandon Johnson should consider raising garbage and rideshare fees, hiking the liquor tax, extending a hiring freeze and tying property tax increases to inflation to help close a more than $1 billion budget gap in 2026, according to a coalition of civic and business leaders. Those ideas are just a few of almost 90 recommendations included in a report issued Tuesday by the Chicago Financial Future Task Force, a group convened by Johnson’s administration to help fix Chicago’s budget woes next year and beyond.

CIVIC FEDERATION ON CHICAGO BUDGET OPTIONS

The report includes a total of 89 options, including 45 “efficiencies” and 39 “revenues”, estimated to generate between $1.04 billion and $2.15 billion in total earnings and savings. Despite this impressive tally—seemingly large enough to nearly close the FY2026 budget gap—the report reveals that there are few easy answers, many hard political decisions ahead, and much more work to do. While all the options presented in the report could be worth consideration, many are not viable short-term options for addressing the immediate FY2026 budget crisis, and many of these have not been accompanied by the analysis that will be needed for the City Council.

* Sun-Times | Hyde Park Labs marks another push to make Chicago a tech hub : Hyde Park Labs aims to be a hub for deep tech innovation and quantum computing in Chicago. It will host IBM’s next-generation quantum computer before it eventually moves to the Illinois Quantum and Microelectronics Park. The quantum computing campus will be at the former U.S. Steel South Works site. “Hyde Park Labs and the UChicago Science Incubator are a milestone for innovation on Chicago’s South Side,” said John Flavin, CEO of Portal Innovations. “Portal’s mission has always been to bridge the gap between academia and private industry. The partnership with the University of Chicago will allow us to help grow innovative life sciences, quantum and deep-tech startups locally.”

Pritzker Private Capital Names Andrew Petri as Chief Financial Officer

Tue, 16 Sep 2025 20:32:00 GMT

Petri, An Experienced CFO, Will Lead PPC’s Finance and Accounting Functions

CHICAGO -(September 15, 2025) – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced that Andrew Petri has joined the firm as Chief Financial Officer. Mr. Petri brings to PPC more than two decades of experience in investment firm finance, accounting and audit functions. Mr. Petri succeeds Stephanie Paine, who has been with PPC since 2017 and will work closely with Mr. Petri to ensure a smooth transition before departing in December.

“We are thrilled to welcome Andrew to the PPC family,” said Brad West, Chief Operating Officer at PPC. “Andrew brings more than 20 years of experience across accounting, finance, and fund administration and operations. I am confident he will be a valuable leader as we continue to advance and develop PPC’s firm administration and finance functions.”

“I am excited to join the PPC organization,” said Mr. Petri. “I have long admired PPC’s team, reputation, culture, and pioneering position within family direct investing. I am committed to ensuring PPC remains well-positioned to advance its strategic objective of creating lasting value across its family of companies.”

Mr. Petri joins PPC following 17 years at Pfingsten Partners, a Chicago-based private equity firm where he served as Chief Financial Officer and Chief Compliance Officer for the last 10 years. At Pfingsten, Mr. Petri oversaw the firm’s fund accounting, tax, compliance and administrative functions. Mr. Petri, a Certified Public Accountant, began his career at Ernst & Young where he conducted audit engagements of private equity, hedge fund, mutual fund and broker-dealer clients through EY’s Financial Services Office.

“Andrew’s breadth and depth of experience will be terrific additions to our talented firm operations team,” said David Gau, President and Head of Operations at PPC. “We thank Stephanie Paine for her tremendous contributions to building our finance function and team, and wish her well as she embarks on a new journey with her family’s business – a pathway near and dear to our heritage.”

Mr. Petri currently serves on the Board of Directors of the Private Equity CFO Association – Midwest Chapter. He holds a Bachelor of Business Administration in accounting and information systems and a Master of Accountancy from the University of Wisconsin-Madison.

About Pritzker Private Capital

Pritzker Private Capital (PPC) partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. PPC builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. PPC is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Contacts
Dan Scorpio / Mallory Griffin
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Newsletter – September 3, 2025

Thu, 04 Sep 2025 14:37:00 GMT

Legislative News

IVCA Provides Updates for State Legislative Issues – 9/3/2025

Job Postings

Sandbox Industries – Associate position (Clinical Innovation)

Professional Advisor News

Sidley Represents Canva in Investor Secondary

Ropes & Gray Advised GI Partners on Flexential Continuation Vehicle and Strategic Investment

Troutman Pepper Locke Represents Management Team in Acquisition of Dumond

Sidley Represents Aspen Insurance in Connection With Its Pending Acquisition by Sompo Holdings for US$3.5 Billion

Neill Jakobe Named Notable M&A Dealmaker by Crain’s Chicago Business

The Evolving Continuation Vehicle

Sidley Represents Waltz Health in Its Merger With EVERSANA

Advent International to Acquire Digital Health Company PatientPoint

Unlocking Tax Planning Efficiency: The New Era of Online Section 83(b) Elections

Sidley Represents Entegra in Acquisition by NDT Global

Gauge Capital Acquires APHIX

Sidley Represents Chris McMillan in Launch of Namesake Hair Care Brand

MAI Capital Management Announces Strategic Partnership with Evoke Advisors

Sidley Represents Twin-Star in 363 Asset Sale in Walker Edison’s Chapter 11

From Legislation to Implementation: Understanding Section 1202 Changes

Ropes & Gray Advises Members of William Chisholm’s Investor Group in its Acquisition of the Boston Celtics

Ropes & Gray to Host Pharmaceutical Licensing Group Autumn Workshops & Networking Reception on Blended Venture Deals

Association News

IVCA Preview: Moderator Lee M. Mitchell on ‘Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC)’ September 9th, 2025

Join IVCA on Tuesday, September 9 for Private Equity Policy Outlook with the American Investment Council

Send us Your Nomination for the 2025 IVCA Portfolio Company of the Year Awards

CORE Industrial Partners Announces New Platform Investment in Edwards Moving & Rigging

Industry News

TIME and Statista name ARCH a top venture firm in the U.S.

Frontenac Completes the Sale of Newterra to Grundfos

GTCR Acquires Innovative Systems

Monroe Capital Supports Summit Professional Education’s Acquisition of Herman & Wallace Pelvic Rehabilitation Institute

Monroe Capital Supports CORE Industrial Partners’ Investment in IMMEC

Monroe Capital Supports Crossplane Capital’s Acquisition of Mooring USA

Prairie Capital Welcomes Two New Associates

Pritzker Private Capital Port Co Valicor Environmental Services Acquires ECO-FIRST, Inc.

Runway Growth Capital and PitchBook Release 2024-2025 Venture Debt Review

Shore Capital Partners Announces Partnership with Dillard Companies

The Edgewater Funds Announces Investment in Boulden Company, Inc.

Thoma Bravo to Acquire Verint to Join Forces with Calabrio to Create an AI-Driven Customer Experience Powerhouse

Dayforce Enters into US$12.3 Billion Definitive Agreement with Thoma Bravo to Become a Private Company

Crusoe Expands Iceland Data Center Capacity with atNorth, Secures $175M Credit Facility from Victory Park Capital

Victory Park Capital Statement on Razor Group and Infinite Commerce Merger

Wind Point Partners Port Co VERTEX Expands Healthcare Program Management Capabilities with Acquisition of ADAMS

IVCA Events

September 11, 2025 – Legislator luncheon with Leader Tony McCombie, Rep. Joe Sosnowski and Rep. Nicole La Ha (for IVCA Investor members only)

September 9, 2025 – Navigating Policy & Perception: A Fireside Chat with AIC – IVCA Luncheon Event Sept. 9 – Sponsored by KPMG LLP

September 16, 2025 – Legislator luncheon with Leader Kam Buckner and Sen. Bill Cunningham, President Pro Tempore (for IVCA Investor members only)

September 23, 2025 – Legislator luncheon with Sen. Paul Faraci (for IVCA Investor members only)

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Other Events of Interest

September 18, 2025 – McDermott Will & Emery’s Boot Camp for Private Equity Professionals 2025

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

Join IVCA on Tuesday, September 9 for Private Equity Policy Outlook with the American Investment Council

Wed, 03 Sep 2025 19:54:00 GMT

Tuesday, September 9, 2025 | 11:30 AM – 1:30 PM CT
Union League Club of Chicago | 65 W Jackson Blvd

IVCA members: Free to attend
Non-IVCA members: $80

REGISTER HERE!

Join IVCA and event sponsor KPMG for a timely member lunch featuring leaders from the American Investment Council (AIC) — the national advocacy organization for private equity . AIC works to protect the industry’s interests and reputation in Washington, and their efforts directly influence state-level policy and perception here in Illinois.

Featured Speakers:

Will Dunham , President & CEO, American Investment Council
Lee Slater , SVP of Government Affairs, American Investment Council
Moderator: Lee Mitchell , Managing Director, Thoma Bravo; Board Member, AIC and IVCA

Discussion Highlights:

Key takeaways from the 2025 tax policy debates
Responding to rising opposition to private equity
What’s ahead for private capital at the national and state levels
Legislative trends impacting Illinois and other states

REGISTER HERE!

You must log in as an IVCA member to attend for free (contact Kathy Pyne at kpyne@illinoisvc.org for log in help or issues).

Sponsored by:

Register today to reserve your seat and be part of this timely conversation.

We look forward to seeing you there!

The post Join IVCA on Tuesday, September 9 for Private Equity Policy Outlook with the American Investment Council appeared first on IVCA - Illinois Venture Capital Association .

Pritzker Private Capital Port Co Valicor Environmental Services Acquires ECO-FIRST, Inc.

Wed, 03 Sep 2025 17:00:00 GMT

MONROE, OHIO – September 2, 2025 – Valicor Environmental Services (“Valicor”), one of the largest providers of centralized waste treatment and recycling services in North America, today announced it has acquired ECO-FIRST, Inc. (“ECO-FIRST”), a provider of environmental and waste management services in West Virginia. With this acquisition, Valicor bolsters its footprint in the mid-Atlantic and broadens its offering of environmentally responsible waste and wastewater treatment services.

Founded and led by CEO Dana Tomes, ECO-FIRST has earned a strong reputation for customer service and environmental stewardship. The company specializes in comprehensive environmental services, including industrial and commercial waste collection, treatment, and recycling. ECO-FIRST has long partnered with a wide variety of industrial and municipal customers to deliver comprehensive and responsible waste management services. With the addition of ECO-FIRST, Valicor now operates 31 facilities across 15 states.

“We are pleased to welcome ECO-FIRST to our growing network of treatment and recycling facilities,” said Steve Hopper, Chief Executive Officer of Valicor. “ECO-FIRST brings strong capabilities and commitment to sustainability. Together, we will continue to expand our environmentally responsible solutions and serve a growing base of customers across West Virginia and the surrounding states.”

“ECO-FIRST and Valicor share the same passion for protecting the environment while delivering excellent service to our customers,” said Dana Tomes, CEO of ECO-FIRST. “This partnership provides exciting opportunities for growth and strengthens our ability to serve our customers and communities with innovative waste management solutions.”

“Valicor continues to build its national footprint through strategic acquisitions like ECO-FIRST,” added Bill Hinton, Senior Advisor of Corporate Development at Valicor. “This acquisition enhances Valicor’s position as a provider of waste management solutions.”

Valicor is part of the Pritzker Private Capital family of companies. Valicor’s acquisition strategy focuses on acquiring centralized wastewater treatment and solidification facilities as well as other providers of environmental services, including waste-to-energy, product destruction, and related services.

About Valicor

Valicor is the largest provider of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment facilities, the Company transports and processes a diverse set of wastewater streams that result from the manufacture of industrial and consumer goods. The Company’s mission-critical services allow customers to meet federal, state, and local regulations by safely and responsibly disposing of oily water, leachate, soaps, line flush waste, and similar waste streams and it also provides a diverse set of landfill solidification, product destruction, and oil recycling services. As an ISO 14001 certified organization, Valicor takes great pride in its environmental compliance process. For more information, visit www.valicor.com.

About Pritzker Private Capital

About ECO-FIRST, Inc.

ECO-FIRST, Inc. is a provider of waste and wastewater management solutions, offering a full scope of environmental and safety services, including consulting, disposal, remediation, training, emergency response and other services. Founded by Dana Tomes in 1998, ECO-FIRST operates a collection and treatment facility in Huntington West Virgina, serving customers across West Virginia, Ohio, Kentucky, Virginia, Maryland and Pennsylvania, and the surrounding areas.

Contact:
Harrison Lee, Vice President of Marketing
Valicor Environmental Services
(800) 279-1134
hlee@valicor.com

Prairie Capital Welcomes Two New Associates

Wed, 03 Sep 2025 16:56:00 GMT

August 13, 2025 – Prairie Capital is pleased to welcome Cara Conniff and Brett Winkel to the investment team as Associates. Cara and Brett will be involved across all phases of Prairie’s investment process, from analyzing new opportunities and conducting due diligence to assisting in the ongoing management of the firm’s portfolio companies.

Prior to joining Prairie, Cara served as an Investment Banking Analyst at Lincoln International, where she focused on mergers and acquisitions advisory in the Consumer Group. She received a B.S. in Finance from the Gies College of Business at the University of Illinois Urbana-Champaign.

“I am truly excited to be joining Prairie Capital. From the moment I connected with the team, it was clear that this is a close-knit group that has a long history of successfully growing companies. Prairie’s focus on building meaningful, long-term partnerships with founders really resonated with me, and I’m looking forward to learning and growing with the Prairie team.”

Before joining Prairie, Brett was an Investment Banking Analyst in the Supply Chain & Commercial Services Group at William Blair, where he focused on M&A advisory and transaction execution. He received a B.S. in Finance from the Gies College of Business at the University of Illinois Urbana-Champaign.

“What drew me to Prairie, beyond the strong partnership opportunities with its current and future portfolio, were the people. This is an environment that values and fosters professional and personal development. From an outside perspective, you can feel the team’s sense of pride for what they’ve built.”

For more information, please visit:

https://www.prairie-capital.com/professional/cara-conniff/
https://www.prairie-capital.com/professional/brett-winkel/

IVCA Preview: Moderator Lee M. Mitchell on ‘Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC)’ September 9th, 2025

Wed, 03 Sep 2025 14:07:00 GMT

September 3, 2025

The IVCA Education Luncheon is back, formulated as a “Fireside Chat” with PE in the spotlight. The “Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC)” will take place on September 9th, 2025 (location details below) and will be moderated by Lee M. Mitchell, Managing Director/Partner at Thoma Bravo, and a board member of both the IVCA and the AIC. The event is sponsored by British multinational professional services firm KPMG, one of the “Big Four” accounting firms.

Scheduled to appear for the Firechat Chat will be Will Dunham, President and CEO of the AIC and Lee Slater , Senior Vice President of Government Affairs at the AIC. The chat topics will include a look back at the 2025 tax policy debates, the growing opposition to the PE industry and how can PE respond, what’s ahead politically for private capital and state level legislative trends in the current environment.

Lee M. Mitchell is the Managing Director/Partner of Thoma Bravo (having participated in the formulation of the film in 1998), and a board member for both the IVCA and the AIC. He is a trustee of Northwestern University, where he has been Chair of the Investments Committee, and of an affiliate of Northwestern Memorial Hospital, where he is a member of the Investment Committee and Chair of its Alternative Investments Subcommittee. Mr. Mitchell received a BA from Wesleyan University and a JD from the University of Chicago Law School.

As a preview to the luncheon, Moderator Lee M. Mitchell took on some of the key topic issues in a Q&A with the IVCA.

IVCA: What can attendees expect from this luncheon, both from the expert panel and the subject matter?

Lee Mitchell: Our two guests from Washington have years of experience on Capital Hill with both Democratic and Republican legislators. They both represented the interests of Private Equity in the recent legislative process that resulted in the ‘Big Beautiful Bill’ tax and spending legislation and are in a perfect position to provide an update on recurring federal legislative and regulatory proposals that could impact how private investment funds operate and where they can invest.

This often includes proposals for taxation of carried interest income; restrictions on investment in particular business sectors – such as healthcare; antitrust restrictions and burdensome review processes; and restrictions on foreign investor participation in US investment firms. They also will discuss what was learned during the ‘Big Beautiful Bill’ debate about legislators’ negative opinions about Private Equity and what can be done to change, improve, or at least counterbalance those opinions.

IVCA: You serve on both the IVCA and AIC boards. How do you see the American Investment Council’s work in Washington impacting Private Equity firms here in Illinois?

Mitchell: Most Illinois Private Equity firms, like those in all other states, are subject to federal laws and the rules and policy agendas of federal agencies and departments. Those laws and regulations can add to our cost of doing business, limit our ability to invest, negatively impact the success of our portfolio companies and limit our potential investors.

Although not regulated in the same way, Venture Capital firms also can be seriously impacted by some of these federal legislative issues and by others, such as restrictions on the ability of entrepreneurs and people with needed technical and specialized expertise to enter and stay in the US to develop new businesses and new technology funded by venture investors.

IVCA: Part of the topic is the perception of the Private Equity industry, and where it stands politically. Why is this an issue of importance at this time?

Mitchell: As Private Equity has grown, it inevitably has attracted more governmental and public attention. Labor unions have long opposed the growth of PE because of a belief that private investors reduce employment levels and burden businesses with excessive debt. In more recent years, this perception has grown as PE has spread to ‘turnaround’ and financially challenged situations where job-destructive failures are more common.

At the same time, those who tend to favor increased governmental regulation of business are troubled by the rapid growth of what they see as unregulated private equity and private credit compared with the regulated and thus more transparent public investment markets. Moreover, this is occurring at a time when spending by governments at all levels has required finding more sources of revenue, making the now larger private equity industry a more meaningful target for increased taxation.

In this environment, without efforts to change perceptions, private equity and privately funded companies could well face substantially increased regulation, limits on investors and areas of investment, and increased tax burdens.

IVCA: What can private investment firms in Illinois do to get more involved in efforts to improve Washington’s understanding of our businesses and our positive contributions to the federal and local economy?

Mitchell: Until the relatively recent establishment of the AIC and its predecessor organization, private investment firms were ‘sitting ducks’ for harmful legislative and regulatory proposals in Washington based on erroneous perceptions. Outside of the few very largest firms – whose business models and interests sometimes differed from smaller firms – there was no one in Washington to defend against this.

The AIC has made enormous progress in educating members of Congress and federal regulators, but the AIC could be even more effective if EVERY firm were to become a member and add its own examples to the positive stories the AIC draws on to change inaccurate perceptions. At the same time, the political power of members of Congress is derived from the hometown voters who elected them, not from Washington. Some of us may have local relationships with members of Congress that aren’t being used to create a better understanding of our business.

The next IVCA Luncheon event – sponsored by KPMG – will be ‘ Private Equity Policy Lunch: A Fireside Chat with the American Investment Council (AIC) ’ on September 9th, 2025 (11:30a-1:30p) at the Union League Club of Chicago, 65 West Jackson Blvd, Chicago. For details and registration info, click here or contact Kathy Pyne directly at kpyne@illinoisvc.org

IVCA Provides Updates for State Legislative Issues – 9/3/2025

Wed, 03 Sep 2025 14:03:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, September 3, 2025

REPUBLICAN CANDIDATE FOR GOVERNOR EMERGES

DRABOWSKI FOR GOVERNOR

He hasn’t yet publicly declared a gubernatorial bid, but conservative activist Ted Dabrowski sure looks like a man running for the state’s highest office.In recent weeks, Dabrowski, a Republican from Wilmette, formally created a campaign committee and filed paperwork with the Illinois State Board of Elections indicating that he’ll self-fund the organization. He also lent the campaign $250,000 and then an additional $100, state records filed Tuesday indicate. Also Tuesday, the Wirepoints nonprofit research and media company announced Dabrowski has resigned as its president and no longer will write columns for the organization. Wirepoints research director John Klingner resigned to join Dabrowski’s campaign, too, the company revealed. Wirepoints founder and executive editor Mark Glennon also resigned. Other candidates for the GOP nomination include DuPage County Sheriff James Mendrick of Woodridge and former congressional hopeful Joe Severino of Lake Forest.

ESTABLISHMENT REPUBLICAN TAKES ON OPEN SENATE SEAT

TRACY DROPS $ INTO SENATE RUN

In a sign that the Illinois Republican Party at least has a pulse, the party’s likely candidate for the U.S. Senate seat now held by retiring Democrat Dick Durbin has put $2 million into his campaign. In an announcement today, Don Tracy, a Springfield lawyer who formerly served as chair of the Illinois Republican Party, said he has donated $2 million to his budding Senate campaign. “This shows how committed I am to winning this race so all of Illinois has a leader working for them to lower the cost-of-living and defend our Midwestern values,” Tracy said in a news release. “I’ve spent my career fighting for Illinois working families and I’m ready to take that fight to Washington.” According to his campaign, the $2 million is a loan, which means it may or may not be paid back through other contributions. Tracy previously had signaled he was prepared to help his campaign get going financially, but much more would be needed.

PRESIDENT AND GOVERNOR DISPUTE CHICAGO’S NEED FOR GUARD TROOPS

* Capitol News Illinois | As Trump declares ‘we’re going in,’ Pritzker says ‘terror and cruelty is the point’ : Gov. JB Pritzker said Tuesday he expects Immigration and Customs Enforcement agents to employ the same aggressive strategies they used in Los Angeles earlier this summer after President Donald Trump said he will deploy the National Guard to Chicago. The information, Pritzker said, was not directly communicated to him, but rather gleaned from anonymous sources in the federal government, military and “well-sourced” news reports. He said he’s been told members of the Texas National Guard are being readied for deployment to Chicago and many of the same federal ICE and Homeland Security groups that worked in L.A. are being relocated to Chicago.

IVCA Newsletter – August 20, 2025

Thu, 21 Aug 2025 13:47:00 GMT

Legislative News

IVCA Provides Updates for State Legislative Issues – 8/20/2025

Association News

IVCA Feature: New Member Profile of Deerpath Capital Management

Upcoming Event! Join us on September 9 for “A Fireside Chat with AIC” sponsored by KPMG

Send us Your Nomination for the 2025 IVCA Portfolio Company of the Year Awards

Sandbox Industries – Associate position (Clinical Innovation )

Other Events of Interest

September 18, 2025 – McDermott Will & Emery’s Boot Camp for Private Equity Professionals 2025

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

Job Postings

IVCA Events

March 4, 2026 – IVCA Insurance Market Webcast Series – #1 The State of the Business Insurance Market

March 11, 2026 – IVCA Insurance Market Webcast Series – #2 Deep Dive on Transaction Liability Insurance

IVCA Events

September 3, 2025 – Legislator luncheon with Rep. Curtis Tarver and Rep. Ann Williams (for IVCA Investor members only)

September 11, 2025 – Legislator luncheon with Leader Tony McCombie, Rep. Joe Sosnowski and Rep. Nicole La Ha (for IVCA Investor members only)

September 9, 2025 – Navigating Policy & Perception: A Fireside Chat with AIC – IVCA Luncheon Event Sept. 9 – Sponsored by KPMG LLP

September 16, 2025 – Legislator luncheon with Leader Kam Buckner and Sen. Bill Cunningham, President Pro Tempore (for IVCA Investor members only)

September 23, 2025 – Legislator luncheon with Sen. Paul Faraci (for IVCA Investor members only)

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Industry News

Frontenac Completes the Sale of Newterra to Grundfos

Runway Growth Capital Provides a $20 Million Growth Loan Commitment to Swing Education

CORE Industrial Partners Announces New Platform Investment In IMMEC

Shore Capital Partners Announces Formation of PhaseWell Research and Welcomes Gabrail Cancer Center Research and Renstar Medical Research

Magical Beginnings, an Avathon Capital Portfolio Company, Expands Early Childhood Education Network with Acquisition of Our Little Wonders

Monroe Capital Supports Growth of Emerald Lake Capital Management’s Mission Critical Group

The Edgewater Funds Announces Investment in Boulden Company, Inc.

Periscope Equity Announces Close of $370 Million Oversubscribed Third Fund

Pritzker Private Capital Raises $3.4 Billion from Premier Family and Institutional Investors

Wind Point Partners Port Co, VERTEX, Expands Healthcare Program Management Capabilities with Acquisition of ADAMS

Thoma Bravo Backed MeridianLink to Be Acquired by Centerbridge Partners for $2.0 Billion

Benford Capital Partners Welcomes Amit Singh and Adam Gross Prairie Capital Welcomes Two New Associates

Professional Advisor News

PE Pathways Conversation with Former SEC Chief Economist Dr. Jessica Wachter on Investment Management Rulemaking at the Commission

Sidley Represents Nice-Pak in Combination With Vivos Holdings

Ropes & Gray Advised Charlesbank Capital Partners and Lido Advisors on Completing a Strategic Investment from HPS Investment Partners

Sidley Represents Roper in the Acquisition of Legal Technology Assets from HerculesAI

Ropes & Gray Advised Carlyle AlpInvest on Largest Publicly Rated GP-Led CFO at $1.25 Billion

Sidley Represents TowerBrook Capital Partners in Strategic Investment in Amylu Foods

EVIDENT to Acquire Pramana, Inc.

Sidley Represents MIPS in Merger With GlobalFoundries

Rachel O’Brien Named Law360 Rising Star for Fund Formation

Sidley Represents Western Union in Its US$500 Million Acquisition of Intermex

Audax Private Equity Completed Exit of GovOS

Sidley Named Finalist for ‘Best Law Firm of the Year’ at the American Lawyer Industry Awards 2025

Rachel O’Brien Named to Bloomberg Law’s 2025 40 Under 40

Delaware Supreme Court Clarifies Indemnification Notice Requirements in M&A Escrow Dispute

BV Investment Partners Makes Majority Investment in the Millennium Alliance

IVCA Provides Updates for State Legislative Issues – 8/20/2025

Wed, 20 Aug 2025 18:57:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, August 20, 2025

LEGISLATORS MAKE BID FOR HIGHER OFFICE

Turnover taking place in the Illinois General Assembly as legislators announce for higher office. State Reps who must give up their current seats to run for Comptroller include State Rep. Margaret Croke , an ally of the IVCA, and Rep. Stephanie Kifowit . State Rep. Nabeela Syed is running for a State Senate post, and State Rep. Hoan Huynh is running for Congress, as is State Senator Laura Fine , another IVCA ally running for Congress. These openings are attracting competitive fields of candidates which will bring new voices and faces to Springfield. Other State Senators, who are not up for re-election, are also testing the statewide and Congressional waters.

GOVERNOR SIGNS BILLS OPPOSED BY EDITORIAL BOARDS AND BUSINESS GROUPS

* Capitol News Illinois | Governor gives boon to trial lawyers, vetoes treasurer-backed bill : One of the bills Pritzker signed Friday invited almost immediate pushback from Republicans and business groups. The law, outlined in Senate Bill 328, allows lawsuits to continue against companies that operate in Illinois even if the company and plaintiffs are from other states. The law only applies to cases dealing with “toxic” substances under state law.

AND VETOES A BILL PUSHED BY ANOTHER STATEWIDE OFFICIAL

* Frerichs calls Pritzker veto ‘misguided’

· Gov. Pritzker vetoed an initiative by Treasurer Michael Frerichs today, citing the danger of SB246 being used to “benefit fringe and extremist groups”

GOVERNOR SIGNS CHICAGO PENSION BOOST

Analysis and reaction from the conservative Illinois Policy Institute, and business groups write prescription for Chicago finances:

IPI PANS PENSION PLAN

CIVIC LEADERS SHARE CHICAGO BUDGET BLUEPRINT

Frontenac Completes the Sale of Newterra to Grundfos

Wed, 20 Aug 2025 14:55:00 GMT

August 20, 2025

Coraopolis, PA

Frontenac has completed the sale of Newterra, a provider of water and wastewater treatment solutions, to Grundfos, a global provider of advanced water solutions. Financial terms of this transaction were not disclosed.

Newterra is headquartered in Coraopolis, PA. The company offers a broad portfolio of water treatment solutions and services for municipal and industrial customers across diverse applications, including drinking water, industrial process water, wastewater, stormwater, and remediation. The acquisition by Grundfos is expected to enhance Newterra’s presence and capabilities across the water solutions ecosystem.

“I’m incredibly proud of how Newterra has grown in scale, capabilities, and talent throughout our partnership with Frontenac,” said Kevin Cassidy, CEO of Newterra. “Frontenac has been more than just an investor – they’ve been a true strategic partner. Their close collaboration has helped us drive organic growth, execute on key acquisitions, and invest proactively in our systems, processes, and people.”

Frontenac acquired the company in October 2020. In just under five years, Frontenac and Newterra unified previously distinct segments across the business, generated substantial organic growth, completed and integrated four add-on acquisitions, built a talented team, and upgraded systems and processes enterprise-wide.

Ron Kuehl, Managing Partner at Frontenac, commented, “The results achieved at Newterra are a testament to the commitment and talent of the entire Newterra team. Every day, the company has a positive impact on the environment, treating over 1 billion gallons of water and wastewater. Newterra also provides solutions to remove harmful forever chemicals, such as PFAS, from drinking water while traditional treatment technologies cannot. We are proud to have been a part of such an impactful company. It’s been a privilege to support Newterra’s growth.”

“Newterra is a great example of Frontenac’s integrated model. Our investment professionals, Portfolio Resources Group, CEO1ST Partner, management team and board members combine expertise, experience and conviction to support a business through a transformational phase of growth,” said Greg Ruffini, Vice President at Frontenac. “From day one, our team aligned around a clear strategy. We leveraged our operational playbook and water sector knowledge to work to accelerate performance and position the company for long-term success.”

Raymond James served as financial advisor and Winston & Strawn served as legal counsel to Newterra.

About Newterra

Newterra designs, engineers, manufactures, and services environmental, water and wastewater treatment solutions that enhance performance, reliability, and value in our global markets. The company offers a broad portfolio of tested technologies and outsourcing support for municipal and industrial customers across diverse applications, including drinking water, industrial process water, wastewater, stormwater, and remediation. For more information, please visit www.newterra.com .

About Frontenac

Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST®, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50+ years, Frontenac has built a franchise working with over 325 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com .

About Grundfos

Grundfos pioneers solutions to the world’s water and climate challenges and works to improve the quality of life for people. As a leading global pump and water solutions company, we respect, protect, and advance the flow of water by providing energy and water-efficient solutions and systems for a wide range of applications for water utilities, industries, and buildings.

Water Treatment (Solutions) is part of the Grundfos Industry Division and focuses on offering technologies and systems for treating water across various applications. The Water Treatment business supports circular water practices and improved water efficiency in industrial settings. It has five production sites in the US and Europe, located in Cadriano (Italy), Stilling (Denmark), Mandeville (Louisiana, US), San Diego (California, US), and Grudziadz (Poland). For more information, please visit www.grundfos.com .

IVCA Feature: New Member Profile of Deerpath Capital Management

Tue, 19 Aug 2025 22:25:00 GMT

August 20, 2025

The latest new member is the firm of Deerpath Capital Management , who describe themselves as “a leading provider of cash-flow based senior debt financing to lower middle market companies.”

The following is a Q&A profile with Deerpath Capital Management , which explores the firm’s background and their expectations for interacting with the IVCA.

IVCA: What is a brief history of and background of Deerpath Capital Management ?

Deerpath Capital Management: Deerpath Capital is a private credit firm founded in 2007 with a singular focus on providing first-lien, senior-secured loans to U.S.-based, sponsor-backed companies with an Enterprise Value less than $250M and EBITDA less than $25M. Since inception, our disciplined commitment to this market segment, combined with the scale of our origination platform, has driven more than $13 billion in capital invested across 1,100+ transactions.

From the start, our founders built Deerpath on a simple premise: a well-diversified portfolio of loans to high-quality borrowers can deliver safety in an uncertain world … a reliable solution for investors who prioritize capital preservation and consistent income generation.

As of March 31, 2025, Deerpath manages $8.4B in AUM and employs 110 professionals across regional investment offices in the U.S. and investor relations hubs around the globe. Since 2023, we have been majority-owned by PGIM, the investment management arm of Prudential Financial. The partnership combines Deerpath’s direct-lending expertise with PGIM’s global reach, broad asset management capabilities, and growth resources, while we continue to operate independently.

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

Deerpath: As Deerpath’s name comes from Deerpath Lane in Lake Forest and Chicago is our largest office … with one-third of the employee base … we felt that we should be active and contributing members to IVCA, the pre-eminent private capital association in Illinois. We look forward to networking with other members and being active and contributing members.

IVCA: As you manage investors, borrowers, equity sponsors and company management teams, what is unique about your firm structure and approach to Private Equity?

Deerpath: Deerpath is one of the leading lenders in the Lower Middle Market and specializes in directly originating loans to companies backed by Private Equity sponsors. Our approach centers on relationships, proactively calling on Private Equity sponsors and bankers to identify new investment opportunities.

Having executed the same investment strategy in the same market for 18 years, we have built a strong reputation as a reliable lending partner. Our track record has yielded an extensive network of current and former portfolio companies and deep, enduring relationships with Private Equity sponsors and bankers active in our market segment. Deerpath can hold up to $150M per transaction in its managed funds.

IVCA: The firm stands behind the term ‘sustainable investing.’ How does that concept affect your decision-making process for investment strategy?

Deerpath: Deerpath has maintained a fully implemented Sustainable Investment Policy … AKA the ‘Policy’ … since 2017. We integrate sustainability considerations into both due diligence and ongoing monitoring of portfolio investments, recognizing that thoughtful incorporation of sustainability factors can help identify risks, uncover opportunities, and support strong long-term financial performance.

The Policy is regularly updated to reflect best practices, with the most recent revision released in June 2024. Notable improvements include … ONE, an upgraded responsible investment framework for transactions where Deerpath is the sole or lead lender; TWO, a revised Exclusions Policy; THREE, enhanced reporting standards to improve transparency for investors; and FOUR, formation of the Deerpath Sustainable Investment Committee … AKA the ‘Committee’ … responsible for reviewing the Policy at least annually as part of its formal governance process.

IVCA: On your website, the firm lists five types of Transactions that you focus on … Change of Control, Growth Capital, Debt Refinancing, Acquisition Financing and Recapitalizations. How do you work to reduce the complexities of these types, to clear language for investors or borrowers?

Deerpath: Deerpath lends to borrowers backed by Private Equity sponsors and focuses on supporting sponsors throughout the life cycle of their investments. While many of our sponsors pursue industry consolidations, we stand out in those transactions by being able to increase our hold size more than most other lenders. Our approach centers on cultivating enduring, mutually beneficial relationships with sponsors and borrowers, growing alongside them and sustaining our earnings stream by supporting their success from acquisition through exit.

IVCA: How does the firm’s investment philosophies inform the general philosophy of the day-to-day working environment?

Deerpath: Deerpath has a safety-first investment philosophy whereby we aim to take advantage of the natural benefits of senior loans, safety, cash income and consistent income. Whenever possible, we aim to make the choice that maintains our low risk of loss.

While the original four Partners were instrumental in growing Deerpath, they carefully assembled a strong team of experienced professionals to operate the business on a day-to-day basis. Eventually, the current leaders of the Firm’s functional areas – Origination, Underwriting, Portfolio Reporting & Analysis, Restructuring, Investor Relations, Treasury, Accounting & Loan Operations – will be the next generation of Deerpath management and continue to carry on our mission and core values.

Culturally, the same principles that guide our investment decisions guide our daily work with consistency over cycles, selectivity, collaboration, measured growth, and high integrity.

In short, the way we invest is the way we operate … focused, disciplined, and aligned. That consistency has shaped not only our track record, but also a working environment that rewards long-term thinking, precision in execution, and a shared commitment to doing things the right way.

IVCA: What does Deerpath Capital Management hope to achieve in their interaction with the VC/PE community within the IVCA?

Deerpath: Build connections with industry peers and take more of active role in advancing private capital in Illinois and the broader nation. Additionally, we would welcome the opportunity to access the IVCA Scholars program for future interns at Deerpath.

For the website of Deerpath Capital Management, click here .

The next IVCA Luncheon event will be ‘Navigating Policy and Perception: A Fireside Chat with the American Investment Council (AIC)’ For details and registration info, click here.

Pritzker Private Capital Raises $3.4 Billion from Premier Family and Institutional Investors

Tue, 19 Aug 2025 22:07:00 GMT

August 19, 2025

Pritzker Private Capital Raises $3.4 Billion from Premier Family and Institutional Investors

Oversubscribed PPC IV Surpasses Target and Substantially Exceeds PPC III, Demonstrating Success of PPC’s Differentiated Approach to Partnering with Family, Founder, and Management-Owned Businesses

CHICAGO – (August 19, 2025) – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced the final closing of PPC IV at $3.4 billion in total commitments. The investment vehicle was oversubscribed against its $3.0 billion target and substantially surpasses the $2.7 billion raised for PPC III, which closed in 2021.

For more than 20 years, PPC has been a partner of choice for leading family, founder, and management-owned businesses in the manufactured products and services sectors. To date, PPC has invested in 31 platforms and completed more than 110 add-on acquisitions, deploying greater than $10 billion in total capital.

“All of us at PPC deeply value the trust and support shown by our investor partners. The successful close of PPC IV is a testament to our track record and partnership with families and founders to grow strong, enduring businesses,” said Michael Nelson, Managing Partner and Head of Investing at PPC.

“We endeavor to build better businesses together,” said David Gau, President and Head of Operations at PPC. “Our approach to partnering with companies to pursue excellence, including the support and resources we provide to achieve that goal, resonates with business owners who aspire to take their companies to the next level.”

PPC IV is anchored by core commitments from members of the PPC team and related entities, which represent approximately 17% of the total fund. They are joined by other premier family groups and institutional investors from across North America, Asia, Europe and Latin America. PPC’s capital base is well-aligned with its approach, as a majority of PPC IV’s investors are family investment firms.

“Our family business heritage is a meaningful point of differentiation for our firm, further cemented by investors who share our belief in investing in and building family, founder, and management-owned businesses,” said Rebecca Converse, Partner and Head of Strategic Partnerships.

PPC has completed three investments in PPC IV: HeartLand, Americhem, and Buckman. HeartLand is a founder-led, multi-regional provider of landscaping services to commercial end markets. Americhem is a family-owned manufacturer of custom color and performance additive solutions serving fibers, healthcare, transportation and building products markets. Buckman is a family-owned innovator in specialty solutions for water treatment and industrial processes.

Tony Pritzker, Co-Founder, Chairman, and Chief Executive Officer of PPC, commented, “We sincerely appreciate the continued support from our returning investors and are excited to welcome new investors to the PPC family. As always, we will continue to be guided by our longstanding values of honesty, integrity, and loyalty.”

Kirkland & Ellis served as legal counsel to PPC, and William Blair and GrovePeak acted as placement agents for the investment vehicle.

About Pritzker Private Capital

Contacts
Dan Scorpio / Mallory Griffin
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Newsletter – August 6, 2025

Thu, 07 Aug 2025 19:28:00 GMT

Industry News

Shore Capital Partners Partner Brad Morehead Honored as Crain’s Chicago Business Notable Leader in Finance

Patriot Capital Dives In with Investment in Pool Services Platform

MK Capital Announces Acquisition of Rexera by RealPage to Accelerate AI Innovation in Real Estate

Trading Technologies and 7RIDGE choose Thoma Bravo to continue TT’s growth

Benford Capital Combines Turri’s Italian Foods and Joseph’s Gourmet Pasta

Monroe Capital Supports GTCR’s Investment in Clear Capital

Integrated Openings Solutions Acquires B.A. Hoft, Inc., Expanding its Operational Footprint in the Southeast

GTCR to Acquire FMG Suite from Aurora Capital Partners

The Edgewater Funds Announces Deerfield Group’s Acquisition of Triple Threat Communications

Baird Capital Exits Portfolio Company PCA

SentinelOne to Acquire Jump Capital Port Co., Prompt Security, to Advance GenAI Security and Agent Security Strategy

Association News

IVCA Feature: Profiles of the 2025 IVCA Scholars Participants, Part Two

Send us Your Nomination for the 2025 IVCA Portfolio Company of the Year Awards

Troutman Pepper Locke Advises Arkstone Medical Solutions in Sale to ARCHIMED

IVCA Events

September 3, 2025 – Legislator luncheon with Rep. Curtis Tarver

September 11, 2025 – Legislator luncheon with Leader Tony McCombie, Rep. Joe Sosnowski and Rep. Nicole La Ha

September 16, 2025 – Legislator luncheon with Sen. Paul Faraci and Leader Kam Buckner (for IVCA Investor members only)

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Professional Advisor News

Ropes & Gray Advises NIQ in $1.05 Billion IPO

Sidley Advises Advanced Power in Its Sale to ArcLight Capital Partners

Troutman Pepper Locke Represents Newly Weds Foods in Acquisition of Develey Mustard and Condiments Corporation Manufacturing Facility

Ropes & Gray Advises Audax Private Equity in Sale of Stout

Sidley Is Advising Azimut Group on Its Acquisition of North Square Investments

Troutman Pepper Locke Represents Nautic Partners in Acquisition of AccessIT Group

Ropes & Gray Advises Partners Group on Full Exit from Leading European Premium Caterer Vermaat

Sidley Represents KKR and bbp on the Sale of bbp to Actis

A New Brand of Uncertainty?

TSG Consumer Acquires PHLUR

Ropes & Gray Shortlisted for Five 2025 Law.com Asia Legal Awards

Sidley Represents RoundShield Partners in Strategic Transaction

Ropes & Gray Advised Bain Capital on Creation of a New Company Dedicated to Developing Innovative Immunology Therapies

Sidley Represents Herc Rentals in Sale of Cinelease

Ropes & Gray Advises Cordillera Investment Partners in Minority Investment in Denver Summit FC of National Women’s Soccer League

Sidley Represents Lido Advisors in Its Partnership With Olympus Wealth Management Ropes & Gray Advises Cordillera Investment Partners in Minority Investment in the Professional Triathletes Organisation

Legislative News

IVCA Provides Updates for State Legislative Issues – 8/6/2025

IVCA Advocacy in Action: Upcoming Legislator Lunch with Rep. Curtis Tarver and Rep. Ann Williams (for IVCA Investor members only)

Job Postings

Sandbox Industries – Associate position (Clinical Innovation)

Other Events of Interest

September 18, 2025 – McDermott Will & Emery’s Boot Camp for Private Equity Professionals 2025

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 8/6/2025

Wed, 06 Aug 2025 18:47:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, August 6, 2025

SENATE PRESIDENT AND SPEAKER VIE FOR STATE CENTRAL POST

DEM PARTY ROLE CONTESTED AS DAVIS RETIRES, WELCH AND HARMON VIE FOR SEAT

GOVERNOR SIGNS CHICAGO PENSION BILL

OPINION: CHICAGO’S PENSION CRISIS JUST GOT $11 BILLION WORSE

COGFA REPORTS STATE FINANCIAL PICTURE

July 2025

Send us Your Nomination for the 2025 IVCA Portfolio Company of the Year Awards

Wed, 06 Aug 2025 14:53:00 GMT

The Illinois Venture Capital Association (IVCA) is now accepting nominations for the 2025 Portfolio Company of the Year Awards, with one recognizing excellence in Private Equity and one in Venture Capital. These prestigious honors recognize Illinois based companies that have demonstrated exceptional performance and impact during their time under PE or VC ownership, culminating in a successful exit in 2024 or 2025.

Winners will be celebrated at the IVCA Awards Dinner on December 8, 2025, the premier event of the year for Illinois’s private capital community.

Don’t miss this opportunity to spotlight the companies that exemplify innovation, growth, and leadership in Illinois.

Submit your nominations by September 26, 2025

Email completed forms to Kathy Pyne at kpyne@illinoisvc.org

2025 IVCA Private Equity or Venture Capital Portfolio Company of the Year Award Nomination – Instructions

(Submissions due by September 26, 2025)

The Illinois Venture Capital Association (IVCA) is proud to recognize outstanding achievement in private equity and venture capital through the Private Equity Portfolio Company of the Year Award and the Venture Capital Portfolio Company of the Year Award. These honors celebrate an Illinois-based company that has demonstrated exceptional performance and impact during its time under private equity or venture capital ownership, culminating in a successful exit in 2024 or 2025.

This award acknowledges financial success but also recognizes the broader contributions of private equity-backed and venture capital-backed companies to the state of Illinois. Consideration will be given to how the nominee has made a difference beyond the bottom line.

The award showcases the positive role private equity and venture capital play in building strong, resilient, and socially responsible businesses that drive economic growth and opportunity across the state.

To be eligible for nomination, the company must:

Be headquartered in Illinois
Be private equity or venture capital backed
Have realized a successful exit (IPO, acquisition, or other liquidity event) in 2024 or 2025

Preference will be given to companies backed by private equity or venture capital firms that are IVCA members.

Click HERE to download the 2025 Portfolio Company of the Year Award Submission application forms.

IVCA Feature: Profiles of the 2025 IVCA Scholars Participants, Part Two

Wed, 06 Aug 2025 14:41:00 GMT

August 6, 2025

All through the summer of 2025 the IVCA Scholar Program has been up and running with twenty 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 2025 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 a 2025 Scholar are Avathon Capital, BPOC, Exposition Ventures, Frontenac, Growth Catalyst Partners, HPA, Hyde Park Venture Partners, Linden Capital Partners, OCA Ventures, ParkerGale Capital, Prairie Capital, Pritzker Private Capital, RoundTable Healthcare Partners, Sandbox Industries, Victory Park Capital, Water Street Healthcare Partners and Wind Point Partners.

The following three questions were asked of all the Scholars. Part One is accessed by clicking here . Part Two is below …

ZAYD GONZALEZ … 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?

Gonzalez : I applied to the IVCA Scholars program to learn more about the Venture Capital industry because the concept of working with the next generations of companies interested me. I had taken a couple of business and entrepreneurial classes in college but wanted to see the other side of investing and all the work that goes into supporting these founders and great ideas.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Gonzalez : Working with Exposition Ventures, my host firm, has taught me a lot about market research. They have given me exposure to a variety of industries from software to industrial manufacturing, which I’ve appreciated a lot, but more importantly they have taught me how to do that research and familiarize myself with different sectors which will be incredibly helpful for me as I look to enter a career in Private Equity or Venture Capital.

Anyone can learn how to build financial models online, but having the framework for thinking critically and knowing what to look for as you conduct that research on a company or market will make a huge difference in your success.

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?

Gonzalez : Working with Exposition Ventures through the IVCA Scholars Program has solidified my interest in pursuing a career in PE/VC. I’m so glad to have met with the different partner firms through the IVCA Scholar firm visits as it has informed me about the different investments strategies firms may take up so I know what type of firm will be best suited for me given my own experience and interests. This program has also been incredibly beneficial in helping me map out that trajectory as I enter a career in finance, so I don’t just have a goal, but an actual game plan to achieve it.

MERWAN NUR … School: University of Michigan, Firm: Pritzker Private Capital

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Nur : My goal initially applying to the IVCA scholars was to gain my first experience in the Private Equity industry. I had an interest in PE but found it difficult to get an internship in the sector … until i found out about the IVCA program.

As a business major with a concentration in finance, the exposure to many different types of PE and Venture Capital firms has allowed me to realize these are industries in which my knowledge from classes and investment clubs I am involved in at Michigan would be transferable, and I could have a genuine interest in the work that is done day to day.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Nur : At PPC I have had the ability to sit in on investment committees as well as have conversations with senior individuals to hear firsthand how decisions are made and how investors are thinking about the moves being made at these firms. I have also had to ability to further my understanding of thinking strategically within the PE space and the lifecycle of the process that happen during deals. I also think being able to dive into the financial models and get financial modeling experience through the Wall Street Oasis course – and my summer project – has helped me develop analytical skills.

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?

Nur : I think this opportunity has really helped me gauge whether the PE career and lifestyle is something that I see myself doing down the path mainly through the conversations I’ve had. I want to keep developing my technical abilities and to focus on staying in touch with my connections and performing in my next experiences to increase my likelihood of ending up in a PE associate role in a few years.

I have also really understood the importance of working under people that are willing to invest in you and at a firm that has a great culture, so I will continue to look out for these qualities when recruiting for roles during my career.

FIONA CHARLTON … School: University of Chicago, Firm: ParkerGale Capital

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Charlton : When I applied to the IVCA Scholars Program, I was looking for a way to step outside the classroom and get exposure to what investing looks like day to day. At UChicago, I study Economics and Psychology, and I’ve always been drawn to how people make decisions … how they weigh tradeoffs, handle uncertainty, and build something over time. Private Equity felt like a space where those questions show up constantly, and I wanted to learn from people who were doing that kind of thinking in real time.

Going into the summer, I knew I wanted to explore different parts of finance more seriously and learn how firms create value. I had a strong sense that this was the kind of work I wanted to do long term, but I also recognized how much I still have to learn. I was looking for an environment where people were genuinely excited to teach, where asking questions was encouraged, and where I’d be expected to contribute meaningfully from day one.

That’s what stood out to me about IVCA. It wasn’t just about getting placed at a firm. It was about being part of a bigger experience that included exposure to different corners of the industry, thoughtful programming, and a community that genuinely cares about helping students figure out where they fit. The chance to work at firms like ParkerGale felt like exactly what I was hoping for. I had heard from past scholars that the program gave interns real responsibility and treated them as part of the team, which made me feel like this could be the kind of challenge I was looking for.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Charlton : I had read about Private Equity before, but this summer was the first time I had the opportunity to engage with it in a hands-on, meaningful way. My time at ParkerGale gave me a much deeper and more nuanced understanding of what the work actually involves. While I had previously thought of private equity primarily as identifying promising companies and executing investments, I quickly realized that the real value is created after the deal closes. Supporting a company’s growth involves close collaboration with management, a thoughtful approach to operations, and long-term strategic thinking across all aspects of the business. It’s a much more involved process than I expected with everyone on the team stepping up to play a different role depending on what’s needed. Seeing that up close made the work feel powerful and it’s what made me even more excited about being part of it in the future.

One of the best parts of this summer was how much responsibility the team gave me, while also encouraging me to pursue my own goals and interests. From the start, I was layered into the day-to-day work at ParkerGale and treated like a real member of the team. I had the chance to build out a full investment thesis on digital evidence management software, a space I hadn’t even heard of before the internship. I led market research and worked to understand what made the space so defensible and sticky. The team was always there when I had questions, but they also gave me the independence to explore and take ownership of the work. That kind of responsibility and ownership pushed me to grow in a real way.

ParkerGale’s focus on software as a service has also been a huge value add. It gave me exposure to a vertical I probably wouldn’t have explored on my own, and it completely shifted the way I think about the world around me. Now when I walk into a business or use an app, I immediately start thinking about the back-end systems that make everything work but often go unnoticed. It’s made me more curious, more analytical, and more excited to keep learning about this space.

The culture also stood out to me at ParkerGale. People here are incredibly smart and analytical, but also kind, collaborative, and generous with their time. Everyone is always sharing ideas, challenging each other to think more critically, and recommending helpful resources. I’ve had the chance to sit in on portfolio company reviews, strategy conversations, and product brainstorms, and I’ve seen firsthand how much thought goes into building strong relationships with management teams. Watching that play out in real time gave me a much deeper appreciation for the human side of private equity. Relationships and Culture matters. And when you combine that with a skilled team and a long-term mindset, you can build something that actually lasts.

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?

Charlton : This summer gave me clarity on which of the many paths I want to take in finance. I went in knowing I was curious about private equity and came out feeling certain that I want to stay close to this kind of work. I love the mix of strategic thinking, people-first problem solving, and the chance to make a real impact and being at ParkerGale helped me see what that can look like at its best.

When I look back on my past internships, I can see how each one has helped build a different part of the foundation I want for my career. In summer 2024, I interned in wealth management at Morgan Stanley, where I learned to think about investing from the client’s perspective. Through the IVCA Scholars Program in 2025, I shifted my focus to the company level at ParkerGale, where I got to engage with portfolio strategy and long-term value creation in a much deeper way. Next summer, I’ll be joining Perella Weinberg Partners, TPH, as an energy investment banking intern in Houston. I see that experience as a way to bring everything together and sharpen my technical skill set while working in a fast-paced, deal-driven environment. Having seen companies through both client and operator-focused lenses, I feel more prepared to ask better questions and contribute in a more thoughtful, informed way.

Going back to school, I’m more motivated than ever to keep building the skills that matter in this space. I plan to take more classes in strategy, behavioral economics, and organizational decision-making, and I’ll continue leading teams in my consulting club, where I’ve worked with both nonprofit and corporate clients. That hands-on work has pushed me to think across industries and approach challenges from different angles, which has been a great complement to what I’ve learned through internships.

I’m incredibly thankful for everything I’ve learned this summer and all of the amazing people I have met along the way. The team at ParkerGale made me feel both supported and challenged, and the IVCA community introduced me to a network that cares deeply about the next generation of talent. I feel lucky to have been part of this experience, and I know it will continue to shape how I think about my future and the kind of teammate and leader I want to become.

GRACE ENERSON … School: University of Chicago, Firm: Linden Capital Partners

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Enerson : I applied to the IVCA Scholars program to gain immersive exposure to Private Equity and better understand how financial and strategic principles are applied in real transactions. This aligned closely with my academic interests at the University of Chicago, where I study economics and have a strong focus on finance.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Enerson : At Linden Capital Partners, I’ve developed a deeper understanding of the operational focus that underpins healthcare investing and how disciplined diligence drives investment decisions. Working alongside professionals on live deals and industry research expanded my perspective on the nuances of value creation in 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?

Enerson : This experience has affirmed my interest in pursuing a career in Private Equity, particularly in roles that combine analytical rigor with strategic thinking. It’s also shaped how I plan to approach my remaining time at the University of Chicago, encouraging me to pursue more opportunities that sharpen my financial modeling skills and deepen my understanding of how businesses create long-term value.

GISELLE MARQUEZ … School: University of Illinois Chicago, Firm: The Vistria Group

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Marquez : When I applied to the IVCA Scholars program, my goal was to gain first hand exposure to private equity and better understand how the industry drives innovation and business growth. As a student with academic interests in finance and data science, I was eager to move beyond the classroom and engage directly with professionals evaluating deals, supporting portfolio companies, and driving growth. More than just gaining exposure, I hoped the experience would help me connect my coursework to real-world impact and provide a clearer sense of where I want to take my career.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Marquez : At Vistria, I had the opportunity to work on several projects that gave me a much deeper understanding of the Private Equity process. The LBO modeling exercise introduced me to the technical side of evaluating deals, while the portfolio company case study pushed me to think like an investor, writing diligence questions, analyzing business fundamentals, and ultimately deciding whether or not to pursue the investment.

I also contributed to the KLS Operating Partner Bio Book, which helped me see the value of strong leadership networks in creating value post-investment. One of the most impactful parts of the internship was the lunch-and-learn sessions. These gave me the chance to meet and hear directly from professionals across different teams, from investment strategies team to the debt capital markets team. Each person offered a unique perspective on how their role contributes to the overall success of Vistria. Those conversations helped me see the bigger picture and better understand how diverse skill sets come together to drive results in this industry.

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?

Marquez : This program has significantly clarified my interest in pursuing a career in private equity or investment-related fields. I now have a clearer sense of what it takes to succeed in this industry, both technically and interpersonally. When I return to school, I plan to take more advanced courses in finance and strategy. Long-term, I hope to work in a role where I can help grow companies and make informed data-driven investment decisions that create meaningful impact.

LINDSEY WANG … School: Duke University, Firm: Victory Park Capital

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Wang : My initial goal in applying to IVCA was to gain exposure to the private equity and venture capital space in Chicago and to explore potential future career paths that interested me. After taking several finance courses at Duke, I appreciated the opportunity to apply the skills I learned in the classroom to real-world settings.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Wang : Victory Park Capital has been instrumental in helping me understand the world of esoteric credit, specifically asset-backed deals. Whether it’s completing due diligence on portfolio companies, sourcing potential investments, or researching new investment strategies, it’s been valuable to gain insight into all the research and discussion that goes into every investment.

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?

Wang : Through visiting different firms, attending conferences, and hearing from various speakers, this experience has been incredibly eye-opening in helping me think through future opportunities. Back at school, I’m excited to continue this learning journey, deepen my understanding of buy-side roles, and further explore different investment processes.

GRACE HOUSEY … School: Boston College, 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?

Housey : I applied to the IVCA Scholars program to gain hands-on experience in private equity, understand how investment decisions are made, and explore whether it’s a path I want to pursue long term. As a finance and accounting major, the program offered a valuable way to connect my coursework with real-world investing and broaden my understanding of the financial services industry.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Housey : At RoundTable, I’ve learned how much thought and detail go into every stage of the investment process. Watching the associates work gave me a clearer understanding of how deals are sourced, analyzed, and executed. I also saw how closely they collaborate with the operations team, whose hands-on industry experience plays a key role in supporting portfolio company growth.

This experience showed me how important collaboration and strong partnerships are to driving successful outcomes. I also gained a deeper appreciation for the impact private equity can have, especially when supporting healthcare companies that can make a tangible difference in people’s lives.

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?

Housey : This experience has significantly shaped my career goals and reaffirmed my interest in pursuing a future in private markets. Next summer, I’ll be interning in investment banking, using this experience as a foundation to grow my technical skills and expand my understanding of the investment process.

Sign up for the upcoming Legislator Luncheons, taking place in Chicago (open to IVCA Investor Members only) on September 3rd, 11th and 16th, 2025. For details and location click here .

IVCA Newsletter – July 23, 2025

Thu, 24 Jul 2025 19:57:00 GMT

Legislative News

I VCA Provides Updates for State Legislative Issues – 7/23/2025 IVCA Advocacy in Action: Upcoming

Legislator Lunch with IL State Sen. Robert Martwick and IL State Rep. Terra Costa Howard

Professional Advisor News

Sidley Secures Several Top 10 M&A and Private Equity League Tables Results

Republicans Complete Sweeping Reconciliation Bill | BDO

The One Big Beautiful Bill Act: Analysis of Key Provisions for Private Equity Funds and Their Portfolio Companies | Troutman Pepper Locke

Ropes & Gray Advises CIVC Partners in Security Company Investment

Sidley Represents WhiteHawk Capital Partners As Part of US$1.5 Billion Financing to Support Family Dollar Acquisition

Troutman Pepper Locke Advises Genesis Park in Strategic Investment in Glass Box

Fabrice Cohen Named One of Financial News’ Fifty Most Influential Lawyers

Sidley Represents Stonepeak on Its US$1.3 Billion Investment Into Princeton Digital Group

Troutman Pepper Locke Advises VODA.ai in Series A Financing

Xerox Completes $1.5 Billion Acquisition of Lexmark

Sidley Represents SupplyHouse in Minority Investment from KKR

Aquiline Acquires SEI’s Family Office Services Business

The OBBB Renews and Makes Permanent Qualified Opportunity Funds | Troutman Pepper Locke

Sidley Represents Starwood Property Trust in US$2.2 Billion Acquisition of Net Lease Platform

TPG Completes Acquisition of DIRECTV

The Top 10 Legal Risks Impacting the Value of a Retail Brand | Troutman Pepper Locke

Sidley Represents J.S. Held in Its Acquisition of MorrisAnderson

Harvest Partners Completes Acquisition of The Learning Experience

Ropes & Gray Advises Valeas Capital Partners in TicketManager Investment

Ropes & Gray Advises Partners Group in PCI Pharma Services Exit and Reinvestment

Job Postings

Sandbox Industries – Associate position (Clinical Innovation)

Other Events of Interest

July 21-27. 2025 – TechWeek Chicago

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

Industry News

HPA Invests in Empirical Security’s $12M Seed Round to Stop Attacks with Custom Cybersecurity AI Models

Pfingsten Completes Third Acquisition for Cloud ERP Services Platform

Benford Capital Partners and KCM Capital Partners Acquire Carolina Filters

Monroe Capital Supports Tilia Holdings’ Acquisition of Caputo Cheese

GTCR Announces Strategic Investment in Clear Capital

CORE Industrial Partners Portfolio Company PrecisionX Group Acquires Hudson Technologies

Wind Point Combines Liquid Tech Solutions with Portfolio Company Velocity Rail Solutions

Association News

IVCA Feature: Profiles of the 2025 IVCA Scholar Participants, Part One

Now Accepting Nominations for the 2025 IVCA Portfolio Company of the Year Awards

IVCA Events

July 30, 2025 – Aim for Fun on July 30th with IVCA at Flight Club – Come Meet the 2025 IVCA Scholars

July 31, 2025 – Legislator Lunch with IL State Sen. Robert Martwick and IL State Rep. Terra Costa Howard

September 3, 2025 – Legislator luncheon with Rep. Curtis Tarver

September 11, 2025 – Legislator luncheon with Leader Tony McCombie, Rep. Joe Sosnowski and Rep. Nicole La Ha

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

IVCA Feature: Profiles of the 2025 IVCA Scholar Participants, Part One

Tue, 22 Jul 2025 16:09:00 GMT

July 23, 2025

The following three questions were asked of all the Scholars. Part One will publish today, Part Two will follow in the August 5th IVCA Newsletter.

NIKHIL CHINATIAPATI … School: University of Chicago, Firm: OCA Ventures

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Chinatlapati : My goal in initially applying to the IVCA Scholars program was to learn more about the world of technology and Venture Capital to determine whether these are areas I am interested in pursuing later on in my career.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Chinatlapati : At OCA, I’ve focused on industry research, and the most valuable lessons I’ve learned have been about how to identify white spaces within emerging areas. I’ve learned that Venture Capital is all about framing your thinking and is just as much about understanding people as it is the businesses themselves.

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?

Chinatlapati : Next summer, I will be at Evercore’s Chicago office, focusing on industrials M&A. My time at OCA will serve as a benchmark for future experiences, and the team has taught me so much about what it means to be a Venture Capital investor. This summer will be a key piece of the puzzle as I traverse my career in finance. I’ve learned more about what I enjoy professionally and what parts of the world of finance fit me best.

YASMIN DAVIDOV … School: University of Illinois at Urbana-Champaign, Firm: Frontenac

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Davidov : My goal in applying to the IVCA Scholars program was to gain hands-on exposure to the Private Equity and Venture Capital industries and understand how investment decisions are made in real-world settings. Coming from an academic background in accounting and finance, I wanted to complement my classroom learning with practical experience. I was particularly interested in seeing how concepts like valuation and strategic growth are applied by investment professionals and portfolio companies.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Davidov : At Frontenac, I learned how to analyze investments both qualitatively and quantitatively by reviewing Confidential Information Memorandums (CIMs) and Confidential Investment Presentations (CIPs). I gained experience in identifying key business drivers and risks, analyzing financial trends, and evaluating industry dynamics.

Additionally, I strengthened my technical skills by building leveraged buyout (LBO) models to assess potential returns and capital structures. This hands-on experience gave me a clearer understanding of how investment opportunities are evaluated and structured in Private Equity, and it deepened my appreciation for the discipline required to make sound investment decisions.

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?

Davidov : This experience has solidified my interest in pursuing a career in the investment space, with a particular focus on private markets. It has motivated me to further develop my technical skills in financial modeling and analysis while deepening my understanding of capital structures and risk management.

Next summer, I will be interning in private credit, which I view as a valuable opportunity to broaden my perspective on the investment landscape and build on my exposure to private equity. Back at school, I plan to strengthen my investor mindset and prepare to contribute meaningfully to the finance industry in the future.

BOLA EROGBOGBO … School: Northwestern, 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?

Erogbogbo : My goal while applying to the IVCA Scholar Program was to get exposure to the world of large-scale investing and understand how the Chicago based firms operate with a history of strong returns. I hope to pursue a career in financial services and the opportunities provided by IVCA are giving me plenty of early exposure.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Erogbogbo : I’ve learned a lot about the structuring of buyout transactions and how the strategy of a firm is reflected in how they source their investments. It’s been great hearing about the work Water Street has done across its verticals and learning about how the firm truly strives to create a partnership not just an investment.

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?

Erogbogbo : This experience has taught me a lot about going after what you’re interested in. Whether in school or in an internship, it’s important to understand what you like and truly see yourself pursuing and then devote yourself towards excelling in that interest. Learning about the different paths members of the firm took to get to where they are … and how much learning and still have left to do … has been nothing but a positive experience.

OLIVIA FILA … School: University of Illinois Urbana-Champaign, Firm: Prairie Capital

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Fila : When I applied to the IVCA Scholars program, my goal was to gain a deeper understanding of long-term investing in the private markets and to develop a more entrepreneurial mindset to further grow established companies. As a finance and accounting major, I’m drawn to the connection between strategic analysis and value creation, and the IVCA Scholars program offered the perfect opportunity to explore that beyond the classroom.

On campus, I’ve had the opportunity to evaluate small-cap public companies through my involvement in the Illinois Investment Management Academy, which manages a $1.5M student-run equity portfolio. The program has allowed me to enhance my experiences of analyzing market trends from the perspective of a private investor and make more informed portfolio recommendations with a long-term lens.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Fila : My experience at Prairie Capital has highlighted the importance of communication and collaboration. The success of PE and VC investments often depend on strong partnerships, whether with business founders, bankers, or fund investors.

Participating in open discussions about potential investments, industry trends, and firm strategy with the team at Prairie has shown me how essential teamwork is to driving sustainable growth and economic value. Each day at Prairie has offered something different, and I’m grateful for the hands-on exposure I’ve gained across various stages of the deal process.

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?

Fila : I’m incredibly grateful for the opportunities that Prairie and IVCA have provided to explore the private markets early in my professional journey. This internship has meaningfully strengthened both my technical and interpersonal skills. I’m excited to apply what I’ve learned back on campus, both in my coursework and my continued involvement in IMA. Professionally, this experience has solidified my interest in pursuing an analyst role at a boutique investment bank or debt advisory firm in Chicago after graduation with the long-term goal of eventually returning to Private Equity.

SAMUEL MATHEW … School: University of Illinois Urbana-Champaign, 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?

Mathew : My goal in applying to the IVCA Scholars program was to gain meaningful exposure to the Private Equity industry, particularly within the Chicago ecosystem. I was eager to understand the day-to-day operations of a PE firm and see firsthand how investment decisions are made. This aligned closely with my academic interests as I’ve always been drawn to investing and enjoyed the technical aspects of investment banking, which naturally led me to explore Private Equity more deeply.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Mathew : During my time at Avathon Capital, one of the most eye-opening lessons was the importance of relationships and networking in the Private Equity space. While I understood that connections mattered, I hadn’t realized just how critical they are in generating deal flow and driving strategic opportunities. Watching the managing partners regularly meet with clients, advisors, and industry contacts, often over lunch or coffee, highlighted how much of this industry is built on trust, access, and long-term relationship-building.

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?

Mathew : This internship has significantly influenced both my career goals and academic focus. I now have a clearer vision of wanting to pursue a career in Private Equity and am more confident that this is a space where I could thrive. As I return to school, I plan to be more intentional in selecting courses that deepen my understanding of finance, investing, and the broader business landscape, laying the groundwork for a future in this field.

ELLA SAPUTRA … School: Yale, Firm: Linden Capital Partners

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Saputra : My goal in applying to the IVCA Scholars Program was to gain hands-on experience in Venture Capital and Private Equity, fields that align with my interests in economics and business analysis. I’m passionate about understanding how companies grow and create value, whether by supporting early-stage innovation or driving long-term strategic transformation. The program’s combination of real-world firm placement and cross-industry exposure offers the ideal environment to apply my analytical skills and deepen my understanding of the Private Capital ecosystem.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Saputra : Performing analysis on portfolio company data and sitting in on investor committee meetings and diligence calls have given me a firsthand look at how investment professionals evaluate opportunities and make strategic decisions. I’ve gained insight into the level of rigor involved in assessing risk, value creation potential, and alignment with the firm’s investment thesis.

These experiences have also deepened my understanding of how Private Equity fits into the broader financial services ecosystem as a key driver of capital allocation, operational improvement, and economic development.

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?

Saputra : This experience has deepened my interest in pursuing a career in finance by giving me first hand exposure to the industry. The mentorship and community I’ve gained through the program have been invaluable and will continue to shape my goals and focus as I return to school.

JAVIER SEBASTIAN … 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?

Sebastian : When I first learned about the IVCA Scholars program and spoke with a few past scholars, I could see how much they benefited from the experience. They came across as sharp, driven, and confident about their career goals, and they only had good things to say about the program.

At that point, I was still exploring finance, but I was already leaning toward investment banking and wanted an opportunity with a steep learning curve where I could make an impact. The IVCA Scholars program felt like the ideal way to get hands-on exposure to Private Equity and see the buy-side of deals up close.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Sebastian : At BPOC, I have gained a much clearer understanding of how deals come together and what it takes to get a transaction across the finish line. Watching the associates work has shown me how much detail and analysis goes into every stage of the process. On top of that, I’m seeing firsthand how Private Equity can make a real and tangible impact in healthcare. While some firms may focus solely on flipping businesses, BPOC’s work showed me how PE can improve organizations that ultimately help people.

I know I’m not on the front lines delivering care, but being part of a team that supports healthcare companies feels meaningful. There’s still a lot for me to learn, but this experience has opened my eyes to the potential of PE to create value beyond financial returns, especially in sectors that truly make a difference in people’s lives.

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?

Sebastian : This experience has solidified my commitment to pursuing a career in investment banking. Early in college, I considered paths like medicine or law, roles I thought would have an immediate impact. But I’ve come to realize that I can drive broader change through business. In finance, especially within healthcare-focused IB or PE, there’s an opportunity to support organizations that impact countless lives.

Back on campus, I’m considering adding a health administration minor to deepen my understanding of the healthcare sector. I have also seen how policy and regulation play a major role in shaping the industry, which makes exploring those areas equally valuable. Ultimately, this summer has strengthened my focus on developing expertise to make a meaningful impact in my career.

VARUN TALASILA … School: Northwestern, Firm: Hyde Park Angels (HPA)

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Talasila : My initial goal was to gain exposure to the private equity and venture capital industries, as I am interested in pursuing a career in financial services. At Northwestern, I am majoring in economics and mathematics, both of which are somewhat applicable to my work as an intern at an early-stage investment firm. I saw the IVCA Scholars program as a unique opportunity to bridge the gap between theoretical coursework and real-world investing exposure.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Talasila : My biggest takeaway from the experience thus far has been understanding how to evaluate early-stage companies across sectors, which has been valuable. I’ve also gained insight into how investors think strategically about markets, risk, and scalability.

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?

Talasila : This experience has helped me understand that I would like to pursue a career as an investor. Back at school, I hope to keep exploring my interests in investing and build upon my current knowledge.

JEFFERSON WU … School: Northwestern, Firm: Hyde Park Venture Partners

IVCA: What was your goal in initially applying to the IVCA Scholars program, and how does it connect to your academic interests?

Wu : I’ve always been interested in startups and technology, so I applied to the IVCA Scholars program hoping to work at a Venture Capital firm. As a computer science major, I tend to approach the startup scene through the lens of a technical founder focused on product, so I thought that getting VC experience would be valuable to get the investor and business point of view.

IVCA: What have you learned or experienced at your host firm that expanded your understanding of the Private Equity or Venture Capital industry?

Wu : One of the most valuable learning experiences has been sitting in on partner and associate calls with startup founders. Listening to pitches and then debriefing with the team afterward helped me understand what differentiates a promising startup from one that’s not quite ready. I’ve learned to think critically about important evaluation factors like go-to-market strategy, market sizing, and founder-market fit.

Another valuable experience was just having the opportunity to meet with so many founders in tech. I’ve learned about a lot of emerging tools and industries like AI agents, automated workflow tools, and healthcare tech just by meeting with so many founders. I think I’m beginning to develop an intuition for where the tech industry is heading and how to judge market opportunities within that sphere. The IVCA training and weekly company visits have also helped me understand how all the different entities … LPs, GPs, Investment Banks, Accounting Firms … interact to make returns. It was interesting to learn how the money flows through the industry.

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?

Wu : I’ve confirmed that startups are the area that I want to work in. I realize now that I find it interesting from a founder and also investor point of view. Once I start school in the Fall, I want to continue working with startups, possibly joining on as a founding engineer.

IVCA Provides Updates for State Legislative Issues – 7/23/2025

Tue, 22 Jul 2025 15:10:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, July 23, 2025

POLITICS

IVCA ally Illinois State Representative Margaret Croke is in the race for Illinois Comptroller to succeed Susana Mendoza, who is not running for Comptroller but is a likely candidate for Mayor of Chicago. Rep. Croke represents neighborhoods on the lakefront north of the Loop and worked for Governor JB Pritzker’s administration prior to running for the Illinois House. She was slated by the Illinois Democratic Party as its choice for the position, with Illinois State Senator Karina Villa and Lake County Treasurer Holly Kim among other potential opponents. The democrats did not slate in the open race for U.S. Senate which features Lt. Governor Juliana Stratton and U.S. Congress members Raja Krishnamoorthi and Robin Kelly. Lt. Gov. Stratton has announced endorsements from leaders in the Illinois General Assembly, but Krishnamoorthi has a $20M lead in fundraising.

FEDERAL JUDGE SENTENCES COMED DEFENDANTS

The article attached below is a thorough and even-handed recap of the legal issues and the court rulings in two recent cases of former ComEd executives convicted on charges of bribing former Illinois House Speaker Michael J. Madigan.

TWO YEARS $750,000

LEGSILATURE IN RECESS

The Illinois General Assembly is in recess with no plans to return until the October Veto Session. Federal budget bills and the looming transit funding challenge in Illinois have both earned sporadic calls for a special session. For now, the consensus is to wait and see what impacts the federal action will or won’t have, and an agreement which could not be reached by the end of May on transit still has work to be done. The legislature has sent to the governor numerous bills for his signature, including a pension bill and a torts bill which he is being urged by some to veto:

WIREPOINTS: VETO ILLINOIS TIER 2 PENSION PLAN

TOXIC TORTS OR FUNDAMENTAL FAIRNESS

IVCA Advocacy in Action: Upcoming Legislator Lunch with IL State Sen. Robert Martwick and IL State Rep. Terra Costa Howard

Tue, 22 Jul 2025 14:00:00 GMT

Wednesday, July 23, 2025

At the core of IVCA’s mission is our commitment to advocating for Illinois’ venture capital and private equity community. On July 15, IVCA Executive Director Christie Pruyn and IVCA-PAC Legislative Liaison Dave Stricklin will meet:

Thursday, July 31, 2025 | 12:00 – 1:15 PM | Gibsons Italia, 233 N Canal, Chicago

IL State Senator Robert Martwick
IL State Representative Terra Costa Howard

These meetings are part of the ongoing work of the IVCA-PAC), which builds relationships with policymakers, educates them on the importance of private capital in Illinois’ economy, and advocates for a policy environment that supports innovation and investment.

Together, we’re working to ensure that Illinois remains a strong and competitive home for private equity and venture capital.

Interested in attending?
This opportunity is open to IVCA Investor Members only. Please contact Kathy Pyne at kpyne@illinoisvc.org to RSVP.

Now Accepting Nominations for the 2025 IVCA Portfolio Company of the Year Awards

Tue, 22 Jul 2025 13:56:00 GMT

Winners will be celebrated at the IVCA Awards Dinner on December 8, 2025, the premier event of the year for Illinois’s private capital community.

Don’t miss this opportunity to spotlight the companies that exemplify innovation, growth, and leadership in Illinois.

Submit your nominations by September 26, 2025

Email completed forms to Kathy Pyne at kpyne@illinoisvc.org

2025 IVCA Private Equity or Venture Capital Portfolio Company of the Year Award Nomination – Instructions

(Submissions due by September 26, 2025)

To be eligible for nomination, the company must:

Be headquartered in Illinois
Be private equity or venture capital backed
Have realized a successful exit (IPO, acquisition, or other liquidity event) in 2024 or 2025

Preference will be given to companies backed by private equity or venture capital firms that are IVCA members.

Click HERE to download the 2025 Portfolio Company of the Year Award Submission application forms.

IVCA Newsletter – July 9, 2025

Thu, 10 Jul 2025 13:13:00 GMT

Association News

IVCA Feature: Perspectives on Internships and the 2025 IVCA Scholar Program

Meet the 2025 IVCA Scholars

Celebrating 25 Years of IVCA

Now Accepting Nominations: 2025 IVCA Portfolio Company of the Year Awards

IVCA Events

July 15, 2025 – LegislatorConnection Luncheon with IL Sen. Sue Rezin and IL Sen. John Curran

July 30, 2025 – Aim for Fun on July 30th with IVCA at Flight Club – Come Meet the 2025 IVCA Scholars

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Professional Advisor News

Sidley Represents MarcyPen Capital Partners and Brand Velocity Group in Growth Investment in GLD

Vedder Price Represents Wynnchurch Capital in Sale of Northstar Aerospace to GE Aerospace

Sidley Represents Ezee Fiber in Acquisition of Tachus Fiber Internet

Troutman Pepper Locke Advises DataBahn in $17 Million Series A

Financing

Sidley Advises Athora on £5.7 Billion Acquisition of Pension Insurance Corporation Group Limited

Sidley Represents Warner Music Group in US$1.2 Billion Joint Venture With Bain Capital

Sidley Advised The Rohatyn Group in Its Acquisition of Rayonier’s 77% Interest in Matariki Forestry Group in New Zealand for US$710 Million

Sidley Represents Investor in Control Investment in Minnesota Timberwolves and Lynx

Legislative News

IVCA Provides Updates for State Legislative Issues – 7/9/2025

IVCA Advocacy in Action: Upcoming Legislator Lunch with IL State Sen. John Curran and IL State Sen. Sue Rezin

Job Postings

Sandbox Industries – Associate position (Clinical Innovation )

Industry News

Pfingsten Completes Third Acquisition for Cloud ERP Services Platform

GTCR Announces Strategic Investment in Clear Capital

IFC Commits $50 Million to Victory Park Capital to Expand SME Financing in Emerging Markets

HPA Invests in Handspring’s $12M Series A, Expanding High Quality Mental Health Care for Kids

Deeto Has Raised a $12.5M Series Led by Jump Capital

Pritzker Private Capital Completes Acquisition of Buckman

Monroe Capital and AIP Capital Announce Aircraft Leasing Venture

Shore Capital Partners Closes Over $450 Million for Food & Beverage Fund III, Promotes Three to Partner

Monroe Capital Leads $100 Million Investment in NFS Capital, LLC

Olo Enters into Definitive Agreement to be Acquired by Thoma Bravo

Wynnchurch Capital Exits Northstar Aerospace

Thoma Bravo Port Co Solifi acquires lease and loan management technology company Leasepath

ARCH’s Keith Crandell talks biotech investing with Axios Pro

Cressey & Company Promotes Dan Vollman to Principal Victory Park Capital Named Specialty & Asset-Backed Lender Firm of the Year by The M&A Advisor

Other Events of Interest

July 21-27. 2025 – TechWeek Chicago

July 22, 2025 – TechChicago Capital Summit 2025

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

Now Accepting Nominations: 2025 IVCA Portfolio Company of the Year Awards

Wed, 09 Jul 2025 18:33:00 GMT

Winners will be celebrated at the IVCA Awards Dinner on December 8, 2025, the premier event of the year for Illinois’s private capital community.

Don’t miss this opportunity to spotlight the companies that exemplify innovation, growth, and leadership in Illinois.

Submit your nominations by September 26, 2025

Email completed forms to Kathy Pyne at kpyne@illinoisvc.org

2025 IVCA Private Equity or Venture Capital Portfolio Company of the Year Award Nomination – Instructions

(Submissions due by September 26, 2025)

To be eligible for nomination, the company must:

Be headquartered in Illinois
Be private equity or venture capital backed
Have realized a successful exit (IPO, acquisition, or other liquidity event) in 2024 or 2025

Preference will be given to companies backed by private equity or venture capital firms that are IVCA members.

Click HERE to download the 2025 Portfolio Company of the Year Award Submission application forms.

Pritzker Private Capital Completes Acquisition of Buckman

Wed, 09 Jul 2025 15:03:00 GMT

July 1, 2025

CHICAGO – (July 1, 2025) – Pritzker Private Capital (“PPC” or “the firm”), a leader in family direct investing, today announced the completion of its previously announced acquisition of Buckman (“the company”), a family-owned innovator in specialty solutions for water treatment and industrial processes.

PPC’s partnership will provide additional financial resources and operational expertise to support the company’s growth, market expansion and product innovation. With operations in more than 90 countries, Buckman will continue to scale globally and advance its integrated, customer-centric service model that is unique in the industry. PPC is invested alongside members of the Buckman family and management, and current CEO Junai Maharaj continues to lead the business.

“Our partnership with PPC is a powerful validation of the Buckman family’s legacy and the incredible business our team has built over its 80-year history,” said Junai Maharaj, CEO of Buckman. “Together with PPC, we have access to additional resources and expertise to support our continued growth, international expansion and development of innovative customer-focused solutions.”

Thomas Chadwick, Investment Partner at Pritzker Private Capital, added: “We were drawn to Buckman for its unique operating model and strong commitment to providing outstanding customer service. We are thrilled to officially welcome Buckman to the PPC family and, alongside Junai and the team, look forward to executing on the exciting growth, acquisition and value creation opportunities we see ahead.”

About Pritzker Private Capital

About Buckman

Buckman is committed to helping our customers succeed, regardless of the challenges facing them, the industry they operate in or their location in the world. To fulfill that commitment, we surround our rigorously-trained industry experts with the highest-quality chemicals, the latest smart technology, and advanced data analysis. All focused on helping our customers’ operations improve productivity, increase profitability, and ensure safety, compliance, and sustainability. That is more than chemistry. That is Chemistry, connected. For more information, visit buckman.com .

Contacts
Dan Scorpio / Mallory Griffin
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Advocacy in Action: Upcoming Legislator Lunch with IL State Sen. John Curran and IL State Sen. Sue Rezin

Wed, 09 Jul 2025 14:16:00 GMT

Wednesday, July 9, 2025

Tuesday, July 15, 2025 | 12:00 – 1:15 PM | Gibsons Italia, 233 N Canal, Chicago

IL State Senator Sue Rezin (R-38), Deputy Republican Leader
IL State Senator John Curran (R-41), Minority Leader

Together, we’re working to ensure that Illinois remains a strong and competitive home for private equity and venture capital.

Interested in attending?
This opportunity is open to IVCA Investor Members only. Please contact Kathy Pyne at kpyne@illinoisvc.org to RSVP.

IVCA Provides Updates for State Legislative Issues – 7/9/2025

Wed, 09 Jul 2025 13:59:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, July 9, 2025

ILLINOIS BRACES FOR IMPACT

Illinois policy makers are working to address the near-term impacts of the federal reconciliation bill which passed and was signed into law over the 4 ^th of July.

HOSPITAL ASSOCIATION WARNS AGAINST FEDERAL BILL

GOVERNOR PANS FEDERAL CUTS

Alongside gutting healthcare for millions, this bill will slash funding for SNAP for working families, cuts funding for education all while increasing energy costs for families and more. While Illinois has repeatedly made clear that the state is not in a position to backfill funding for cuts to Medicaid, Gov. Pritzker remains committed to mitigating the impact to the greatest extent possible and continuing to prioritize key healthcare initiatives, such as the medical debt relief program, the birth equity initiative and implement new laws that will lower prescription costs and expand healthcare access.

Illinois U.S. Rep. Darin LaHood, R-Peoria, said Thursday that he voted for the bill in part because it will “give rocket-fuel” to the U.S. economy and “deliver historic tax relief for the American people.” “The One Big Beautiful Bill Act is a generational piece of legislation that creates more opportunities to live the American Dream,” LaHood said in a statement. “The Republican bill eliminates taxes on tips, overtime, and auto loans for hardworking Americans. This legislation invests in the future of Illinois agriculture and protects high-paying manufacturing jobs in Illinois’ 16th Congressional District while boosting local economies across central and northwest Illinois. This is a win for the 16th District and the American People.”

So far, the Democratic leadership in the state has declined to call a special session and seems prepared to wait until the regularly scheduled Veto Session to take further action.

As always, we recommend a cup of coffee and a review of the monthly COGFA report on the numbers:

COGFA DETAILS REVENUE-BUDGET-PENSIONS

OPTIMISM WANES AMONG ILLINOIS BUSINESS LEADERS

POLITICS

Governor Pritzker chose former State Rep. Christian Mitchell as his running mate for the 2026 campaign … State Senator Michael Simmons and State Rep. Hoan Huynh joined the race for the 9 ^th District congressional race …

IVCA Feature: Perspectives on Internships and the 2025 IVCA Scholar Program

Tue, 08 Jul 2025 17:01:00 GMT

July 9, 2025

The 2025 IVCA Scholar Program is in place and operating this summer, as it 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 following articles are perspectives on internships, especially as it applies in the Venture Capital and Private Equity space. The IVCA will offer further profiles on the Scholar Program throughout the rest of Summer 2025.

MergersandInquisitions.com ‘Venture Capital Internships: The Full Guide’

Mergers & Inquisitions provide a full guide to “recruiting, work tasks and future utility: “People debate the best option internships … but some argue that Venture Capital internships beat many of these options or should at least be near the top of the list.”

READ MORE: https://mergersandinquisitions.com/venture-capital-internships/

CerityPartners.com , ‘How to Design a Successful Internship Program’

When it works well, skilled and properly trained interns can reduce demands on advisors, allowing them to use their time more effectively. Interns can also cross lower priority tasks off an ever-expanding to-do list, enabling the firm to grow and develop. Perhaps even more importantly, an internship is a great way for an intern to “test drive” a potential future employee to see if they would be a good fit with the firm’s culture and goals.

READ MORE: https://ceritypartners.com/insights/how-to-design-a-successful-internship-program/

Finance.Yahoo.com , ‘Should You Hire Interns in Your Finance Firms’

From 2021: “When well-designed, an internship program can be extremely beneficial to employers. The catch? It must be structured, well-planned, and provide the interns with sufficient supervision. When adequate training is provided beforehand or when an intern orientation is held, results will increase significantly. But, in order to make an internship program worth the investment, you must dedicate adequate time and resources to it.

SJC.edu , ‘Advice for Employers: Creating a Successful Internship’

Advice from Academia, specifically St. John’s College: “The key to a successful internship is to have the opportunity to participate in meaningful work assignments that allow the intern to learn more about a career through practice … by working closely with a mentor who takes an active interest in providing guidance and supervision. An intern has the specific goal of gaining knowledge, skills, and/or further understanding of a particular industry.”

Recruiting Future , PODCAST, ’Building Talent Pipelines with Internships’

Episode 604, Hosted by Matt Adler: “Many employers regularly offer internships, but the role of these internships in long-term hiring strategies can be pretty tenuous. So what happens when a company puts internships at the centre of its hiring strategy and proactively leverages this to build long-term pipelines of valuable talent?”

LISTEN HERE (18 Minutes): https://youtu.be/06Zc5mVJgBI?si=n6TI08zBGt0S5uVa

TALeadersPodcast.com , PODCAST, ’Evolving the Internship Experience Into Strategic Hiring’

Stepping outside your comfort zone can shape your career in unexpected and rewarding ways. On this episode, [Jenny Hofler of Labcorp] joins host Ryan Dull, and they discuss how Jenny’s journey from a communications graduate to a Talent Acquisition leader has informed her passion for early talent and inclusive hiring.

LISTEN HERE (22 Minutes): https://taleaderspodcast.com/episodes/jenny-hofler

The IVCA is hosting a Legislator Luncheon with Illinois Senators Sue Rezin and John Curran through the IVCA-PAC LegislatorConnection Series in Chicago on July 15th, 2025, at noon. For details, click here.

Meet the 2025 IVCA Scholars

Tue, 08 Jul 2025 16:56:00 GMT

July 9, 2025

IVCA is proud to introduce the 2025 cohort of the IVCA Scholar Program, an initiative designed to build a more inclusive and representative private equity and venture capital industry. Supported by the IVCA Foundation, this program provides undergraduate students with hands-on experience, professional development, and invaluable networking opportunities.

This summer, 20 students from universities across Illinois and beyond have been placed at top-tier venture capital and private equity firms in the Chicago area. Over the course of 10 weeks, these scholars will gain real-world exposure to the industry and connect with leaders across the investment ecosystem.

The IVCA Scholar Program is more than an internship, it’s a launchpad for future leaders. After a deep dive into the industry, each scholar receives a $10,000 scholarship upon successful completion of the program.

To be eligible, students must either attend a college or university in Illinois or be permanent residents of the state. This requirement reflects IVCA’s mission to promote economic growth and talent development within Illinois by building a strong, diverse pipeline of future professionals.

Our sincere thanks to the IVCA member firms who generously contributed their expertise during the onboarding education sessions. Their support plays a vital role in preparing our scholars for success. Special thanks to:

Northwestern Kellogg (Jose Liberti)
Neal, Gerber & Eisenberg (David Presser, Rob Christe)
Plante Moran (Will Gilhooly, Sam Verrilli, Jacqui Pollice)
50 South Capital (Kelsey McHugh, Kevin Enright, August Laatsch, Hanna Kunin)
Hyde Park Venture Partners (HPVP) (Ira Weiss)
Chicago Booth (Ira Weiss)
FIC (Financial Investments Corporation) (Seven Richmond)
Chicago:Blend (Joey Mak)
Adams Street Partners (Brandon Shirk)
Latham & Watkins LLP (Omar Ammash, Jay Trewn)

�� Meet the 2025 IVCA Scholars!

IVCA Celebrates 25 Years

Tue, 08 Jul 2025 16:48:00 GMT

2025 marks the 25th anniversary of the Illinois Venture Capital Association. Since our founding , IVCA has been the voice of private equity and venture capital in Illinois, advocating for the industry, and supporting growth and innovation across the state. As we celebrate this milestone year, we look forward to honoring our legacy and the leaders who have shaped it, while continuing to champion the future of private capital in Illinois.

Throughout the year, we’ll highlight key moments and milestones from our journey, recognizing the individuals and firms who have contributed to IVCA’s impact and growth.

Our celebration will culminate at the IVCA Awards Dinner on December 8, 2025 , where we’ll honor our history, celebrate our contributions to the state of Illinois, and look ahead to the next chapter as we continue to play a vital role in the exciting ecosystem Illinois is building.

IVCA Newsletter – June 25, 2025

Thu, 26 Jun 2025 14:15:00 GMT

Association News

IVCA Feature: Young Adults in the Venture Capital and Private Equity Space

2025 IVCA Invitational: A Record-Breaking Celebration of Community and Impact

Job Postings

Sandbox Industries – Associate position (Clinical Innovation )

Industry News

Moonnox Raises $2M to Transform How Professional Services are Delivered; M25 Participates

HPA invests in $2M Moonnox Seed Round to Set a New AI Standard in Professional Services

Shore Capital Partners Announces Partnership with Freestone Insurance Group

Prospect Partners Announces Sale of Wedgewood Weddings

Monroe Capital Supports Gemspring Capital Management’s Investment in Residence

Kinzie Capital Port Co GT Golf Acquires Clicgear Golf Pushcart Brand

Thoma Bravo Port Co Foundation Software Acquires Vendrix, Inc.

Monroe Capital Supports Growth of ATTOM Data Solutions

Thoma Bravo Port Co BlueMatrix Acquires RANOS to Accelerate Innovation and Expand its Asia-Pacific Footprint

Victory Park Capital Bolsters Legal Credit Team as Justin Maleson expands role to Managing Director

Linden Capital Partners Welcomes Bruce Broussard as Operating Partner

Legislative News

IVCA Provides Updates for State Legislative Issues – 6/25/2025

IVCA Advocacy in Action: Meeting with State Leaders

IVCA Events

June 27, 2025 – LegislatorConnection Luncheon with IL Sen. Julie Morrison and IL Sen. Elgie Sims

June 30, 2025 – LegislatorConnection Luncheon with IL Rep. Dan Didech, IL Rep. Janet Yang Rohr and IL Rep. Tracy Katz Muhl

July 8, 2025 – LegislatorConnection Luncheon with IL Sen. Sue Rezin and IL Sen. John Curran

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Professional Advisor News

Sidley Represents Prospect Partners and Wedgewood Weddings in TJC’s Acquisition of Wedgewood

Ropes & Gray Ranked Band 1 in Chambers USA Across 8 Asset Management Categories

Structural Changes and Policy Shifts Reshaping Private Equity Opportunities in US Energy – Troutman Pepper Locke

Sidley Represents Thompson Street Capital Partners in Its Acquisition of Bubbakoo’s Burritos

Ropes & Gray Advises Initial Purchasers in $400 Million Bond for Barings Private Credit Corporation

Bruce K. Fenton Joins as Co-host for Middle Market Musings Podcast – Troutman Pepper Locke

Sidley Represents Lido Advisors in Its Partnership With BluePointe Capital

Ropes & Gray Recognized as a Leading Firm in The Legal 500 United States 2025

Major OFAC Penalty for US Venture Capital Fund – Key Takeaways – Troutman Pepper Locke

Sidley Represents Shamrock Capital Investment Firm in Acquiring Participation in New Regency’s Content Library

Gauge Capital Sells eDynamic Learning to Pearson

FUNDamentals — June 2025 – Troutman Pepper Locke

Sidley Represents Beach Point Capital in US$190 Million Financing to Support Cipriani’s Global Expansion

Welsh, Carson, Anderson & Stowe Announces Strategic Growth Investment in Constitution Surgery Alliance

Dealmakers Eye More Crypto-Targeted SPAC Mergers (Sidley Partner Michael Heinz was quoted)

Genstar Capital Supports the Combination of PlayMetrics and Stack Sports

Sidley Named an “Innovation Icon” by BTI Consulting Group

Osaic Acquires $13.5 Billion CW Advisors

Ropes & Gray Advises Avista Healthcare Partners on Continuation Fund for GCM

Other Events of Interest

July 21-27. 2025 – TechWeek Chicago

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 6/25/2025

Wed, 25 Jun 2025 16:16:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, June 25, 2025

SPEAKER SENTENCED

One of the most influential elected officials in Illinois history was sentenced to 7.5 years of prison time after his conviction by a federal jury on public corruption charges. Any list of powerful Illinoisans would include former House Speaker Michael J. Madigan, and his legal downfall is a turn of events which almost defies quantification:

Justice Department on Madigan Sentence

Madigan Sentence and Trial Background

— Republicans, some Democrats and even ex-Gov. Rod Blagojevich weigh in on ex-Speaker Michael Madigan’s sentence: “When that guy, Madigan, was on the top of the mountain, they were all kissing his ass,” Blagojevich said. “Now they’re going to be stomping all over his grave. And it’s really, it’s really sort of an unappealing side of human nature,” by the Tribune’s Olivia Olander and Jeremy Gorner.

GOVERNOR WILL RUN AGAIN

Tomorrow Illinois Governor JB Pritzker will announce he is a candidate for a third term as Governor of Illinois. Governor Pritzker has events planned in Chicago and Springfield and will make the case that Illinois has stabilized its budget situation while he has been a champion for civil rights and a bulwark against the administration of President Trump.

GOVERNOR GOES FOR THIRD TERM

TREASURER ANNOUNCES INVESTMENT RETURNS

FRERICHS DETAILS $5B IN RETURNS

Key monthly metrics and more are available in The Vault, the transparency website that allows Illinois residents to see how the State Treasurer’s Office is working for them. The site is at iltreasurervault.com .

IVCA Advocacy in Action: Meeting with State Leaders

Wed, 25 Jun 2025 00:42:00 GMT

Wednesday, June 25, 2025

At the core of IVCA’s mission is our commitment to advocating for Illinois’ venture capital and private equity community. This week, IVCA Executive Director Christie Pruyn and IVCA-PAC Legislative Liaison Dave Stricklin met with:

State Representative Eva Dina Delgado (D-3), Assistant Majority Leader
State Representative Bob Morgan (D-58), Assistant Majority Leader and Floor Whip

Both legislators support entrepreneurs and family-owned businesses, and we’re grateful for their leadership and partnership.

Together, we’re working to ensure that Illinois remains a strong and competitive home for private equity and venture capital.

Our next Legislator luncheons are conveniently scheduled for:

Friday, June 27, 2025 | 12:00 – 1:15 PM | Gibsons Italia, 233 N Canal, Chicago

IL State Senator Julie Morrison (D-29), Majority Caucus Whip
IL State Senator Elgie Sims (D-17), Majority Caucus Appropriations Leader

Monday, June 30, 2025 | 12:00 – 1:15 PM | Gibsons Italia, 233 N Canal, Chicago

IL State Rep Dan Didech (D-59)
IL State Rep Janet Yang Rohr (D-41)
IL State Rep Tracy Katz Muhl (D-57)

Tuesday, July 8, 2025 | 12:00 – 1:15 PM | Gibsons Italia, 233 N Canal, Chicago

IL State Senator Sue Rezin (R-38), Deputy Republican Leader
IL State Senator John Curran (R-41), Minority Leader

Interested in attending?
This opportunity is open to IVCA Investor Members only. Please contact Kathy Pyne at kpyne@illinoisvc.or g to RSVP.

2025 IVCA Invitational: A Record-Breaking Celebration of Community and Impact

Wed, 25 Jun 2025 00:30:00 GMT

June 25, 2025

The IVCA Foundation is proud to celebrate the success of the 2025 IVCA Invitational, our largest and most impactful fundraising event to date. Held at the prestigious Olympia Fields Country Club, the event brought together over 200 professionals from across the Chicagoland private equity and venture capital ecosystem for a day of golf, networking, and philanthropy.

Despite the summer heat, attendees braved the high temperatures for a great cause and their commitment paid off. This year’s Invitational set a new fundraising record and welcomed a host of new sponsors and supporters into our growing community.

The funds raised directly support the IVCA Scholar Program, which continues to grow alongside the Foundation’s mission to broaden access to the private capital industry by removing barriers for underrepresented groups and creating pathways for the next generation of investors and innovators.

Thank You to Our Sponsors

We are deeply grateful to all the organizations that made this year’s success possible. Special recognition goes to our:

Champion Sponsors :
RSM US LLP
Winston & Strawn LLP
Supporter Sponsors :
Wintrust
Lincoln International

We also thank our Mentor sponsors for their generous support:

Simon Compliance, Alvarez & Marsal, BakerHostetler, BMO, Deloitte, EY, Gallagher, Goldman, Guggenheim Securities, Houlihan Lokey, Katten , Kayne Anderson, Kirkland & Ellis, Macquarie, Monroe Capital, MWE, OceanM19, Plante Moran, PPC, PwC, RW Baird, Twin Brook, UBS, Vokal, and West Monroe.

Congratulations to Our 2025 Invitational Winners

North Course

Low Foursome : Mike Oberschmidt, Steve Fekety, Scott Walti, Kenny Kluckman – 69 ( RSM Foursome )
Longest Drive – Men : Pat Callahan
Longest Drive – Women : Waverly Deutsch
Closest to the Hole – #6 : Kenny Kluckman – 1’7”
Closest to the Hole – #13 : Don Rocap – 5’2”

South Course

Low Foursome : Greg Pondel, Bill Park, Joe Widmar, Claire Dougherty – 64 ( West Monroe Foursome )
Longest Drive – Men : Mike Apostal
Longest Drive – Women : Allison Reinke
Closest to the Hole – #5 : Claire Dougherty – 3’5”
Closest to the Hole – #14 : Craig Maksymiak – 2’4”

Investor Foursome Participants

We were honored to welcome a dedicated group of investors to this year’s Invitational, representing firms across the private equity and venture capital spectrum. Their participation underscores the strength and unity of our community in supporting the next generation of talent.

Special Thanks to Our Event Committee

This event would not have been possible without the dedication and leadership of our 2025 IVCA Invitational Event Committee :

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner – The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn – IVCA Executive Director

As we reflect on this milestone event, we are reminded of the power of community, collaboration, and shared purpose. Thank you to everyone who participated, supported, donated and helped make the 2025 IVCA Invitational our most successful yet.

Together, we’re not just raising dollars, we’re raising opportunities.

View the Photo Gallery HERE!

IVCA Feature: Young Adults in the Venture Capital and Private Equity Space

Tue, 24 Jun 2025 21:08:00 GMT

June 25, 2025

Is the future unknown or of the now? With financial education becoming highly sophisticated, more Gen Z and even younger adults are entering the Venture Capital and Private Equity space. With fresh connection to the world around them, they seek to both disrupt the now and shape that future. The online press weighs in on the topic.

FastCompany.com , ‘The Rise of the 20-Something VC’

[There are] a growing number of Gen Zers and younger Millennials who are bypassing the traditional route into VC. No long years of analyst work for them. No rising to partner at an established firm, before perhaps striking out on their own at 40. Instead, thanks to shifting dynamics in the tech world, some younger investors are hanging out their shingle from jump.

Fortune.com , ‘How Legendary Venture Firm Insight Partners Hires – and Trains – its Next Generation of Investors’

[At the turn of the millennia] it was almost unheard of for Venture Capital firms to hire out of college – that was more the domain of banks and consulting firms. But why wait to hire someone in their mid-twenties after they’ve spent a few years [elsewhere] and retrain them to be an investor? Why not just hire them out of university?

Forbes Podcast , ‘This Young Venture Capitalist Is Focused On Early-Stage Startups and it’s Paying Off’

Potential backers raised their eyebrows a film-student-turned-graphic-designer decided to launch her venture firm. Molly Mielke had designed products at Figma and Notion and consulted for companies including Stripe and Retool, but she had no formal investment track record. ‘I definitely don’t look like a model VC,’ she says. ‘I started to specialize more and more in helping tech companies at the earliest stages tell their stories.’

LISTEN HERE (19 Minutes): https://youtu.be/VdTcC7GalEM?si=WvnkLHBtC7NgqHlk

20VC Podcast , ‘The Intersection of Venture Capital and Media’

20VC (formerly The Twenty Minute VC) is hosted by Harry Stebbings. He interviews the world’s greatest investors and founders. Stebbings launched ‘The Twenty Minute VC’ in 2015 at age 19, and his Venture Capital firm (20VCFund) – which as of 2024 manages over $600M in assets.

LISTEN HERE: https://www.thetwentyminutevc.com/

Barrons.com , ‘Younger Investors Prefer Private Equity, Crypto and Hard Assets to U.S. Stocks, Study Finds’

Wealthy, younger investors have a very different view of the best way to invest than their older peers, preferring real estate, cryptocurrencies and digital assets, and PRIVATE EQUITY to U.S. stocks, according to a new study from Bank of America Private Bank.

Medium.com , ‘Jonathan Fhima of F2: Five Things I Learned As A Twenty-Something Founder’

Jonathan launched F2 in June of 2021, a Private Equity firm focused on real estate debt investments such as senior loans, mezzanine loans, preferred equity investments, and ‘not financings.’ In less than two years, F2 has deployed more than $100M and has closed 16 transactions.

Invest Like the Best Podcast , ‘Matt Perelman & Alex Sloane – The Art of the Franchise’

Matt Perelman and Alex Sloane, Co-founders and Managing Partners of Garnett Station Partners Private Equity. GSP invests in the trillion-dollar franchise and consumer services industries. Matt and Alex started the firm in 2014 as MBA students when they bought 23 Burger King restaurants. Since then, they’ve invested in 26 other multi-unit businesses, from gyms to car washes to funeral homes. GSP is now a leader in its field. They appear on INVEST LIKE THE BEST with Patrick O’Shaughnessy.

LISTEN HERE (100 MINUTES): https://podpulse.ai/podcast-notes-and-takeaways/invest-like-the-best-with-patrick-oshaughnessy-matt-perelman-amp-alex-sloane-the-art-of-franchise-investing-invest-like-the-best-ep392

IVCA Newsletter – June 11, 2025

Thu, 12 Jun 2025 15:05:00 GMT

Job Postings

Sandbox Industries – Associate position (Clinical Innovation)

Industry News

Monroe Capital Supports Fusion Capital Partners’ Acquisition of Relevant Industrial, LLC

Thoma Bravo Completes $34.4 Billion Fundraise

GlycoEra AG Raises $130 Million to Advance Novel Pipeline of Extracellular Protein Degraders for the Treatment of Autoimmune Diseases – Agent Capital Participates

GTCR Announces Management Partnership with Manish Singh to Form Maris Investments

Monroe Capital Supports Growth of ATTOM Data Solutions

Arbor Grows Team with Additional Talent

Invoca acquires Jump Capital Port Co Symbl, a Seattle startup that uses AI for conversational intelligence

Thoma Bravo Port Co HCSS Announces Acquisition of Dispatcher-Pro, Expanding with Cloud-Native Resource Management for Heavy Civil Construction

Victory Park Capital’s Kinan Hayani, Drew Schwartz named Emerging Leaders by The M&A Advisor

Benford Capital Promotes Brian Behm and Brendan Green to Managing Director

Monroe Capital Supports Shore Capital Partners’ Recapitalization of Sweetmore Bakeries

IVCA Events

June 18, 2025 – IVCA Happy Hour at Plante Moran

June 23, 2025 – 2025 IVCA Invitational – Golf Clinic

June 23, 2025 – IVCA Invitational golf event

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Professional Advisor News

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Private Equity Funds and Their Portfolio Companies

Sidley Advises PhaseV in Its US$50 Million Series A Financing

Ropes & Gray Advises Avista Healthcare Partners in EBI Bone Healing Acquisition

Troutman Pepper Locke Advises Citadel Casing Solutions in Sale to Innovex International

Sidley Represents Fundamental Advisors in Its Acquisition of HeloAir

PE Pathways – Expert or Arbitrator?

Ropes & Gray Advises AIP on Financing of Acquisition of FSV and Creation of Trident Aqua Services – a Global Leader in Aquaculture Services

Sidley Represents Sequence in Its US$7.5 Million Series Seed Extension Financing

Ropes & Gray Advises Carlyle AlpInvest on $4.1 Billion Co-Investment Fund

Sidley Represents Great Hill Partners on Strategic Majority Investment in Peter Park System GmbH

Ropes & Gray Recognized as a Leading Law Firm for Secondaries, Advising on Over $200 Billion in Transactions

Sidley Represents Cantilever Group in its Minority Investment in Shelter Growth

Entertainment Partners to Acquire CASHét Strengthening End-to-End Production Finance Offerings

Sidley Represents Accommodations Plus International in Its Sale to Haveli Investments

Legislative News

IVCA Provides Updates for State Legislative Issues – 6/11/2025

Association News

IVCA Feature: What’s Happening Now in Venture Capital & Private Equity Globalization

Join us! Connect. Unwind. Share Insights. – IVCA Happy Hour on June 18

Other Events of Interest

July 21-27. 2025 – TechWeek Chicago

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

Join us! Connect. Unwind. Share Insights. – IVCA Happy Hour on June 18

Wed, 11 Jun 2025 19:02:00 GMT

June 11, 2025

Join us for an informal IVCA Happy Hour on Wednesday, June 18 , from 4:00 PM – 6:00 PM , generously hosted by our friends at Plante Moran.

This casual gathering is a great opportunity to trade notes with your peers on what they’re seeing in the market and how they’re navigating through the uncertain environment . There’s no official topic – just good conversation, great company, and a chance to connect with fellow members of IVCA.

Event Details:
Location: The Café & Lounge, First Floor, 10 S. Riverside, Chicago 60606
Time: 4:00 PM – 6:00 PM
Date: Wednesday, June 18, 2025

RSVP Today HERE or contact Kathy Pyne at kpyne@illinoisvc.org to let us know you’ll be joining!

IVCA Provides Updates for State Legislative Issues – 6/11/2025

Wed, 11 Jun 2025 18:25:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, June 11, 2025

IVCA MEASURE LEFT OUT OF OMNIBUS

The IVCA legislation to correct a decision by the Illinois Department of Revenue on Foreign Tax Credits was not included in the final omnibus revenue legislation approved by the Illinois General Assembly at the end of the 2025 Spring Session.

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that provisions concerning a credit for foreign taxes shall be applied without regard to provisions concerning distributions of investment partnership income to nonresident partners. Effective immediately.

The IVCA measure passed the House Finance Committee unanimously HB 1396 and was heard without objection in a Senate Revenue Committee subject matter hearing. Still, when it came time to assemble the annual Revenue omnibus package, the provision was seen as a potential “budget pressure” and was left out. We are working with our legislative allies and the Department of Revenue to see evaluate further options. One ongoing challenge is trying to determine the fiscal impact of the proposal. The IDOR has evaluated but not so far been able to assign a figure to the impact, positive or negative in terms of revenue captured by the state. IVCA consistently advocates that the state should always avoid adopting policies which make Illinois an outlier such that it would discourage investment in Illinois. On pages 2-4 of this report is a detailed summary from the Taxpayers’ Federation of Illinois.

BUDGET PASSES WITH $1B IN NEW REVENUE

Illinois Policy Institute Pans FY 26 Version

Civic Federation Gives FY 26 Budget “incomplete” grade

WHAT DIDN’T GET DONE?

Transit package, energy bill, among others; pensions perennial challenge:

TRANSIT BILL LEAVES SENATE STATION BUT STALLS IN THE HOUSE

TIER 2 ISSUE REMAINS UNSOLVED

IFT TAX SUMMARY Pgs. 2-3-4

Revenue Omnibus

The General Assembly passed HB2755 which contains the vast majority of the tax changes made this session. Senate Amendment #2 included a digital advertising tax, but Senate Amendment #3 removed the tax. The bill passed the Senate on a vote of 31-25 and the House with a vote of 71-43. Below is a list of the changes and the page number where they can be found.

GILTI (601) : 50% of GILTI income is subject to tax. This is estimated to generate $200 million for GRF and approximately $70 million for PPRT.
Joyce to Finnegan (545): Moves Illinois from a Joye state to a Finnegan state. The change was made without making the entities without nexus a “taxpayer.” The entities that do have nexus are to include the non-taxpayer entities’ sales into their apportionment factor. This change applies to the 2025 tax year and is estimated to generate $72 million for GRF plus approximately $25 million for PPRT.
Interest & Intangible Income Addbacks and 163(j) Limitation (551): Removes two exemptions from the interest add back, the non-tax avoidance exemption and the subject to tax exemption. The bill also requires taxpayers to first allocate any disallowed interest to non-foreign persons first. This change applies to the 2025 tax year and is estimated to generate $80 million for GRF plus approximately $28 million for PPRT.
Sports Wagering Tax (138): Creates a wagering tax equal to $0.25 for the first 20,000,000 wagers and $0.50 for any additional wagers. The Governor’s Office estimated this would generate $36 million, but some in the industry estimate this will generate $160 million.
Changes to the Sourcing of Sales of Pass-Through Entities (673): Gains and losses from the sale of a pass-through entity are allocable to Illinois based on the entity’s apportionment factor. The provision has an immediate effective date and does not specify which tax year it applies to. The version introduced in the Spring had a January 1, 2026 effective date. DOR has indicated that the change would be effective for tax years ending on or after the date the bill is signed. I would expect official guidance from the Department on this.
Tobacco Products Tax (153): Drastically expands the definition of tobacco products and increases the tax on tobacco products to 45% of the wholesale price. This change simplifies but increases the tobacco tax structure. Effective July 1. Also increases the retailer’s license from $75 to $150.
Telecommunications Tax (264): Increases the Telecommunications Excise Tax from 7% to 8.65% beginning July 1, 2025. The increase is to be used for a 9-8-8 Suicide and Crisis Lifeline.
HOOT Expansion on Short Term Rentals (151): The Hotel Operators’ Occupation Tax applies to short term rentals beginning on July 1.
DOR Tax Amnesty (1): Creates a tax amnesty for the Department of Revenue from October 1 through November 17.
Franchise Tax Amnesty (189): Creates an amnesty period for the franchise tax from October 1 through November 15. Taxpayers who have received interrogatories are excluded from amnesty.
Remote Retailer Amnesty Program (892): Creates a special amnesty program for remote retailers from 8/1/2026 through 10/31/2026. The tax periods at issue go from 1/1/2021 through 6/30/2026. Remote retailers are not precluded from participating in the 2025 amnesty program. The benefit of the remote retailer amnesty program is that the retailers can use a simplified rate of 9% for general merchandise and 1.75% for lower rate items, rather than identify the actual rate for each sale based on the delivery location.
Leveling the Playing Field Threshold (290): Currently, the threshold for economic nexus for sales tax is either $100,000 of sales or 200 transactions in a year in Illinois. Beginning on January 1, 2026, the threshold will only be $100,000 of sales.
15% Penalty Sales Tax Rate (457): If a retailer fails to provide documents needed to source sales, the Department may impose a 15% penalty sales tax rate.
Pause on Transfers to Road Fund: As part of the 2019 capital bill, the General Assembly began transferring the sales tax on motor fuel into the Road Fund instead of the general fund. The transition was supposed to be over five years and FY2025 was supposed to be the last year in the transition. However, the General Assembly added one more year, so in FY2026, 20% of the sales tax on motor fuel will continue to go to the general funds, which is estimated to be $171 million.
Grocery Tax (193) : Clean up language for the State’s elimination of the sales tax on groceries.
Applying Leveling the Playing & to the SUT & SOT (308/318): Applies leveling the playing field to SUT & SOT meaning that sales that originate from outside of Illinois are subject to the sales tax rate at the location where the items are delivered.
Revenue Sharing (666) : Distributions from the State and Local Sales Tax Reform Fund and the Local Government Distributive Fund are continuing appropriations. The sales tax fund receives the 1.25% local share from the 6.25% sales tax.
Surplus Definition (743): Defines the term surplus, for determining the surplus in the Income Tax Refund Fund which is then transferred to the General Revenue Fund.
Motor Vehicle Sales to LLCs (749): Modifies the “drive-away permit exemption” be creating a rebuttable presumption that the exemption does not apply if the purchaser is a LLC and a member of the LLC is an Illinois resident.
Limousine Rolling Stock Exemption (756): A limousine only qualifies for the rolling stock exemption if it does not provide rideshare services.
Vehicle Use Tax Exemption (955): Creates a sale for resale exemption for the vehicle use tax.
Illinois Gives Tax Credit Act Clean Up (959): Minor changes to the Illinois Gives Tax Credit Act.
Municipal Motor Fuel Tax (963): Existing law allows municipalities in Cook County to impose a $0.03 motor fuel tax. This change allows municipalities in Cook County and another county to impose the tax only in the portion of the municipality in Cook County.
Motor Fuel Tax Refunds (982): States that incidental use of motor fuel on private roads in the operation of a motor vehicle does not constitute a “purpose other than operating a motor vehicle upon the public highways.”
Cigarette and Other Tobacco Tax Returns (998): Cigarette and other tobacco tax returns and payments are to be filed or paid electronically.
American Hostage Tax Liability Postponement Act (1017): The act postpones any tax liability during any period that a person is unlawfully or wrongfully detained abroad or held hostage abroad. The provisions also apply to the person’s spouse. Delinquent property taxes are not to be sold during this period.
Affordable Housing Special Assessment (1065): Extends and makes various changes to the affordable housing special assessment program.
Tax Sales (1096): Delays the application for judgment for the 2023 tax sale until next year.
Property Tax Bills (1098): Each property tax bill shall include each redevelopment project associated with the TIF district the property is located in.
New River Edge Redevelopment Zones (1102): DCEO may certify two new River Edge Redevelopment Zones in Alton and in Sterling.
Motor Fuel Licenses (1103): Modernizes the motor fuel tax licenses by eliminating suppliers and redefining distributors and receivers.
Film Production Services Tax Credit Act (1152): Makes various changes including defining new terms, above the line spending and below the line spending.
Advancing Innovative Manufacturing for Illinois Tax Credit (1163): Creates the Advancing Innovative Manufacturing for Illinois Tax Credit (AIM) which is a tax credit equal to a percentage of certain capital expenditures made by an Illinois manufacturer. The maximum percentage is 7%.
Quantum Computing Campuses Tax Credit (1184): The bill reduces the minimum required size of a campus from a half square mile to 100 acres.
Reimagining Energy and Vehicles (1191): Expands companies that are eligible to green steel manufacturers, electrical transformer part manufacturer, renewable energy products manufacturer, and certain electric propulsion systems for airplanes. Expands the definition of renewable energy to include nuclear power.
Apprenticeship Education Expense Credit (1221): Creates a definition of the term “accredited training organization.”
Edge Credit (1237): Allows a company that recycles and melts steel products and that manufactures new steel wire and rods to elect to use the Edge credit against their withholding liability. Also allows companies that make a capital investment of $100 million in capital improvements and retains 500 employees to utilize the Edge credit against their withholding liability.
High Impact Business (1253): A business that constructs high voltage direct current converter station facilities can be designated as a high impact business.

IVCA Feature: What’s Happening Now in Venture Capital & Private Equity Globalization

Wed, 11 Jun 2025 18:22:00 GMT

June 11, 2025

Investments and funding can come from a number of sources from all over the world, and both the Venture Capital and the Private Equity industries has consistently led the way in opening up different regions for both disbursing and acquiring capital. With a current domestic governmental emphasis on borders and America First, what is the current state in the global reach of VC and PE? The online press has perspective.

WeForum.org , ‘3 Ways Global Venture Capital Can Drive Transformative Change’

From the World Economic Forum: “There is evidence that the deglobalization narrative is just that: a narrative. In fact, research has found that global integration is growing, as trade, capital, data, and knowledge move across borders at higher volumes. One source forecasts global trade to grow at 2.8% per year through 2032.”

Bain.com , ‘Global Venture Capital Outlook: The Latest Trends’

Global investments ticked up in the first quarter of the year, reaching $131 billion. The US continued to account for the largest share of funding due to mega-rounds by OpenAI and Anthropic. Meanwhile, China saw another quarter of declining investment amid geopolitical tensions.

LinkedIn.com , ‘The Evolution of Venture Capital in the 21st Century’

Everything Startups Blog: “The evolution of Venture Capital in the 21st century is characterized by globalization, diversified investment strategies, the involvement of new financial actors, a focus on emerging technologies, and a significant emphasis on talent development. These changes reflect the dynamic nature of the global economy and the continuous quest for innovation and growth.”

Paklaunch Podcast , ‘Global Venture Capital: Perspective on Opportunities’

Paklaunch is a Podcast Regarding: Pakistani Startups: “Ansaf Kareem joined us for a fireside chat on April 20th to discuss current trends in due diligence and VC decision making.” Including Perspective on Global Venture Trends and Opportunities.

LISTEN HERE (58 MINUTES): https://youtu.be/WinPz6cCMSc?si=6iUx646fnmEkLFw7

Wautier.co.UK , ‘The Evolving Role of Private Equity in a Globalized Economy’

How has Private Equity evolved from a niche investment strategy to a major force in the global economy? What factors have contributed to the worldwide expansion of Private Equity, and what challenges do firms face in different markets? How will technology, impact investing, and institutional investors shape the future of Private Equity?

EY.com , ‘Private Equity Pulse: Key Takeaways from Q1 2025’

From Ernst & Young Global PE: “Global private equity acquisitions increased 45% by volume and value more than doubled versus Q1 2024.” and “Rising trade tensions and associated uncertainty, however, are leading to increased caution among investors — currently, nearly three-fourths of general partners (GPs) expect tariffs to have a moderate negative impact on deployment activity over the next 3-6 months.”

Knowledge at Wharton Podcast , ‘How Tariffs and Trade Uncertainty are Disrupting Private Equity’

Burcu Esmer of Wharton discusses how tariff fluctuations and policy instability are reshaping the Private Equity landscape. Private Equity firms are slowing deal activity, reassessing portfolio company performance, and confronting higher input costs. With supply chains under pressure and long-term planning more difficult, the industry is focusing on risk modeling, cost control, and strategic flexibility.

LISTEN HERE (8 MINUTES): https://youtu.be/4it7qdj8hAY?si=4ysubuiMuQ–dbCw

The 2025 IVCA Invitational is June 23rd, 2025. For details click here .

IVCA Newsletter – May 28, 2025

Thu, 29 May 2025 14:18:00 GMT

Professional Advisor News

Vedder Price Advises Clairvest in its Investment in Beneficial Reuse Management

Sidley Advises Citigroup on Sale of Citi Global Alternatives, LLC to iCapital

Exploring Carried Interest in Upper Tier Private Equity Structures – Troutman Pepper Locke

Ropes & Gray Represents Charlesbank Capital Partners and Lido Advisors in Strategic Partnership with HPS Investment Partners

Sidley Represents Moving Mountains in Acquisition by StayTerra

Restrictive Covenants Unenforceable Where Consideration Forfeited – Troutman Pepper Locke

Ropes & Gray Advises Cressey & Company on Partnership with Paradigm Health

Sidley Advises Darling Ingredients in Its Potential Joint Venture With Tessenderlo Group to Form New Wellness Company

Troutman Pepper Locke Excels in Q1 2025 Private Equity League Table Rankings

Sidley Represents HARMAN International on US$350 Million Acquisition of Masimo Corporation’s Sound United Consumer Audio Business

Ropes & Gray Represents Cressey & Company in Investment in Maternity Health Provider ProgenyHealth

Sidley Represents Macquarie Asset Management in the Acquisition Financing for Partnership With Dow

Littlejohn & Co. Acquires RailPros Sidley Advises in Chelsea FC Women Investment by Seven Seven Six

Job Postings

Sandbox Industries – Associate position (Clinical Innovation )

IVCA Events

June 18, 2025 – IVCA Happy Hour at Plante Moran

June 23, 2025 – 2025 IVCA Invitational – Golf Clinic

June 23, 2025 – IVCA Invitational golf event

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Association News

IVCA Feature: Societal Advocacy for the Venture Capital/Private Equities Industries

Swing & Socialize: Elevate Your Game & Your Network – Learn Golf at the IVCA Clinic!

Connect. Unwind. Share Insights. – IVCA Happy Hour on June 18

Legislative News

IVCA Provides Updates for State Legislative Issues – 5/28/2025

Industry News

Pfingsten Invests in American Cutting Edge

Figure Technology Solutions Secures Strategic Financing Partnership with Victory Park Capita l

GTCR Announces Sale of Antylia Scientific

Thoma Bravo Port Co Nearmap to Acquire itel, Creating a Comprehensive Property Intelligence Platform Bridging Insurance Underwriting and Claims

ProgenyHealth Announces Strategic Growth Investment by Cressey & Company and its Existing Investor Sunstone Partners

GTCR Announces Sale of itel

RCP Fund XIX Closes on $314 Million

Monroe Capital Announces $250 Million Forward Flow Purchase of Consumer Recreational Vehicle and Marine Loans from Source One Financial Services, LLC

Thoma Bravo Backed Proofpoint Signs Definitive Agreement to Acquire Hornetsecurity

Winners of Water Street Private Equity Case Challenge Prepare for Global Competition

Prairie Capital Announces Investment Team Promotion

Other Events of Interest

June 4, 2025 – BDO/McDermott Will & Emery Talk Transactions: Navigating the Path to IPO

July 21-27. 2025 – TechWeek Chicago

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 5/28/2025

Wed, 28 May 2025 17:02:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, May 28, 2025

FINALE

Legislators and the governor’s office are working to assemble an energy bill, pension changes, transit solutions, and the annual budget over the next few days before adjournment on May 31. This includes IVCA efforts to include in a revenue omnibus bill language to address the Department of Revenue decision resulting from our change to the partnership definition to deny a credit for taxes paid in other states in certain instances. We have worked diligently to introduce legislation and inform policy makers.

The number of substantial issues which are still under negotiation is typical of the last few days of session in Springfield. Overhanging this year’s session is the unknown effects of changes to federal law which could impact the state’s Medicaid program and other services it provides. To address a budget shortfall of $500M or more there is a laundry list of options and surely many others which have not been publicized. How viable any are in part or in whole depends on the political calculation of how much revenue it brings in vs. how difficult it will be for policy makers to explain and take the heat which results from a vote.
In the final days of the spring session, lawmakers are working on a legislative package aimed at addressing the state’s growing energy needs and rising costs without derailing the ambitious goals championed by Gov. JB Pritzker to make the state carbon-free by midcentury.

“What we’re trying to do is find ways to ensure those capacity spikes don’t continue for years into the future, and there’s really only two ways of doing that, and that’s by either decreasing demand for electricity or increasing supply,” said state Sen. Bill Cunningham, a Chicago Democrat who’s leading energy legislation efforts in the Senate. “I think that’s really the underlying impetus for energy bills this session.” […]

The legislative draft also would create an ambitious new goal for large-scale energy storage through large batteries that would absorb excess wind and solar power for later use, along with goals to deliver clean, low-cost energy, while also promoting several efficiency measures supporting virtual power plants.
Cunningham said that if the larger legislative package does not come together, proposals within the measure could still be pushed as individual bills.

ILLINOIS TO TAX SERVICES?
TIER TWO PENSION CRITIQUE
TRANSIT CLIFF

* Crain’s | Fitch downgrades Chicago’s financial outlook to ‘negative’: Fitch Ratings has revised its financial outlook for the city of Chicago to “negative,” citing a lack of meaningful progress in closing a $1.12 billion structural budget gap.

Connect. Unwind. Share Insights. – IVCA Happy Hour on June 18

Wed, 28 May 2025 13:12:00 GMT

May 28, 2025

Join us for an informal IVCA Happy Hour on Wednesday, June 18 , from 4:00 PM – 6:00 PM , generously hosted by our friends at Plante Moran.

Event Details:
Location: The Café & Lounge, First Floor, 10 S. Riverside, Chicago 60606
Time: 4:00 PM – 6:00 PM
Date: Wednesday, June 18, 2025

RSVP Today HERE or contact Kathy Pyne at kpyne@illinoisvc.org to let us know you’ll be joining!

Swing & Socialize: Elevate Your Game & Your Network – Learn Golf at the IVCA Clinic!

Wed, 28 May 2025 13:06:00 GMT

May 28, 2025

Want to join the fun but haven’t mastered the game yet? We’ve got you covered! Our exclusive golf clinic is perfect for those eager to learn. Taught by Olympia Fields golf pros, this hands-on experience will help you master driving, putting, chipping, and technique—all while connecting with industry peers.

Sign up for the Golf Clinic HERE ! Cost is $200 per attendee. Golf Clinic begins at 2:00pm and includes attendance at 5:00pm Dinner/Cocktail Reception !

Hosted by the IVCA Foundation, we are expecting another record turnout for this inspiring day of golf and networking. Like you, we believe that diversity leverages a range of perspectives, improves competitive positioning, and drives better outcomes.

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.
Golf Clinic begins at 2:00pm

We look forward to another fantastic day together!

IVCA Feature: Societal Advocacy for the Venture Capital/Private Equities Industries

Wed, 28 May 2025 13:02:00 GMT

May 28, 2025

With governmental policies creating a new paradigm for human advocacy and aid, what can private industries like Venture Capital and Private Equity do for their investments – in both capital and services – for communities and their humanity. Several online articles look at this vital theme, and offer options.

SSIR.org, ‘Can Venture Capital Be Optimized for Happiness?’

From the Stanford Social Innovation Review: “Both investment and business communities increasingly recognize the need to design operations to create and capture value for all stakeholders, except status quo competitors who stand between customers and newer, better solutions. Ultra-high net worth, limited partners of Private Equity and Venture Capital firms are in a unique position to lead this change, as they have a comparatively high degree of freedom over how and where to direct their investments.”

HamptonsGroup.com, ‘The Impact of Social Venture Capital on Society’

From 2022, An Overview: “While traditional Venture Capital Investment continues to provide investors with opportunities for financial reward, impact investing and social venture capital are beginning to take center stage in the investment arena. Venture Capital projects with a potentially positive impact on society provide investors with an opportunity to return profits while supporting the most critical, necessary societal changes.”

InvestInvest.org, ‘Venture Capital and Impact Investing’

Venture Capital and impact investing intersect in their objective to bring new capital to enterprises looking to solve meaningful problems. Why does it seem so difficult to get capital to startup enterprises, especially when the founders are women, black, Asian or minority ethnic? And why do the larger pools of capital, especially institutional investors, find it hard to focus on some of the most exciting, potentially world-changing enterprises out there?

Life Science Success PODCAST, ‘How Venture Capital Transforms Community Development’

In this episode of the Life Science Success Podcast the guest is Ernesto Villarini, a Managing Director at the Community Development Venture Capital Alliance with extensive experience in development finance and economic development.

LISTEN HERE (44 MINUTES): https://www.youtube.com/live/AGySjwy1QB4?si=5dCXwXg4K_mZYG2h

StacheCow.com, ‘What Is the Societal Impact of Private Equity Firms?’

Startups and small-and-medium-sized enterprises (SMEs), particularly those operating in the technology and digital sectors, play a pivotal role in driving innovation and fostering economic growth globally, according to a report from accounting firm EY. How? Private Equity investments provide necessary funding to help companies with skill development, training and mentorship.

Forbes.com, ‘How Private Equity Can Help Create More Good Jobs’

Today, as corporations increasingly realize that investing in their own workforces can boost the bottom line as well as employee advancement, Private Equity is becoming a surprising, yet welcome new player. In a growing number of cases, Private Equity firms are even leading the way on best practices to build quality jobs and a thriving workforce.

The PRI PODCAST: ‘How Private Equity Investors Can Help Tackle Modern Slavery’

The risks of modern slavery are increasing due to changes such as climate change, automation and migration, as they disrupt global labour markets and value chains. In this episode, the host and guest discuss how their organizations and firms are addressing modern slavery and human trafficking across its investments, and what Private Equity investors can do to tackle the issue.

LISTEN HERE (15 MINUTES): https://www.unpri.org/the-pri-podcast/how-private-equity-investors-can-help-tackle-modern-slavery/5601.article

The 2025 IVCA Invitational is June 23rd, 2025. For details click here.

RCP Fund XIX Closes on $314 Million

Tue, 27 May 2025 22:09:00 GMT

May 27, 2025

We are humbled by the continued support of our limited partners. More than 23 years after launching our first fund-of-funds focused exclusively on the North American small company buyout market, RCP remains as committed as ever to our strategy as well as the managers with whom we partner,” said Tom Danis, Managing Partner at RCP Advisors.

Fund XIX will adhere to the same investment strategy that RCP’s predecessor primary funds employ. The Fund will generally target investments with buyout fund managers primarily focusing on less than $1 billion in committed capital. These managers will, in turn, generally seek to make control-oriented investments in established, small to mid-sized companies with approximately $10 million to $250 million in enterprise value.

About RCP Advisors

Founded in 2001, RCP Advisors, a subsidiary of P10, Inc. (NYSE: PX), is a private equity investment firm that provides access to North American small buyout fund managers through primary funds, secondary funds, and co-investment funds, as well as customized solutions and research services. RCP believes it is one of the largest fund sponsors focused on this niche, with approximately $17.0 billion in committed capital* and 55 full-time professionals as of May 27, 2025.

###

Media Contact:

Chris Bradley

Director, Marketing and Communications

RCP Advisors

353 N. Clark Street, Suite 3500

Chicago, IL 60654

312.229.4149

cbradley@rcpadvisors.com

www.rcpadvisors.com

The information contained in this press release does not constitute investment advice or an offer or sale of any security or investment product. Offerings are made only pursuant to a private offering memorandum containing important information. Statements are made as of the date of this release, and there is no implication that the information contained herein is correct as of any time subsequent to such date. Some of the statements in this release may constitute “forward-looking statements” within the meaning of the federal securities laws. Any forward-looking statements inherently are subject to a variety of risks and uncertainties that could cause actual results or events to differ materially from those results or events predicted or anticipated by these statements. RCP’s investment strategy is subject to significant risks and there is no guarantee that any fund will achieve comparable results as any prior investments or prior investment funds of RCP. Past performance does not predict, and is not a guarantee of, future results. All investments involve risk, including the potential loss of capital.

*“Committed capital” primarily reflects the capital commitments associated with our SMAs, focused commingled funds and advisory accounts advised by RCP since the firm’s inception in 2001 (including funds that have since been sold, dissolved, or wound down and certain historical advisory accounts for which RCP’s advisory contracts have expired). We include capital commitments in our calculation of committed capital if (a) we have full discretion over the investment decisions in an account or have responsibility or custody of assets or (b) we do not have full discretion to make investment decisions but play a role in advising the client on asset allocation, performing investment manager due diligence and recommending investments for the client’s portfolio and/or monitoring and reporting on their investments. For our discretionary SMAs and commingled funds, as well as for our non-discretionary advisory accounts for which RCP is responsible for advising on all investments within the client’s portfolio, committed capital is calculated based on aggregate capital commitments to such accounts. For non-discretionary accounts where RCP is responsible for advising only a portion of the client portfolio investments, committed capital is calculated as capital commitments by the client to those underlying investments which were made based on RCP’s recommendation or with respect to which RCP advises the client. Committed capital does not include (i) certain historical non-discretionary advisory accounts no longer under advisement by RCP, (ii) assets managed or advised by Columbia Partners Private Capital (the “Private Capital Unit”), a separate business unit of RCP Advisors 2, LLC (“RCP 2”), or by Hark Capital Advisors, LLC, and Bonaccord Capital Advisors, LLC which are independent business lines of RCP 2, (iii) capital commitments to funds managed or sponsored by RCP’s affiliated (but independently operated) management companies (including, without limitation, Five Points Capital and Westech Investment Advisors, LLC), and (iv) RCP’s ancillary products or services.

This communication is not to be construed as an offer to sell or the solicitation of an offer to buy any security. Any such offer or solicitation can only be made by means of the delivery of a confidential private placement memorandum, which contains a description of the significant risks involved in such an investment.

This communication is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors should consult their own advisors regarding such matters.

The information contained in this transmission may contain confidential and/or privileged information. It is intended only for the use of the person(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message.

IVCA Newsletter – May 14, 2025

Thu, 15 May 2025 15:17:00 GMT

Association News

IVCA Feature: Venture Capital & Private Equity in the Time of the Tariffs

Swing into Fun: Learn Golf at the IVCA Clinic!

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – Golf Clinic

June 23, 2025 – IVCA Invitational golf event

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Presented by Kirkland & Ellis LLP – Save the Date!

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation)

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Moderne Ventures – Associate/Sr. Associate, Investment Team

Moderne Ventures – Principal/Partner, Investment Team

Moderne Ventures – Associate, Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Professional Advisor News

Troutman Pepper Locke Represents HMP Global in Acquisition of Masterclasses in Dermatology

BDO Capital Advises on Sale of New River Building Supply

Sidley Represents Lineage in Acquisition of Cold Storage Warehouses and Related Assets for US$247 Million

Ropes & Gray Advises Better Home & Finance Holding Company in Retirement of Approximately $534 Million Convertible Notes and Issuance of $155 Million of New Secured Debt

Sidley Represents Orion Resource Partners in Its US$80 Million Preferred Equity Investment in New Wave G.P.

Ropes & Gray Deepens M&A Capability Across Asia with Arrival of Seasoned Partner Richard Perks

Sidley Advises Simple Closure Inc. in Its US$15 Million Series A Financing

Ropes & Gray Advises Lyric in ClaimShark Add-On Acquisition

Sidley Represents Stonepeak in Its Launch and US$1.5 Billion Capital Commitment in Montera Infrastructure

Ropes & Gray Represents TSG Consumer Partners in Acquisition of EoS Fitness

Sidley is Advising Azimut Group in Its Acquisition of a Controlling Interest in HighPost Capital

Ropes & Gray Advises Baillie Gifford in Rippling Series G Investment Sidley Represents Global Container International in its US$1 Billion Acquisition by Triton International

Legislative News

IVCA Provides Updates for State Legislative Issues – 5/16/2025

Industry News

GTCR Announces US$200 Million Preferred Equity Investment to Support Acquisition of Workplace Options by TELUS Health

Madison Dearborn Partners to Acquire Significant Ownership Position in Thoma Bravo Backed NextGen Healthcare

Runway Growth Capital Announces $40 Million Investment in Autobooks to Accelerate Strategic Growth, Including Its Acquisition of Allied Payment Network

Cressey & Company Announces Partnership with Leading Hospice Provider, Paradigm Health

Qlik Announces Close of Significant Investment Led by ADIA and Thoma Bravo

GTCR Announces Investment in JMG Group

Thoma Bravo Announces More Than $100M Strategic Growth Investment in HubSync

Arbor Investments Opens New Fund VI with Recapitalization of Rubix Foods

Wynnchurch Capital Backed Astro Shapes Acquires Star Extruded Shapes

Growth Catalyst Partners Port Co, CyberRisk Alliance, Acquires Execweb to Strengthen Cybersecurity Executive Engagement Capabilities

Wynnchurch Capital Port Co ORS Nasco Acquires Techniweld USA

Baird Capital Adds Benjamin Hanessian as Principal – Portfolio Operations

Pritzker Private Capital Adds Andrew Farwell and Patrick Hodan Vice Presidents

Prairie Capital Announces Investment Team Promotion

Runway Growth Capital Promotes Avisha Khubani to Managing Director of Portfolio Analytics

Linden Capital Partners Welcomes Dr. Auro Nair as Operating Partner

Other Events of Interest

May 28-29, 2025 – SBIA 2025 Midwest Deal Summit

June 4, 2025 – BDO/McDermott Will & Emery Talk Transactions: Navigating the Path to IPO

July 21-27. 2025 – TechWeek Chicago

September 25, 2025 – 2025 Momentum Awards

October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 5/14/2025

Wed, 14 May 2025 16:22:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, May 14, 2025

IVCA TAX MEASURE IN CONSIDERATION

IVCA’s legislative efforts this year have included adding a provision to the Illinois Income Tax Code which would prevent some taxpayers from being taxed twice on the same income. This is related to the work we’ve done in recent years to better define an investment partnership and Illinois Department of Revenue rulings after that change. The House bill HB 1396 passed House Revenue unanimously and was then held for further consideration; the Senate version SB 145 was heard in the Senate Revenue Committee with no objections stated, and no votes taken. It has been our expectation that this provision would be folded into a larger, omnibus revenue package, and that is the work we’re focused on during the final weeks of the session, scheduled to adjourn May 31.

GLOOMY REVENUE FORECAST

Legislators and the governor’s office are trying to assemble a budget for FY26 while facing weaker revenue collections and uncertainty from the federal government.

Crain’s | Pritzker budget team slashes state’s revenue forecast by $536 million : Among the culprits: $351 million less in corporate income taxes because of a lower forecast for corporate profits; and $289 million less in individual income taxes because of recently reduced forecasts of employment, lower wages and salaries growth, and lower estimated stock market performance. The new budget forecast also predicts $150 million less in sales taxes and $70 million less from the federal government

WILL TRANSIT REFORM LEAVE THE STATION?
One of the biggest budget pressures is a $750M ticket for the Chicagoland mass transit systems:
Senate President Don Harmon:
I would say that even if we tackle the reforms, I don’t know that there’s going to be a check cut on May 31st to the transit agencies. We are going to need to hold them accountable to reinvent the system so that it serves the people that we all represent who work for you all.

POLITICS
Illinois State Senator and IVCA ally Laura Fine is running to replace U.S. Rep. Jan Schakowsky in the 9th district. Illinois State Senator Robert Peters announced for the 2nd district seat after incumbent Rep. Robin Kelly announced for U.S. Senate. Much more to come including whether Governor JB Pritzker runs for a third term in 2026.

Swing into Fun: Learn Golf at the IVCA Clinic!

Wed, 14 May 2025 16:12:00 GMT

May 14, 2025

Sign up for the Golf Clinic HERE ! Cost is $200 per attendee. Golf Clinic begins at 2:00pm and includes attendance at 5:00pm Awards/Cocktail Reception!

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

We look forward to another fantastic day together!

The post Swing into Fun: Learn Golf at the IVCA Clinic! appeared first on IVCA - Illinois Venture Capital Association .

IVCA Feature: Venture Capital & Private Equity in the Time of the Tariffs

Wed, 14 May 2025 13:45:00 GMT

May 14, 2025

The up and down effects on the economy that President Trump’s tariffs have wrought has been in the financial debate since his April 2nd announcement of their implementation. In the days before that debate, there were many theoretical opinions on what would occur, but once the policies were actually affecting the Venture Capital and Private Equity industries, those opinions and actualities became front and center. The financial press expresses their thoughts.

Fortune.com, ’Trump’s Tariffs Dash Hopes of VC Comeback in 2025’

The turbulence in global equity markets has hit VC as several major tech startups have postponed their IPO plans in response to the sharp decline in tech stock valuations. The disruption is putting even more pressure on an industry already dealing with a slowdown in both tech IPOs and M&A activity.

SPGlobal.com, ’Tariffs Add New Hurdle to Private Equity’s Exit Challenge’

Private Equity firms positioning portfolio companies for sale need to quickly gain an in-depth understanding of those assets’ exposure to tariffs, said Kevin Desai, who advises private equity firms as PwC’s sector leader for the industry. Particularly for portfolio companies with complicated supply chains, uncertainty concerning tariff impacts threatens to extend sale processes and reduce the sellers’ return on investment.

Crunchbase.com, ’Tariffs And The Venture Value Chain: A Blip Or Long-Term?’

Tariff uncertainty is impacting the entire venture capital value chain. One report calls it the “biggest changes to the world trading system since the General Agreement on Tariffs and Trade came into effect in 1947.” A wave of tariffs and trade restrictions is reshaping alliances and redrawing global commerce. As governments rethink partnerships, startups must face a new reality.

CLAConnect.com, ’The Impact of Trump’s Tariffs on Private Equity Firms, Portfolio Companies’

While tariff policy changes present challenges, they also offer opportunities for strategic acquisitions and operational improvements. Despite this uncertainty, certain sectors like technology, business services, and health care have shown resilience, continuing to drive deal flow. Distressed acquisitions and secondaries are emerging as strategic opportunities, allowing PE firms to boost operations and maintain profitability amid tariff uncertainties.

PODCAST, VCPete, ’How Trump’s Tariffs Shake Up Venture Capital and Tech IPOs in 2025’

[Pete breaks down] how Trump’s new tariffs are shaking up the Venture Capital world, stock markets, and even global tech investments. Do you think these tariffs will help level the playing field or just cause more problems for startups and investors?

LISTEN (11 MIinutes): https://youtu.be/nat6u4wvFxE?si=rqFgIDSO6V8cfRhj

PODCAST, Spotlight: A PEI Podcast, ’How Tariff Turbulence is Hitting Private Markets’

For the Private Equity Industry, the trade war adds unwelcome distractions to an industry already grappling with challenges including lower distributions, higher interest rates, a difficult fundraising environment, consolidation and fundamental changes.

LISTEN (25 MIinutes): Apple … https://podcasts.apple.com/gb/podcast/how-tariff-turbulence-is-hitting-private-markets/id1450286145?i=1000703859558 Website … https://www.privateequityinternational.com/spotlig ht-podcast/

CNN.com, ’Inflation Slowed More Than Expected in April, Despite Tariff-Related Price Pressures Building’

U.S. inflation slowed to its lowest rate in more than four years, an unexpected and welcome development at a time when President Donald Trump’s dramatically escalated tariffs are expected to cause prices to rise.

The 2025 IVCA Invitational is June 23rd, 2025. For details click here.

Pritzker Private Capital Adds Andrew Farwell and Patrick Hodan Vice Presidents

Tue, 13 May 2025 19:45:00 GMT

May 14, 2025

CHICAGO – (May, 13, 2025) – Pritzker Private Capital (“PPC” or “the firm”), a leader in family direct investing, today announced that Andrew Farwell and Patrick Hodan have rejoined the firm as Vice Presidents on the investment team. Mr. Farwell and Mr. Hodan will help source and execute investments supporting PPC’s strategy to deploy capital across family-owned and founder-led businesses in the manufactured products and services sectors.

Mr. Farwell is rejoining PPC after receiving his M.B.A. with high honors from The University of Chicago Booth School of Business. Previously, he was an associate at PPC. Mr. Farwell began his career in investment banking in the industrials group at Robert W. Baird & Co. and received his B.B.A. in Finance, with distinction, from the University of Wisconsin – Madison.

“I am thrilled to welcome Andrew back to PPC in his new role as Vice President,” said Eric Kieras, Co-Head of PPC’s Services team. “Andrew is a talented investor and will seamlessly transition back onto the team, covering several of the business services industry sectors he worked on during his time as an associate. I look forward to Andrew’s contributions as we analyze new investments and value creation opportunities.”

Mr. Hodan is also rejoining PPC after receiving his M.B.A. with honors from The University of Chicago Booth School of Business. Previously, he was an associate at PPC. Mr. Hodan began his business career in investment banking in the services and industrials group at William Blair & Co. Mr. Hodan received his B.B.A. in Finance from the University of Notre Dame, where he was Captain of the Men’s Soccer Team and named Men’s Soccer Academic All-American of the Year and a semifinalist for the MAC Hermann Trophy.

“On behalf of the entire team, I am delighted to welcome Patrick back to PPC to continue partnering with our companies,” said Chris Trick, Co-Head of PPC’s Manufactured Products team. “In his time as an associate at PPC, Patrick demonstrated exceptional skills in evaluating new opportunities and supporting value creation initiatives. His promotion to Vice President is incredibly well-deserved.”

Michael Nelson, Managing Partner of PPC, added, “These promotions reflect our commitment to fostering long-term professional growth opportunities for high-performing team members. We are excited to welcome Andrew and Patrick back to the team.”

About Pritzker Private Capital
Pritzker Private Capital (PPC) partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. PPC builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. PPC is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Contacts
Dan Scorpio / Mallory Griffin
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Newsletter – April 30, 2025

Thu, 01 May 2025 14:05:00 GMT

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation)

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Moderne Ventures – Associate/Sr. Associate, Investment Team

Moderne Ventures – Principal/Partner, Investment Team

Moderne Ventures – Associate, Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Industry News

MK Capital Leads $15 Million Investment in HealthPlan Data Solutions to Transform Pharmacy Benefits Management Oversight

Wind Point Partners Acquires Sigma

Monroe Capital Supports Ares Management’s Acquisition of Epika Fleet Services, Inc.

First Analysis invests in Gradient Cyber, provider of MXDR services for mid-market organizations

Boeing to Sell Portions of Digital Aviation Solutions to Thoma Bravo for $10.55 Billion

Avathon Capital Acquires OculusIT, a Leading Provider of Mission-Critical IT Services to Higher Education, from ElevenX Capital

Monroe Capital Supports Coral Tree Partners’ Investment in Innovative Artists Entertainment

GTCR Announces Sale of Worldpay to Global Payments for $24.25 Billion in Conjunction with Transformative Three-Way Transaction

Stone Point Capital Joins GTCR as an Investor in Ultimus Fund Solutions

Water Street Announces Appointment of David Johnston

Association News

IVCA Feature: New Member Profile of NextGen Growth Partners

Swing into Fun: Learn Golf at the IVCA Clinic!

Legislative News

IVCA Provides Updates for State Legislative Issues – 4/30/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – Golf Clinic

June 23, 2025 – IVCA Invitational golf event – Mark your Calendars!

October 23, 2025 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Professional Advisor News

Sidley Represents Nourish in US$70 Million Series B Funding

Troutman Pepper Locke Represents U.S. Compliance in Acquisition of OECS

Ropes & Gray Advises AlpInvest on $3.2 Billion Fund Close

Sidley Represents Bagel AI in Its US$5.5 Million Series Seed Financing

Troutman Pepper Locke Represents Avem Partners in Acquisition of FMI Aerostructures

Ropes & Gray Ranked Among Top 5 Law Firms in The Deal’s Q1 2025 Private Equity and M&A Global League Tables

Exploring the Administration’s Regulatory Impact on Private Equity (Podcast)

Sidley Represents Performance Investment Partners in Definitive Agreement to Acquire The Vitamin Shoppe

Ropes & Gray Partners Shortlisted for Seven 2025 Women in Business Law Americas Awards

Sidley Represents Verition Fund Management in Sale of Minority Equity Interest and Strategic Partnership with Affiliated Managers Group

Chau Le, Georgina Jones Suzuki Receive California Legal Awards Honors

Sidley Represents United Airlines in Connection With Merger of Republic Airways and Mesa Airlines

Sidley Represents Arsenal Capital Partners in Sale of Applied Products

Other Events of Interest

May 6-7, 2025 – InvestMidwest 2025
May 13-15, 2025 – SuperReturn CFO / COO North America
May 28-29, 2025 – SBIA 2025 Midwest Deal Summit
July 21-27. 2025 – TechWeek Chicago
September 25, 2025 – 2025 Momentum Awards
October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 4/30/2025

Wed, 30 Apr 2025 19:19:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, April 30, 2025

CARRIED INTEREST GETS MENTIONED
It has been a year or two since this happened, but this week a tax advocacy organization released a list of revenue suggestions for Illinois lawmakers and policy makers to consider. Though we do not consider this to be a proposal that would gain momentum in the Capitol we will keep close watch.
ILLINOIS REVENUE ALLIANCE WISH LIST
Proposal: Place a 17% surcharge on all carried interest income by hedge fund and private equity executives, the percentage by which carried interest is under-taxed federally. This would eliminate these executives’ tax advantage while preserving the incentive to be a successful hedge fund manager. Revenue Estimate: $1.5 billion.

LEGISLATIVE SESSION TURNS FOR THE FINISH LINE
With the Kentucky Derby this weekend we’ll use a horse racing analogy to describe where the legislature is at this moment, and that is, making the clubhouse turn to the home stretch. Most routine bills have been heard in one chamber or the other, and now the work on the big issues really gets started. The Mayor of Chicago Brandon Johnson and Cook County President Toni Preckwinkle are among the elected officials visiting Springfield in search of financial support.

WGN | Mayor Brandon Johnson heads to Springfield with a revised fiscal wish list : The mayor wants to generate $12.5 million through a tax on prepaid cellphone and calling cards, raise $27.5 million by extending the $5-a-month 911 surcharge, get more funding for the city’s unified shelter system and improve state reimbursement rates for various services including education.
Meanwhile, Cook County Board President Toni Preckwinkle had this to say to Isabel today about consolidating the mass transit systems…
Well, the first thing I have to say is our priority in this legislative session is transportation legislation… We believe that we have to have an integrated, comprehensive, accountable system, and that’s not where we are at the moment. So we really need support, both for changes in governance, in our system, and more resources. And RTA has estimated that the shortfall on the revenue side will be about $770 million in the coming year. So we’ve got challenges. […]
NEWS AND NOTES
Tribune | Gov. JB Pritzker dismisses as ‘ridiculous’ GOP accusations he urged violence in New Hampshire speech : “That’s ridiculous,” Pritzker said at an unrelated news conference when asked about the GOP response to his speech. “The peace that I’m talking about is making sure that they know at all times that the American public opposes the policies of congressional Republicans and of the White House.”

IVCA Feature: New Member Profile of NextGen Growth Partners

Tue, 29 Apr 2025 20:58:00 GMT

April 30, 2025

The latest new member is the firm of NextGen Growth Partners, who describe themselves as creating “an ecosystem that empowers entrepreneurs to acquire great companies that are poised for growth.”

The following is a Q&A profile with NextGen Growth Partners, which explores the firm’s background and their expectations for interacting with the IVCA.

New Member: NextGen Growth Partners
Representative: Rich Herrick, Chief Financial Officer/Chief Compliance Officer

IVCA: What is a brief history of and background of Next Gen Growth Partners?

NextGen Growth Partners: NextGen Growth Partners (NGP) was founded in 2016 by Brian O’Connor to reimagine the Entrepreneurship Through Acquisition (ETA) model by backing high-caliber entrepreneurs to acquire and scale great businesses. Drawing on his experience as both a Private Equity investor and an operator – most notably leading Innflux to a successful exit – Brian built NGP on the belief that the right leaders, paired with the right companies, can drive outsized value.

Since inception, NGP has executed over 20 platform and add-on investments, grown from its Chicago headquarters to offices in Nashville and Austin, and exited four businesses. The firm’s model – anchored by its values of Relationships, Rigor, and Results – focuses on fundamentally strong, lower-middle-market businesses in growing industries. In July 2024, NGP closed Fund III at its hard cap in a first and final close.
IVCA: The goal of Private Equity firms is to acquire and grow. What do you think distinguishes Next Gen Growth Partners within that realm, and what specific practices make your firm work better?

NGP: We bring in high-caliber Entrepreneurs in Residence (EIRs) who predominately source their own deals, build trust with the sellers, and then step in as full-time operators post-close. They relocate to the business’s headquarters, roll up their sleeves, and lead from day one. That level of commitment is rare, and it changes the dynamic of the transition.

We focus on preserving legacy while unlocking new growth. Our sellers often stay involved in some capacity—not because they have to, but because they’re genuinely excited about where the business is headed and who’s taking it there.

By placing sharp, driven talent into the right businesses—and surrounding them with a platform of support—we’re creating outcomes that go beyond returns. It’s about building on what’s already working and taking it to the next level, together.
IVCA: In your ecosystem of empowerment, how do you define both that word and work within the culture of what you acquire and how you make those acquisitions successful?

NGP: Our roots in Chicagoland, and especially at the University of Chicago Booth School of Business, are a core part of who we are. Brian O’Connor, a Chicago native, co-created Booth’s Entrepreneurship Through Acquisition (ETA) course, alongside Mark Agnew, and still teaches it today. He also hosts the ETA INSIDER Podcast through Booth and the Polsky Center, which has become a widely respected platform and an entry point into ETA world … even for those outside of Booth. These connections give NGP a unique and consistent pulse on the ETA ecosystem.

We’re also fortunate to have an incredible advisory board, many of whom are deeply connected to the Booth and broader academic communities in ETA and Private Equity. These relationships not only strengthen our access to top-tier talent, but also help shape our thinking, expand our reach, and keep us on the front edge of a constantly evolving market.
IVCA: What industries does NGP focus on?

NGP: At NGP, we focus on outsourced B2B services … especially mission-critical, recurring-revenue businesses in industries where we can drive long-term value through operational excellence.

We invest across diverse sectors ranging from traditional blue-collar services (HVAC, commercial landscaping) to technology-enabled solutions (IT managed services, freight audit compliance, outsourced finance/accounting) and specialized niches like property security and beverage alcohol compliance.
These varied investments are connected through alignment with our investment thesis. We prioritize spaces with stable fundamentals, fragmented competitive landscapes, and clear growth runways. Most crucially, we back entrepreneurs with a distinctive ‘right to win’ … whether through industry experience, powerful networks, or deep conviction in their space.
IVCA: Finally, what is your unique value proposition to prospective sellers?

NGP: For prospective sellers, our value proposition is rooted in respect – for their legacy, their team, and the business they’ve built. We’re values-oriented partners who don’t just acquire companies, we carry forward what’s working and build on that foundation.

Beyond capital, we bring a proven growth playbook combining strategic acquisitions with operational improvements. Our experienced team delivers expertise with a hands-on, collaborative approach that ensures smooth transitions and positions businesses for long-term success. Our entrepreneur-operators aim to thoughtfully shepherd them into their next chapter of growth.

For the website of NextGen Growth Partners, click here .

Swing into Fun: Learn Golf at the IVCA Clinic!

Tue, 29 Apr 2025 20:53:00 GMT

April 30, 2025

Sign up for the Golf Clinic HERE! Cost is $200 per attendee. Golf Clinic begins at 2:00pm and includes attendance at 5:00pm Awards/Cocktail Reception!

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

We look forward to another fantastic day together!

IVCA Newsletter – April 16, 2025

Thu, 17 Apr 2025 14:21:00 GMT

Industry News

NextGen Growth Partners Announces Successful Exit from DAWGS

Monroe Capital Supports Olympus Partners’ Acquisition of PAI Pharma

Wind Point Partners Acquires Sigma

Patriot Capital Announces Investment in Soutron Global, Inc.

Monroe Capital Supports Post Road Group’s Archtop Fiber

First Analysis closes on Fund XIV at $97 million in committed capital

Linden Completes Oversubscribed Fund VI Fundraise at $5.4 Billion

RCPDirect V Exceeds Target Fund Size, Closing On ~$994 Million

Tapcheck Raises $225 Million in Equity and Debt Funding to Redefine Payday for America’s Workforce

Origin Ventures Port Co Glimpse Raises $10M Series A to Power AI-Driven Revenue Recovery for CPG Brands

Wind Point Partners Port Co FCA Packaging Invests in Viking Packing Specialist

Industry Publication Recognizes Katie Ossman, Water Street Healthcare Partners

NGE is moving!

BPOC Named to the 2025 BluWave Top PE Innovator Awards List

Frontenac Named in HEC Paris-Dow Jones Small Cap Buyout Performance Ranking for Fourth Consecutive Year

The Vistria Group Recognized by Loyola University Chicago’s Baumhart Center for Social Enterprise and Responsibility

Job Postings

Please view the full details for each Job Posting listed below, on our website HERE . Once at Job Postings please scroll down the pages to view the jobs. They are listed chronologically as received, most current first.

New! Sandbox Industries – Associate position (Clinical Innovation )

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Moderne Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – Golf Clinic

June 23, 2025 – IVCA Invitational golf event – Mark your Calendars!

October 23, 2024 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – IVCA Annual Awards Dinner – Save the Date!

Professional Advisor News

Martin Partners recruits Sean McQuillan to the CFO position at Milton Industries

Troutman Pepper Locke Advises Via Science in Securing $28 Million Series B Investment From Global Enterprises

Vedder Price Represents Jet Parts Engineering, a Portfolio Company of Vance Street Capital, in its Purchase of Percival Aviation

Pixelle, a Portfolio Company of H.I.G. Capital, Announces Agreement to Sell Stevens Point Facility to Ahlstrom

BadCarbon $100 Million GEMS™ Catalytic Equity Drives Nexus Renewable Expansion

Troutman Pepper Locke Advises Hidden River Strategic Capital in Investment in Miles Ahead Brands

Vedder Price Represents Innovize and Excel Scientific in the Acquisition of Zenith Adhesive Components

Ropes & Gray Ranked Highly in Private Equity International’s Latest Fund Formation League Table

Sidley Represents Ridgeview Partners in Its Growth Investment in Radiant Logic

Troutman Pepper Locke Represents Agile Growth Equity, LLC, in Sale of Kobus to Dresser Utility Solutions

Vedder Price Advises Jet Parts Engineering, a Portfolio Company of Vance Street Capital, in its Acquisition of Cima Aviation

Ropes & Gray Advises Partners Group on €120 Million Investment in Gestcompost Through a Continuation Fund

Sidley Represents Precisely in Acquisition of DTS Software

Ropes & Gray Advises Law Business Research and ICG on LBR’s Merger with ALM, Creating Leading Global Legal Intelligence Provider

Sidley Represents Cal-Maine Foods, Inc. in Its US$258 Million Acquisition of Echo Lake Foods, Inc.

Ropes & Gray Advises Sales Agents in $300 Million ATM Offering for Morgan Stanley Direct Lending Fund

Sidley Represents United Airlines in Connection With Merger of Republic Airways and Mesa Airlines

Legislative News

IVCA Provides Updates for State Legislative Issues – 4/16/2025

Association News

Shaping Tomorrow: Christie Pruyn on Evolving the Illinois Venture Capital Association for Continued Success

New to Golf? Learn from the Pros at the IVCA Invitational Golf Clinic!

Other Events of Interest

IVCA Provides Updates for State Legislative Issues – 4/16/2025

Wed, 16 Apr 2025 18:34:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, April 16, 2025

IVCA LEGISLATION OUTLOOK
The IVCA has been steadily pursuing a way to address an interpretation by the Illinois Department of Revenue regarding certain taxpayers being eligible for a credit for taxes paid in other states. The bills are SB 145 and HB 1396 . Both measures have been heard in committee – the Senate bill in a subject matter only format, the House bill was approved unanimously in the Revenue Committee. It is our expectation that Revenue bills will not advance further through the process on their own but will instead by evaluated for inclusion in an omnibus measure at the end of the session. The outlook for the IVCA provisions remains positive, and we will continue working with the Illinois Taxpayers’ Federation and other allies to have this language included in the omnibus tax bill for 2025.

LEGISLATURE ON SPRING BREAK
The Illinois General Assembly is not in session this week. The House of Representatives returns to Springfield next week, while the Senate is off next week and returns to session on April 29th.

ILLINOIS ECONOMIC OUTLOOK
COGFA MARCH REPORT

PUBLIC CORRUPTION TRIAL ONGOING
ILLINOIS STATE SENATOR EMIL JONES III TAKES THE STAND

Shaping Tomorrow: Christie Pruyn on Evolving the Illinois Venture Capital Association for Continued Success

Wed, 16 Apr 2025 13:47:00 GMT

April 16, 2025

In my third year as Executive Director, I am proud to build upon IVCA’s strong foundation with members recognized as leaders in the Private Equity and Venture Capital community. Chicago’s spirit of innovation and entrepreneurship inspires me to ensure IVCA remains vital and poised for continued success. My focus has been to build upon IVCA’s strong history while developing new forward-looking strategic priorities that will guide the organization into the future.

Commitment to Advocacy: Advocacy is a founding principle of IVCA, and I am committed to ensuring that our work continues to strengthen Illinois as a great place for business and innovation. Looking forward, I am focused on promoting our advocacy work more effectively within both the industry and the association.

Generating robust data to showcase the impact of our industry in Illinois will be a priority, alongside effectively sharing this data with members, legislators, and other business leaders. Showcasing the strength of member firms, portfolio companies and the jobs they bring to their communities will ensure IVCA remains a trusted leader and voice for our industry while driving meaningful connections that support a thriving business climate in Illinois.

Improving Member Engagement and Elevating Our Value Proposition:
Looking ahead, I am focused on advancing efforts that will strengthen member engagement and reinforce IVCA’s impact. A priority will be elevating our marketing and communications materials to more professionally and effectively tell our story, ensuring members and stakeholders fully understand the value we provide.

Feedback from our strategic plan focus groups and member surveys has made it clear: there is a strong desire among our members for more opportunities for peer-to-peer engagement. In response, we are developing peer-to-peer learning and networking opportunities tailored to sub-groups within our membership as an example.

Building Collaborative Relationships: An important part of our new strategic plan is centered around expanding relationships. I am working to expand IVCA’s reach by cultivating relationships with institutional and family investors. These efforts have included developing programming to educate investors about Venture Capital and Private Equity opportunities while facilitating introductions to our members. One successful event has already demonstrated the impact of this work, linking new LPs to IVCA and showcasing the important initiatives of the IVCA Scholars Program and the IVCA Foundation.

Evolving the IVCA Scholars Program and Inclusion Initiatives: A key focus during my tenure has been the continued growth of the IVCA Scholars Program to increase diversity, participation, and industry awareness. In 2025, we’ve already achieved significant milestones: the program has grown to a record size, and we received a record number of applications, reflecting its increasing impact and appeal. I’ve also actively worked to expand awareness of the program and developed partnerships with other initiatives that benefit Illinois students, further strengthening the program’s reach and effectiveness. Additionally, the creation of the Scholar Advisory Board has been influential, bringing valuable insight and direction to the program while enhancing the support system for our Scholars.

Let’s keep evolving together … Christie

For more Initiatives of the Illinois Venture Capital Association (IVCA), click here .

New to Golf? Learn from the Pros at the IVCA Invitational Golf Clinic!

Mon, 14 Apr 2025 18:21:00 GMT

April 16, 2025

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

Thank you from our committee members:

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner– The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn, IVCA Executive Director

We look forward to another fantastic day together!

IVCA Newsletter – April 2, 2025

Thu, 03 Apr 2025 14:38:00 GMT

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation )

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Moderne Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Professional Advisor News

Troutman Pepper Locke Counsels Energage in Acquisition of TalentQuest

AIP Makes Strategic Investment in Leading Automotive Manufacturer and Distributor, Tenneco

Sidley Advises Supira Medical in US$120 Million Series E Financing

Troutman Pepper Locke Represents HALO Dream in Acquisition of Baby Merlin

INS Acquires Source Inc. to Expand Intelligent, Secure, and Scalable Networking Solutions

Sidley Represents Stonepeak in Equity Commitment to Longview Infrastructure

Troutman Pepper Locke Represents Summit Midstream in $90 Million Acquisition of Moonrise Midstream

Ropes & Gray Advises PAI Partners on the Sale of a Significant Minority Stake in European Camping Group

Sidley Advises Siemens Energy in Minority Investment in Marvel Fusion

EQT Consortium Completes $14.5 Billion Acquisition of Nord Anglia Education

Sidley Represents Clearlake Capital in Its US$7.7 Billion Acquisition of Dun & Bradstreet

Ropes & Gray Advises Thrive Pet Healthcare on Liability Management Transaction

Sidley Advises World Sevens Football on Creation and Launch of New Global 7-on-7 Women’s Soccer Competition Series

Ropes & Gray Advises 65 Equity Partners on Acquisition by HAS of Cerbios-Pharma

Sidley Represents Beacon Roofing Supply in Its US$11 Billion Sale to QXO

Podcast: – Antitrust Insights for Private Equity Navigating the New Administration’s Policies

CLE Webinar – Side Letters in Venture Capital Financing: Drafting and Negotiating, Implications on Future Financing, Potential Traps

Association News

IVCA Feature: State of Cryptocurrency for Venture Capital and Private Equity

Support, Lead, Inspire: Sponsorship Opportunities at Our Golf Invitational!

Elite Greens Await: Foursomes Available for GPs and LPs at the Invitational!

New to Golf? Learn from the Pros at Our Invitational Clinic!

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

October 23, 2024 – IVCA CFO Summit for Finance Professionals of Venture Capital and Private Equity firms

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Legislative News

IVCA Provides Updates for State Legislative Issues – 4/02/2025

Industry News

Linden Capital Partners Announces Final Close of Structured Capital Fund II at $400 Million

RCP Small and Emerging Fund III, LP Closes on ~$170 Million

Monroe Capital Supports Fusion Capital Partners’ Acquisition of Tavoron Holdings, Inc.

May River Capital Establishes a New Flow Control Platform, Tusk Industrial

Monroe Capital Completes Strategic Partnership with Wendel Group

All Glass & Windows Completes a Significant Equity Investment from Cross Rapids Capital, as Prospect Partners Exits

Baird Capital Exits Investment in Collage

Monroe Capital Supports Milrose Consultants’ Acquisition of Construction Specifications, Inc.

Michigan Capital Network Promotes Jenni Li to Principal

High Street Capital Expands Operating Team

BCP Named to Private Equity CXO’s and Falcon Partners’ 2025 List of Top 50 Private Equity Firms for Executives

Frontenac Named to Private Equity CXO’s 2025 List of Top 50 Private Equity Firms for Executives

First Analysis portfolio company PCMI receives strategic growth investment from Thoma Bravo

Nerdio Secures $500 Million in Series C Investment from General Atlantic at $1 Billion+ Valuation – March 2025

New EY Report Shows Private Equity Strengthens U.S. Economy with More Jobs, Higher Pay, and Increased Investment

Other Events of Interest

April 7-9, 2025 – Deal Max, Las Vegas
May 6-7, 2025 – InvestMidwest 2025
May 13-15, 2025 – SuperReturn CFO / COO North America
May 28-29, 2025 – SBIA 2025 Midwest Deal Summit
July 21-27. 2025 – TechWeek Chicago
September 25, 2025 – 2025 Momentum Awards
October 9, 2025 – MVCA 18th Annual Awards Celebration

IVCA Provides Updates for State Legislative Issues – 4/02/2025

Wed, 02 Apr 2025 16:47:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, April 2, 2025

IVCA LEGISLATION AWAITS FLOOR ACTION IN THE HOUSE

HB 1396 is poised to be heard on the House floor when the Illinois House of Representatives returns to the Capitol next week. The bill seeks to prevent certain Illinois investors from being double taxed on income paid to other states. Of note, House Speaker Chris Welch has added his name as a cosponsor.
House Sponsors
Rep. Curtis J. Tarver, II , Margaret Croke , Daniel Didech , Joe C. Sosnowski and Emanuel “Chris” Welch

The Senate version SB 145 was heard in the Senate Revenue Committee in “subject matter” format, which means the issues were discussed but no votes taken. The Senate approach will be to combine various bills into an omnibus package at the end of the year, which is a time-honored approach. The Senate bill is sponsored by Senate President Pro Tem Bill Cunningham who is a very effective sponsor.

The month of April includes various weeks of Spring Break and weeks where on chamber is in session while the other is not, and a week where both are out. The House and Senate are moving important bills which are smaller in scope during these weeks.
The heart of the legislative session on the big-ticket items including the annual budget will gain traction the last week of April and the month of May in advance of the May 31 adjournment.

NEWS AND NOTES

WCIA | Pritzker signs trade agreement between Illinois and Mexico: The MOU comes at the start of a delegation trip from Illinois to Mexico City with the purpose of deepening economic cooperation and opportunities between the state and country. This specific agreement emphasizes the strong ties between Mexico and Illinois with a specific focus on bilateral trade in industries including manufacturing, agriculture and finance, according to a media release from Pritzker’s office.
Sun-Times | Sentencing dates set for ComEd officials convicted of plot to influence Madigan: Summer sentencing dates have been scheduled for four former ComEd officials and lobbyists convicted of conspiring to illegally influence former Illinois House Speaker Michael J. Madigan. […] Hooker is set to be sentenced on July 14, Pramaggiore on July 21, McClain on July 24, and Doherty on Aug. 5.

New to Golf? Learn from the Pros at Our Invitational Clinic!

Wed, 02 Apr 2025 14:36:00 GMT

April 2, 2025

Contact Kathy Pyne at kpyne@illinoisvc.org to sign up for the Golf Clinic!

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

Thank you from our committee members:

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner– The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn, IVCA Executive Director

We look forward to another fantastic day together!

Elite Greens Await: Foursomes Available for GPs and LPs at the Invitational!

Wed, 02 Apr 2025 14:34:00 GMT

April 2, 2025

Not looking to sponsor but still want to hit the greens? As a qualified GP or LP , you can secure a Foursome at our prestigious Golf Invitational. Compete, network, and enjoy the company of top-tier professionals in the heart of the action. Don’t miss the chance to claim your spot!

Contact Kathy Pyne at kpyne@illinoisvc.org for to purchase an Investor Foursome!

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

Thank you from our committee members:

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner– The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn, IVCA Executive Director

We look forward to another fantastic day together!

Support, Lead, Inspire: Sponsorship Opportunities at Our Golf Invitational!

Wed, 02 Apr 2025 14:32:00 GMT

April 2, 2025

Are you ready to make a meaningful impact? We still have openings at the Supporter and Mentor sponsorship levels for this year’s Golf Invitational. These exclusive opportunities allow you to showcase your commitment to community and innovation while gaining visibility among industry leaders. Act now—these spots won’t last long!

Contact Kathy Pyne at kpyne@illinoisvc.org for the following sponsorships now available:

Supporter level ($15,000) benefits include:

Two Foursomes
Recognition in communications and on signage
Opportunity to host a virtual event or Scholar training workshop in partnership with IVCA

Mentor level ($7,500) benefits include:

One Foursome
Recognition in communication and on signage
Opportunity to host a virtual event or Scholar training workshop in partnership with IVCA

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

Thank you from our committee members:

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner– The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn, IVCA Executive Director

We look forward to another fantastic day together!

IVCA Feature: State of Cryptocurrency for Venture Capital and Private Equity

Tue, 01 Apr 2025 21:57:00 GMT

April 2, 2025

It’s been around for awhile now, and is making yet another round of prominence, backed by the new Trump administration. Cryptocurrency, the digital coinage that has been traded since 2009, is starting another stage of evolution. How does that affect the Venture Capital and Private Equity industries? The online financial press weighs in.

NinjaPromo.io, ’33 Best Crypto Venture Capital Funds for Investment in 2025’

Despite a tough 2022, crypto VC investments are still flowing to new and exciting blockchain-related projects. These investors are looking to play the long game when it comes to cryptocurrency projects, ignoring the layoffs and cutbacks that are occurring throughout the industry. Who are these investors? We’ll get to that in a moment but first, let’s talk a little more about what venture capital firms are and how they work.

Blockworks.co, ’Crypto venture capital could hit more than $18B in 2025’

There was a lot of momentum and positive sentiment at the beginning of [2024], and then … around the summer time … there was a slowdown in investments. And I think the thing with the crypto native VCs who are supposed to only invest in crypto, they really slowed down their investments. They didn’t really pick up their investments, even the ones that have, you know, a lot of dry powder in their funds. After the election, however, it seems activity has picked back up. Unfortunately, though, we don’t have the data yet to back up that observation. But [the thinking is], based on anecdotal evidence, we could see an uptick in this final quarter.

Forbes.com, ’The Crypto Market In 2025: Are Crypto Demand Trends Rising Or Weakening?’

Cryptocurrency has experienced its fair share of turmoil and triumphs over the past several years. Now, in 2025, many wonder whether the sector has truly overcome its earlier hurdles, which include rapid price swings, rug pulls, high-profile exchange failures, regulatory uncertainties and sustainability concerns.

SPGlobal.com, ’Private Equity Investments in Blockchain, Cryptocurrency Decline’

Global Private Equity and Venture Capital investments in blockchain continued a multiyear decline in 2024. Transactions targeting blockchain amounted to $2.99 billion, down 27% annually, while the number of deals was down close to 17%, according to S&P Global Market Intelligence data.
READ MORE: https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/1/private-equity-investments-in-blockchain-cryptocurrency-decline-87285197

Skadden.com, PODCAST: ’Crypto 2.0: What’s Next in the US?’

FINTECH FOCUS PODCAST: Though U.S. crypto participants have raised concerns about the lack of regulatory clarity for the industry, a new executive order may be the first step in a clearer path to compliance. In the latest “Fintech Focus,” details the Trump administration’s first crypto-focused executive order, a potentially more flexible compliance framework on the horizon and trends in crypto-related litigation.
LISTEN HERE (17 MINUTES): https://www.skadden.com/insights/podcasts/2025/03/crypto-whats-next-in-the-us

FIntechFutures.com, PODCAST: ’The VC outlook for 2025 and the latest fintech funding trends’

WHAT IS FINTECH? PODCAST: In the opening episode of season six of the “What is Fintech? podcast, [we discuss] the ever-evolving fintech funding landscape and the outlook for Venture Capital funding in 2025.
LISTEN HERE (34 MINUTES): https://www.skadden.com/insights/podcasts/2025/03/crypto-whats-next-in-the-us
CNBC Television, YOUTUBE VIDEO: ’These Crypto Projects Could Get the Most Venture Capital Funding in 2025’

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, [we discuss] which crypto projects are likely to get the most attention from Venture Capital firms in 2025.
WATCH HERE (9 MINUTES): https://youtu.be/qE-3LNy9AyY?si=7tkecntsHXIR4NIX

IVCA Newsletter – March 19, 2025

Thu, 20 Mar 2025 14:04:00 GMT

Industry News

Benford Capital Partners Closes Oversubscribed Fund III at $365MM

Monroe Capital Supports Milrose Consultants’ Acquisition of Construction Specifications, Inc.

Thoma Bravo Makes Strategic Growth Investment in PCMI

M onroe Capital Supports Growth of a360inc and ProVest, LLC

P ritzker Private Capital Completes Investment in Americhem

Monroe Capital Supports Battery Ventures’ Investment in Signiant, Inc.

First Analysis portfolio company AmpliFund has been acquired by Euna Solutions

Wynnchurch Capital Port Co Owen Companies Acquires J&R Equipment

HPA Announces Acquisition of Portfolio Company AmpliFund by Euna Solutions

Lending to Consumer Finance: A Growing & Dynamic Investment Sector – Victory Park Capital

Frontenac Named to Private Equity CXO’s 2025 List of Top 50 Private Equity Firms for Executives

Private Equity Drives Local Growth and Economic Expansion Across America

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation )

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Moderne Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Legislative News

IVCA Provides Updates for State Legislative Issues – 3/19/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Professional Advisor News

BDO Capital Advisors Announces New President & CCO

Ropes & Gray Advises Cutera in Prepackaged Chapter 11 Cases

Sidley Represents AVP in Historic Media Rights Deals With CBS Sports and the CW Network

Ropes & Gray Advises Park Square Capital on Acquisition by Portfolio Company Cleanova of Micronics

Sidley Represents Sagard Healthcare Partners in Providing up to US$250 Million in Non-Dilutive Financings to Nuvation Bio

Ropes & Gray Represents Walgreens Boots Alliance as Health Care Regulatory Counsel in $23.7 Billion Acquisition by Sycamore Partners

Sidley Represents Castle Creek Capital in IPO of Northpointe Bank

Justin Kliger Discusses Alternative Retail Structures in Mergers & Acquisitions

Sidley Advises in Ajax Engineering’s US$150 Million Initial Public Offering

FairJourney Biologics Acquires Charles River Laboratories South San Francisco Facility

Data Centers Fuel Financing Frenzy

Sectigo Acquires Entrust’s Public Certificate Business

Association News

IVCA Feature: New Member Profile of CSC Leasing Company

Let’s get ready to golf!

Other Events of Interest

IVCA Provides Updates for State Legislative Issues – 3/19/2025

Wed, 19 Mar 2025 17:48:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, March 19, 2025

IVCA BILL ADVANCES
HB 1396 advanced out of the House Revenue Committee and is now poised to be considered on the floor of the Illinois House of Representatives. The bill was approved unanimously by the committee and enjoys strong bipartisan support. Specific credit must be given to the Sponsor, Chairman Curtis Tarver, and cosponsors Rep. Margaret Croke, Rep. Dan Didech, and Rep. Joe Sosnowski, who is the Republican leader on the Revenue Committee. The bill as you will remember is to address a ruling by the Illinois Department of Revenue which denied a tax credit for taxes paid in other states to certain Illinois taxpayers. This was an unintended result of our legislation from 2023 to update the definition of an Investment Partnership.

SB 145 is the companion of HB 1396. The language is identical. SB 145 is being heard this afternoon in the Senate Revenue Committee under a “subject matter” hearing which means no votes will be taken, however, if and when it comes time for a vote the subject has already been discussed and the committee can move to a vote. In the Senate the IVCA has an extremely capable sponsor in Sen. Bill Cunningham.

DEADLINE WEEK
The Illinois General Assembly is on deadline week which means run of the mill bills which don’t get out of committee by Friday are unlikely to advance this legislative session. After this week we will have a better idea of which issues have staying power and which will wait for next session.
For example:

Center Square | Gambling insider says Illinois’ internet gambling legislation likely doomed: The Illinois Gaming Machine Operators Association is opposed to the idea, and Christopher Altruda, a writer and contributor to CasinoReports.com, said he is not surprised the Illinois Gaming Board is not on board as well. “Taking on an expanded vertical like this as you’re still settling the expansion of what you had for brick-and-mortar casinos and online sports betting, it’s a very tall ask of this state agency,” said Altruda.

Pritzker Private Capital Completes Investment in Americhem

Tue, 18 Mar 2025 20:25:00 GMT

March 13, 2025

CHICAGO – [March 13, 2025] – Pritzker Private Capital (“PPC” or “the firm”), a leader in family direct investing, today announced the completion of its previously announced investment in Americhem, a family-owned manufacturer of custom color masterbatch, performance additive and engineered compound solutions. PPC has invested alongside members of the Juve family and management.

PPC’s investment and partnership will provide additional financial resources and expertise to accelerate growth, innovation and expansion across Americhem’s end markets. With 10 manufacturing plants and sales offices located throughout North America, Europe and Asia, the company intends to expand its platform into additional markets and build on its strong foundation.

Americhem’s current leadership team, including CEO John Richard, continues to guide the company, and Americhem Chairman, Rick Juve, remains a committed owner and steward on the Board of Directors.

About Americhem

Americhem is an innovative, technology-driven leader in the global polymer industry. Its foundation is built around delivering Performance, Solutions and Trust through close collaboration with customers. All of the company’s products are backed by complete technical support that ensures quality, reliability, and value. Americhem operates 10 manufacturing plants and maintains sales offices throughout the world. For more information, visit Americhem.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Contacts

Dan Scorpio / Mallory Griffin
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / mallory.griffin@h-advisors.global

IVCA Feature: New Member Profile of CSC Leasing Company

Tue, 18 Mar 2025 20:07:00 GMT

March 19, 2025

The latest new member is the firm of CSC Leasing Company , who offers “custom, low-cost solutions that are less onerous than traditional debt, without warrants or covenants. Our equipment-specific liens translate to simple, accretive capital that fits seamlessly into your financing structure with minimal disruption.”

The following is a Q&A profile with CSC Leasing , which explores the firm’s background and their expectations for interacting with the IVCA.

New Member : CSC Leasing Company
Representative : Jeff Pfeffer. Executive Director

IVCA : What is a brief history and background of CSC Leasing?

CSC Leasing : CSC, a leading specialty finance company focused on equipment and technology leasing, has been empowering businesses for nearly four decades. What began as a family-owned operation has quickly evolved into a market leader, partnering with companies of various sizes, stages and industries worldwide to efficiently manage capital, maintain equity and scale businesses.

Today, CSC has over $1 billion in assets under management financing 100% of transactions with its own private capital. As an independent lessor, CSC operates with the latitude and agility required to support innovators in an ever-changing marketplace.

IVCA : Why did the firm decide to join the Illinois Venture Capital Association?

CSC Leasing : CSC is dedicated to building long-term relationships that support innovation. Our mission is aligned with IVCA’s commitment to the development and growth of Illinois’ Private Equity and Venture Capital community. I joined CSC’s executive team to strengthen the firm’s presence in the Midwest.

Prior to joining CSC, I played a pivotal role at CapX Partners, a long-standing member of IVCA, and have experienced first-hand the impact of the organization and its role in the entrepreneurial ecosystem.

IVCA : As a veteran in the business and having just started with CSC, how has the finance/leasing sector you represent evolved in the last ten years?

CSC Leasing : Over the past decade, the shift in capital availability and the expansion of non-bank lending has transformed the financial landscape. Historically, more than $1 trillion in equipment finance was primarily handled by national banks and large institutional finance companies, with only a small portion served by fragmented independents and un-funded brokers.

Since 2010, private credit markets have considerably expanded, with equipment finance and leasing experiencing considerable investor tailwinds. Recently, major asset managers are acquiring or lifting out mature equipment leasing professionals to capture market share vacated by banks – particularly following disruptions like the Silicon Valley Bank deposit run.

Today, U.S. businesses lease approximately 80% of acquired equipment with over $1 trillion in economic value. This has resulted in independent and privately funded players emerging as dominant forces in the equipment finance sector.

IVCA : Once you partner with a specific industry client, how does your expertise in scaling the business help to achieve goals like managing capital and maintaining equity?

CSC Leasing : CSC enables companies at every stage – early, middle-market, and enterprise – access non-dilutive equipment financing and navigate CapEx barriers.
With equipment-specific liens, CSC provides simple, accretive capital that integrates seamlessly into existing financing structures and doesn’t require warrants, covenants or onerous structures.

Leasing, a 100% advance rate credit product, eliminates the need for down payments typically required in equipment loans, which typically range between 20%-25%. By opting for leasing, businesses can preserve liquidity and invest in other parts of their business. Leasing provides predictable, fixed payments – enhancing budgeting and planning while serving as a hedge in inflationary environments.

CSC also provides upfront transparency about end-of-lease options, enabling businesses to manage their all in costs.

IVCA : How do you approach lease line options with the businesses you’re negotiating with, and what factors create these options?

CSC Leasing : CSC offers lease lines of credit that provide businesses with precise capital drawdowns for equipment acquisitions. Unlike some capital providers that require the full capital upfront, CSC’s structure ensures companies deploy funds only as needed – eliminating the inefficiencies of idle capital.

Approval for CSC’s lease lines is based on key financial indicators, including cash liquidity, capital reserves from investors … for follow-on needs, competent financial reporting, and a clear path to profitability.

IVCA : What are some of the funding and leasing points that surprises your clients in the sense that they don’t think about until CSC and what you do comes along?

CSC Leasing : Many companies approach equipment acquisition assuming they need to purchase outright or rely on traditional financing. But when they start working with CSC, they often have unexpected ‘aha’ moments – realizing there are smarter, more strategic ways to fund their growth.

One common surprise is the flexibility leasing provides. Instead of tying up capital in depreciating assets, our clients can preserve cash for core business initiatives while aligning costs with revenue generation. Many also don’t anticipate how much faster and more streamlined our process is compared to conventional financing, allowing them to deploy critical equipment without delays.

Another overlooked factor is technology obsolescence. Companies are often focused on their immediate equipment needs, not realizing that leasing allows them to upgrade more easily and avoid being stuck with outdated technology. Additionally, the off-balance-sheet benefits of leasing can improve financial metrics and preserve debt capacity – something many clients hadn’t initially considered.

Finally, CSC’s expertise in managing residual values often results in lower overall costs than purchasing outright. Many clients are surprised to learn they don’t have to bear the full burden of depreciation, making leasing a cost-effective strategy for scaling their business. CSC partners with companies at all stages, including those that are pre-revenue, and we are committed to building long-term relationships that support businesses across market cycles. Our goal is to provide not just financing, but a flexible, strategic approach that helps businesses grow with agility and confidence.

IVCA : What does CSC Leasing hope to achieve in their interaction with the VC/PE community within the IVCA?

CSC Leasing : CSC is dedicated to being the leading equipment lessor for Venture Capital and Private Equity-backed businesses in the Midwest. IVCA members represent the type of investors CSC seeks to partner with, making them ideal partners in delivering tailored leasing solutions that enable portfolio companies to scale.

Leveraging its robust client network, CSC actively fosters business connections – most recently facilitating a merger between two clients with the support of their CSC relationship manager.

Beyond financing, CSC is committed to IVCA’s volunteer governance and community engagement initiatives. The team lives by five foundational values – innovation, integrity, ambition, humility and optimism. This is anchored by a guiding principle, a Golden Rule … treat others as we wish to be treated.

For the website of CSC Leasing Company, click here .

Let’s get ready to golf!

Tue, 18 Mar 2025 17:53:00 GMT

March 19, 2025

The 2025 IVCA Invitational is set for Olympia Fields Country Club on Monday, June 23, 2025 and we hope to see all you golfers there!

Mark your calendars! Save the Date! Sign up for your sponsorship!

Contact Kathy Pyne at kpyne@illinoisvc.org for the following sponsorships now available:

Supporter level ($15,000) benefits include:

Two Foursomes
Recognition in communications and on signage
Opportunity to host a virtual event or Scholar training workshop in partnership with IVCA

Mentor level ($7,500) benefits include:

One Foursome
Recognition in communication and on signage
Opportunity to host a virtual event or Scholar training workshop in partnership with IVCA

This year’s event details are as follows:

Monday, June 23, 2025
Olympia Fields Country Club
- 2800 Country Club Dr
- Olympia Fields, IL 60461
12 Noon shotgun start. Lunch. Reception to follow.

Thank you from our committee members:

Stephanie Paine, Chair – Pritzker Private Capital
Shoshana Vernick, Chair Emeritus – Avathon Capital
Walter Florence, Chair Emeritus – Frontenac
Chris Killackey – Prairie Capital
Adam Kleffner– The Vistria Group
Victoria Leon – Hyde Park Venture Partners
Rocco Martino – OceanM19
David Namkung – Kinzie Capital Partners
Jeff Piper – Semper Fi Partners
Christie Pruyn, IVCA Executive Director

We look forward to another fantastic day together!

Association News IVCA Feature: New Member Profile for CSC Leasing Company

Thu, 13 Mar 2025 18:45:00 GMT

March 19, 2025

Recently added to the IVCA membership is CSC Leasing Company represented by Jeff S. Pfeffer.

IVCA: What is a brief history and background of CSC Leasing?

CSC, a leading specialty finance company focused on equipment and technology leasing, has been empowering businesses for nearly four decades. What began as a family-owned operation has quickly evolved into a market leader, partnering with companies of various sizes, stages and industries worldwide to efficiently manage capital, maintain equity and scale businesses.

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

CSC is dedicated to building long-term relationships that support innovation. Our mission is aligned with IVCA’s commitment to the development and growth of Illinois’ private equity and venture capital community. I joined CSC’s executive team to strengthen the firm’s presence in the Midwest. Prior to joining CSC, I played a pivotal role at CapX Partners, a long-standing member of IVCA, and have experienced first-hand the impact of the organization and its role in the entrepreneurial ecosystem.

As a veteran in the business and having just started with CSC, how has the finance/leasing sector you represent evolved in the last ten years?

Over the past decade, the shift in capital availability and the expansion of non-bank lending has transformed the financial landscape.

Historically, more than $1 trillion in equipment finance was primarily handled by national banks and large institutional finance companies, with only a small portion served by fragmented independents and un-funded brokers.

Since 2010, private credit markets have considerably expanded, with equipment finance and leasing experiencing considerable investor tailwinds.

Recently, major asset managers are acquiring or lifting out mature equipment leasing professionals to capture market share vacated by banks—particularly following disruptions like the Silicon Valley Bank deposit run.

Once you partner with a specific industry client, how does your expertise in scaling the business help to achieve goals like managing capital and maintaining equity?

CSC enables companies at every stage—early, middle-market, and enterprise—access non-dilutive equipment financing and navigate CapEx barriers.

With equipment-specific liens, CSC provides simple, accretive capital that integrates seamlessly into existing financing structures and doesn’t require warrants, covenants or onerous structures.

Leasing provides predictable, fixed payments – enhancing budgeting and planning while serving as a hedge in inflationary environments.

CSC also provides upfront transparency about end-of-lease options, enabling businesses to manage their all in costs.

IVCA: How do you approach lease line options with the businesses you’re negotiating with, and what factors create these options?

CSC offers lease lines of credit that provide businesses with precise capital drawdowns for equipment acquisitions. Unlike some capital providers that require the full capital upfront, CSC’s structure ensures companies deploy funds only as needed—eliminating the inefficiencies of idle capital.

Approval for CSC’s lease lines is based on key financial indicators, including cash liquidity, capital reserves from investors (for follow-on needs), competent financial reporting, and a clear path to profitability.

IVCA: What are some of the funding and leasing points that surprises your clients in the sense that they don’t think about until CSC and what you do comes along?

Many companies approach equipment acquisition assuming they need to purchase outright or rely on traditional financing. But when they start working with CSC, they often have unexpected “aha” moments—realizing there are smarter, more strategic ways to fund their growth.

Many also don’t anticipate how much faster and more streamlined our process is compared to conventional financing, allowing them to deploy critical equipment without delays.

Another overlooked factor is technology obsolescence. Companies are often focused on their immediate equipment needs, not realizing that leasing allows them to upgrade more easily and avoid being stuck with outdated technology. Additionally, the off-balance-sheet benefits of leasing can improve financial metrics and preserve debt capacity—something many clients hadn’t initially considered.

IVCA: What does CSC Leasing hope to achieve in their interaction with the VC/PE community within the IVCA?

CSC is dedicated to being the leading equipment lessor for venture capital and private equity-backed businesses in the Midwest. IVCA members represent the type of investors CSC seeks to partner with, making them ideal partners in delivering tailored leasing solutions that enable portfolio companies to scale.

Leveraging its robust client network, CSC actively fosters business connections—most recently facilitating a merger between two clients with the support of their CSC relationship manager.

IVCA Newsletter – March 5, 2025

Thu, 06 Mar 2025 14:33:00 GMT

Association News

IVCA Feature: Online Analysis on How Tariffs, DOGE will Affect VC/PE & Economy

Legislative News

IVCA Provides Updates for State Legislative Issues – 3/05/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Other Events of Interest

July 21-27. 2025 – TechWeek Chicago – Mark your Calendars!

Industry News

Monroe Capital Supports Avathon Capital’s Acquisition of Yellow Brick Road Early Childhood Center

GTCR Announces $3.6 Billion Strategic Growth Fund II

Thoma Bravo Closes First European Fund at €1.8 Billion, Exceeding its Target

Kinzie Capital Partners Announces the Acquisition of Fraser Steel, LLC

Flex Raises $225 Million in Equity and Debt Funding to Build All-in-One Business and Personal Financial Management Platform for Business Owners; Victory Park Capital Participates

Francisco Partners to Acquire Quorum Software from Thoma Bravo

BluWave Recognizes Cressey & Company with 2025 Top PE Innovator Award

High Street Capital Expands Investment Team

BluWave Recognizes Frontenac with 2025 Top PE Innovator Award

Runway Growth Capital Names Greg Greifeld Chief Investment Officer

The Vistria Group Announces the Appointment of Healthcare Pioneer Dr. Tony Coles as Senior Advisor

Wynnchurch Capital Port Co FloWorks Acquires CAC Industrial Equipment

Growth Catalyst Partners Port Co Opus Agency Expands Global Reach with Acquisition of Asia-Pacific’s Event Marketing Agency of the Year, The Company We Keep

Wynnchurch Capital Port Co ORS Nasco Acquires R3 Safety

Thoma Bravo Port Co Flexera Completes Acquisition of NetApp’s Spot FinOps Portfolio

Professional Advisor News

Sidley Represents Redding Ridge Asset Management and Apollo in the Acquisition of Irradiant Partners

Ropes & Gray Advises Cosette Pharmaceuticals in Mayne Pharma Acquisition

Troutman Pepper Locke Represents Hull Street Energy in Agreement to Acquire Elwood Energy’s Illinois Power Assets

Sidley Represents ElectronX in Its US$10 Million Series A Financing

Ropes & Gray Advises Goldman Sachs Asset Management on its Acquisition of a Significant Minority Stake in CorpAcq

Troutman Pepper Locke Advises Quikrete on $11.5B Acquisition of Summit Materials and Related Financing

Sidley Represents AdvanCell in Strategic Collaboration With Eli Lilly

Brahma Announces Acquisition of Metaphysic

The Top 10 Legal Risks Impacting the Value of a Consumer Product Brand | Troutman

Sidley Represents Geotab in Joint Venture With Vitality to Optimize Commercial Fleet Management

Client New Mountain Capital Invests in Amerit Fleet Solutions

PE Pathways Podcast: Evolving Landscape of Secondary Transactions in Private Equity | Troutman

Sidley Represents Clearlake Capital in ModMed Transaction

Ropes & Gray at with.Intelligence Women’s Private Equity Summit

Sidley Represents Sports Data Labs in Landmark Player Data Deal

Job Postings

Please view the full details for each Job Posting listed below, on our website HERE . Once at Job Postings please scroll down the pages to view the jobs. They are listed chronologically as received, most current first.

New! Sandbox Industries – Associate position (Clinical Innovation )

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

IVCA Provides Updates for State Legislative Issues – 3/05/2025

Wed, 05 Mar 2025 18:27:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, March 5, 2025

IVCA LEGISLATION IN COMMITTEE
IVCA has introduced HB 1396 to address a decision by the Illinois Department of Revenue to restrict the eligibility for a tax credit for taxes paid in other states – resulting essentially in a “double-tax” situation. The bill has had a “subject matter” hearing and is being evaluated by IDOR and the House Revenue Committee. Rep. Margaret Croke has joined Rep. Curtis Tarver as the sponsors of the bill, and as the bill makes progress, we will keep you advised.

COGFA REVENUE ESTIMATES
The Illinois General Assembly and the Office of the Governor are in serious discussions over the FY 26 budget which must be assembled and approved by May 31. The revenue estimates coming from the administration and the legislature are not in complete agreement, which is not unusual, though it informs the decisions of what can or cannot be afforded.
COGFA REVENUE FORECAST

The Commission estimates that the State of Illinois is on pace to reach and slightly surpass the $53.281 billion assumed revenue total for the enacted FY 2025 General Funds budget.
While the Commission’s $333 million upward adjustment in FY 2025 to $53.614 billion is below GOMB’s recently revised increase of $619 million to $53.900 billion, the $286 million difference between the two forecasts is only 0.5% apart.
If income tax revenues come in strong during the upcoming final tax period, and if other revenue sources, such as the sales tax, continue to improve, the Commission could potentially make another upward revision in May.
From Senate Republicans:
Today, the bipartisan, bicameral Commission on Government Forecasting and Accountability (COGFA) released their updated revenue projections, painting Illinois Governor JB Pritzker’s budget as more than $1 billion out of balance.
“The independent COGFA numbers show the governor used aggressively inflated revenue projections to minimize the cuts or tax increases his budget would require to be balanced,” said Illinois Senate Republican Leader John Curran (R-Downers Grove). “This is why it is absolutely necessary that the governor rein in the spending on unsustainable non-citizen programs and prioritize the taxpayers he was elected to represent.”

NEWS AND NOTES

Gov. JB Pritzker | Up to a million Illinoisans will lose health care coverage with slashing of Medicaid : One in four Illinois residents — more than 3.4 million people — are covered by Medicaid. Who are they? Medicaid provides health care for nearly half of our state’s children. It’s the largest insurer for people who live in nursing homes and for people with developmental disabilities. Farmers and rural farm workers will lose the ability to see a doctor when they’re ill. This is also a broader economic issue. Illinois hospitals and health systems support 445,000 full-time jobs and anchor many rural communities. Hospitals will close. People will lose their jobs.
Journal Courier | Illinois invests $15M in Polish bonds for portfolio diversification : The Republic of Poland bonds were purchased to diversify the state’s portfolio and achieve stable returns from a strong investment, he said. The bonds will mature in four years with an interest rate of 4.625% and a current yield of 4.831%.

IVCA Feature: Online Analysis on How Tariffs, DOGE will Affect VC/PE & Economy

Wed, 05 Mar 2025 18:22:00 GMT

March 5, 2025

The two issues that have emerged in the newly minted second term of Donald Trump has undoubtably been tariffs (on product from other countries) and the somewhat secretive Department of Government Efficiency (DOGE). But what will be the implications of these two programs on Venture Capital and Private Equity, and in turn the overall economy? The online financial press weighs in.

TheLogic.co, ’VCs Warn That the Threat of Tariffs is Changing the Investing Game’

The View from Canada: “A trade war between the U.S. and Canada might be on hold, for now, but the continued threat could have lasting impacts on the startup and investment sector, venture capitalists have warned. Toward the end of last year, many investors in Canada were anticipating the VC market to improve in 2025, after years of shaky economic conditions had dampened deal-making.”

Axios.com, ’Silicon Valley is coming to Washington D.C.’

The big picture … Silicon Valley is about to influence D.C. like Wall Street once did. Any future finger pointing will be at a mirror. Zoom in … President Trump has named a slew of VCs and tech execs to his administration, particularly in policy areas that could impact investment returns.

ChannelChek.com, ’How Trump’s DOGE Initiative Could Reshape Biotech’s Future’

From Shortly After the Election: “The Department of Government Efficiency (DOGE), spearheaded by Donald Trump with the involvement of Elon Musk promises sweeping changes to federal operations, including deregulation efforts targeting agencies like the FDA. For the biotech industry, these potential reforms could significantly impact drug development, approval processes, and market dynamics.”

Bloomberg.com, ’DOGE Claim of $55 Billion in Savings Doesn’t Quite Add Up’

The effort to slash federal spending championed by billionaire Trump ally Elon Musk and dubbed the Department of Government Efficiency says it has saved $55 billion so far. But the numbers posted on the DOGE website as of yesterday only accounted for $16.6 billion.

PODCAST, NB.com, ’Tariffs Are Here: What Does That Mean for Private Equity?’

Opinion from the firm of Neuberger/Berman: “While policy negotiations remain fluid, we believe private equity (PE) portfolios may offer some welcome insulation from tougher tariffs: This is because PE managers have historically had less exposure to economic sectors that rely heavily on tangible imports—such as industrials, materials and consumer goods—and greater exposure to sectors and industries where innovation and intellectual capital are the primary drivers of value, such as information technology (IT), healthcare and financial services.”

LISTEN (15 minutes): https://www.nb.com/en/global/insights/article-tariffs-are-here-what-does-that-mean-for-private-equity

PODCAST, AllspringGlobal.com, ’Tariff Talk: Politics and Global Trade’

The U.S. announced tariffs on Canada, Mexico, and China. Although tariffs on NAFTA countries are temporarily on hold, China is responding with its own retaliatory measures. Allspring experts discuss how these ongoing developments create uncertainty but also opportunities for active portfolio management.

LISTEN (19 minutes): https://www.allspringglobal.com/insights/videos/tariff-talk-politics-and-global-trade/

PODCAST, HKLaw.com, ’Adapting to Tariffs and Other Trade Policy Shifts Under the Trump Administration’

The episode highlights the complexities of tariff implementation, legal avenues for imposing tariffs under Sections 301 and 232 of the U.S. Trade Act of 1974, and the potential for flexibility under the International Emergency Economic Powers Act (IEEPA).

LISTEN (42 minutes): https://www.hklaw.com/en/insights/media-entities/2025/02/podcast-adapting-to-tariffs-and-other-trade-policy-shifts

IVCA Newsletter – February 19, 2025

Thu, 20 Feb 2025 14:48:00 GMT

Association News

IV CA Feature: New Member Profile of TechNexus Venture Collaborative

Membership update: Kilpatrick Marks One-Year Since Joining Forces with HMB Legal Counsel in Chicago

Legislative News

IVCA Provides Updates for State Legislative Issues – 2/19/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Industry News

Avathon Capital Acquires Yellow Brick Road, Strengthening Commitment to Early Childhood Education

MK Capital Leads $12 Million Series A Investment in INFI to Drive AI-Powered Self-Service Innovation – February 2025

Monroe Capital Supports Platinum Equity’s Investment in Global, The Source

Runway Growth Capital Leads $75 Million Loan Facility as Part of $120 Million Financing for Piano

Kinzie Capital Partners Announces the Acquisition of Fraser Steel, LLC

Monroe Capital Supports Olympus Partners’ Acquisition of Accelevation Holding Company, LLC

Digit Raises $2.5M

Health Catalyst Signs Definitive Agreement to Acquire Hyde Park Venture Partners Upfront Healthcare Services

Prairie Capital Announces Finance Team Promotion

Baird Capital Hires New Vice President of Research & Knowledge Management

Victory Park Capital announced as Lender Firm of the Year at The M&A Advisor’s 19th Annual Turnaround Awards

Periscope Equity Port Co CyberMaxx Announces the Acquisitions of CyberSafe and onShore Security

Thoma Bravo Port Co, Conversational AI Leader, Paradox, Acquires People Analytics Platform Eqtble to Advance AI Vision

Wynnchurch Port Co Handgards Acquires Inno-Pak, Creating Diversified Foodservice-Solutions Platform with Multiple Growth Tailwinds

Professional Advisor News

PE Pathways: The Demystification of Employee Retention Credits for Private Equity Deals | Troutman Pepper Locke

LegalZoom Announces Acquisition of Formation Nation

Sidley Represents Achieve Partners on the Acquisition of Wise Music Group’s Digital Education Division

BDO’s 2025 Fintech Predictions

Ropes & Gray Advises on Two of the Top Seven Biopharmaceutical Licensing Deals in 2024 Worth Up to $12.55 Billion

Troutman Pepper Locke Advises NewSpring Capital in $15M Investment in Jones

Sidley Represents Ancala in Formation of Phoenix Rail and Subsequent Acquisition of Lehigh Valley Rail Management

BDO’s 2025 Tech Predictions

Ropes & Gray Advises Sunrise Communications on $1.3 Billion Refinancing

Troutman Pepper Locke Represents Renegade Infrastructure in Close of Inaugural Equity Commitment From Energy Spectrum Capital

Sidley Advises Ariel Investments in New Women’s Sports-Focused Fund Launch and Initial Investment in NWSL’s New Denver-Based Expansion Team

On BDO’s latest Private Equity PErspectives podcast episode , host Todd Kinney is joined by Chris Grambling, partner at Southfield Capital , and Kevin Condon, partner at Hidden River Strategic Capital

Rubicon Founders Makes Majority Investment in Horizon Infusions

Sidley Advises on Warner Bros. Discovery’s Historic TV & Film Music Rights Deal

McNally Capital Announces Investment in Jewett Automation

Sidley Advises Warner Music Group on Acquisition of Controlling Stake in Tempo Music

Ardena Completes Acquisition of Advanced Drug Product Manufacturing Facility in Somerset, NJ and Expands Bioanalytical Services in North America

Sidley Represents Grain & Protein Technologies in Cross-Border Carve-Out Acquisition from Munters FoodTech

Ropes & Gray Honored as a Law360 “Private Equity Practice Group of the Year”

Sidley, Mintz Guide Gene Biz Acquisition Worth Up To $7M

Ropes & Gray Recognized as a Leading International Law Firm in Chambers Global 2025

Ropes & Gray Attorneys to Moderate Panels at with.Intelligence Women in Private Equity Summit

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation )

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

IVCA Provides Updates for State Legislative Issues – 2/19/2025

Wed, 19 Feb 2025 19:23:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, February 19, 2025

IVCA BILL UPDATE
The IVCA has introduced legislation to address a decision by the Illinois Department of Revenue restricting the use of a Foreign Tax Credit for certain partnership circumstances. This arises out of the IVCA work in recent years o update and expand the definition of an investment Partnership. HB 1396 is scheduled for a subject matter hearing (no votes) in the House Revenue Committee Thursday the 20th. House Revenue Hearing 2-20-25

GOVERNOR DELIVERS 2026 BUDGET ADDRESS

For months and months, the messaging in the Capitol has been of weak revenue projections and growing demands on state spending, which as the day of the budget arrived, receded in place of a rosier outlook:

Governor JB Pritzker gave his budget address today, and following are several links to the address and document:

FY 26 BUDGET IN BRIEF
ILLINOIS FY 26 PROPOSED BUDGET
BUDGET PICTURE BRIGHTENS
CRAIN’S ON FY 26 ILLINOIS BUDGET

CRAIN’S CHICAGO 2-19-2025 NOON

The budget situation in the coming year isn’t quite as dire as predicted but will put pressure on lawmakers to tighten their belts more than in past.

That’s the overall message as Gov. JB Pritzker today introduces a $55.4 billion spending plan for the fiscal year that starts July 1, up from $53.5 billion a year ago.

The fiscal pain that many had feared was lessened by a better-than-expected forecast from the Governor’s Office of Management and Budget, which now predicts an increase of more than $1.5 billion in what the state calls core revenue. The budget doesn’t include any tax increases, but nearly one-third of the revenue improvements come from one-time increases or shifts in expenditures In November, the budget office predicted revenue would remain flat, producing a $3.2 billion shortfall if expenses grew as expected, driven in part by a $1 billion increase in healthcare spending as federal COVID-relief funds ran out. Pritzker is proposing a lower increase in spending, in part by ending a program that provides medical coverage to noncitizens.

“We expect revenue to increase, but not at the type we’ve experienced in recent years,” the governor’s staff said during a briefing before Pritzker’s budget address

IVCA Feature: New Member Profile of TechNexus Venture Collaborative

Tue, 18 Feb 2025 22:43:00 GMT

February 19, 2025

The latest new member is the firm of TechNexus Venture Collaborative, who describe themselves as “a blend of corporate joint ventures, operating entities, and limited partnerships fueling a fast-growing investment portfolio.”

The following is a Q&A profile with TechNexus, which explores the firm’s background and their expectations for interacting with the IVCA.

New Member: TechNexus Venture Collaborative
Representative: Jim Dallke, Director of Communications

IVCA: What is a brief history of and background of TechNexus Venture Collaborative?

TechNexus: TechNexus launched in 2007 as a physical collaboration space for Chicago’s technology entrepreneurs. What began as a clubhouse for innovators eventually expanded into a first-of-its-kind Venture Collaborative that helps leading corporations invest in ambitious startups to drive their business forward. We are, today, a combination of venture funds, corporate joint ventures, operating partners, ecosystem builders and a fast-growing investment portfolio.

By operating at the intersection of startups and corporate innovation, we’re helping legacy businesses grow and prepare for the future by connecting them to an ecosystem of ventures relevant to their industry. Since 2017, TechNexus Venture Collaborative has invested in over 150 portfolio companies.

These powerful partnerships between large organizations and startups drive innovation and growth by uncovering new opportunities, transforming industries, and achieving long-term success.

We take a different approach to corporate venturing. In addition to strategic capital, we incubate startups, draw insights from the ecosystem, collaborate in a structured way, and build new revenue streams. More than half of our team is focused on post-investment collaboration. We also extend the insight into advantaged investment funds and the development and management of new operating entities.

IVCA: Why did the firm decide to join the Illinois Venture Capital Association?

TechNexus: The IVCA provides a powerful platform for Venture Capitalists and like-minded professionals to connect, share knowledge, and collaborate on investment opportunities. TechNexus benefits from plugging into this network and working alongside IVCA members to support policies that aid in the growth of the venture capital industry in Illinois.

IVCA: The firm calls itself a ‘Venture Collaborative.’ In creating relationships between larger corporations and smaller start-ups, what do you discover that benefits both entities?

TechNexus: Startups and large corporations speak two different languages. For publicly traded, legacy corporations that are responsible to shareholders, moving fast and taking risks is often difficult to do. Startups, meanwhile, are fast-movers and risk-takers by nature. There’s great value in these two parties working together, but they often struggle to find synergies.

Startups may have technology that can transform a corporation’s future, but all too often the corporation finds itself more focused on the quarter ahead instead of the decade to come.

These misaligned priorities create bottlenecks and pain points in traditional corporate Venture Capital. We believe corporate venture relationships need an upgrade. And that upgrade is a venture collaborative approach that utilizes a translator who can bridge the gap between corporations and startups. TechNexus works as a trusted partner to both parties, helping create new business opportunities and revenue streams that drive long-term success for both.

IVCA: In partnering these collaborations, the firm expresses the building of an entrepreneurial ecosystem. In addition to profit, what are the goals of such an ecosystem, and what kind of entrepreneurship takes place when those building blocks work most effectively?

TechNexus: By connecting large corporations to a venture ecosystem, TechNexus turns a corporation’s emerging competitors into assets. Rather than worrying about tomorrow’s competition, we help you partner with them today. Developing close relationships with startups helps future proof corporations and sets them up for long-term success.

But beyond connecting corporations with startups that are relevant to their business, TechNexus also uncovers new insights, business models and other opportunities corporations may not even be thinking about. By investing in an ecosystem of ventures, corporations get a 360-degree view of their industry like never before. These relationships help corporations become more resilient and unlock new opportunities.

IVCA: On your website, you talk about four outcomes of growth … new markets, new products/services, new business models and new revenue streams. What is a prime partnering example of a Venture Collaborative that produced some or all of the outcomes?

TechNexus: One of TechNexus’s corporate partners is Thor Industries, the world’s largest RV manufacturer. We worked with Thor to invest in Harbinger Motors, a medium-duty electric vehicle maker that specializes in commercial and specialty EVs. In addition to the equity investment Thor was able to make in Harbinger, the two collaborated to develop the world’s first hybrid RV, which was unveiled last year.

It’s a perfect example of a leading corporation collaborating with a disruptive tech startup to develop a groundbreaking product, and an industry first. And the type of relationship that wouldn’t have been possible without TechNexus.

IVCA: In a current environment where pushback is happening, your perspective remains true to a diversity culture within the firm. To the businesses and institutions that are rethinking this culture because of the environment, what advantages do you want to keep emphasizing that proves a diversity policy is actually the best way to success?

TechNexus: Diverse teams win. They bring different perspectives, understand a wider range of customers, and ultimately build better products. We at TechNexus are a team of unique individuals from all walks of life and all corners of the globe. Our passions bleed into the work we do every day – as investors, strategists, operators, and entrepreneurs. At TechNexus, we’ve seen firsthand how fostering a sense of community and belonging opens doors to conversations that facilitate real change.

We are committed to evolving the private investment industry by searching for rising stars with diverse points of view as a result of their unique professional and personal experiences.

IVCA: What does TechNexus hope to achieve in their interaction with the VC/PE community within the IVCA?

TechNexus: We believe our relationship with the IVCA allows TechNexus to facilitate more co-investment opportunities, deal sharing, and knowledge exchange. By engaging with the IVCA community, TechNexus can stay updated on industry trends, best practices, and regulatory changes, which can inform our investment strategies.

Our relationship with the IVCA’s VC/PE community enhances our own investment activities, expands our network, and contributes to the growth of the venture capital landscape in Illinois.

For the website of TechNexus Venture Collaborative, click here .

IVCA Newsletter – February 5, 2025

Thu, 06 Feb 2025 15:13:00 GMT

Association News

IVCA Feature: New Presidential Administration Predictions for VC/PE & Economy

Reminder: IVCA is Updating Our Membership Directory for 2025. Please return your updates!

Membership update: Troutman Pepper Locke Officially Launches | Troutman Pepper Locke

Legislative News

IVCA Provides Updates for State Legislative Issues – 2/5/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Industry News

MK Capital Leads $12 Million Series A Investment in INFI to Drive AI-Powered Self-Service Innovation

Frontenac Closes Oversubscribed Fund XIII at $900 Million

Mobly raises $4.3M for event marketing software; Jump Capital Co-leads Investment

Shore Capital Partners Announces Partnership with Ackerman Plumbing, Inc.

Benford Capital Port Co Legacy Bakehouse Acquires Classic Cookie

Runway Growth Capital Closes Acquisition by BC Partners Credit and Mount Logan Capital

Wynnchurch Capital Acquires Astro Shapes

Frontenac Welcomes Water Infrastructure Solutions Provider, CROM, as its Newest Portfolio Company

Baird Capital Portfolio Company Cleanwater1 Acquires Integrity Municipal Systems (IMS)

Water Street Port Co Avantik Expands National Service Network

Thoma Bravo-Backed Sophos Completes Secureworks Acquisition

Infinite Reality Acquires Jump Capital Port Co Obsess, Strengthening Its Position In The Immersive Tech Market

Newly Merged Advanced Material Processing and Automated Handling Solutions Will Go to Market Under New Brand Name, Akona Process Solutions

Water Street-Backed Solvias Expands Global Network of Analytical Services

Monroe Capital Supports Aligned Exteriors Group’s Acquisition of Home Pro Roofing

OPEXUS and Casepoint Announce Merger and Majority Investment from Thoma Bravo

Professional Advisor News

Ropes & Gray Advises American Industrial Partners on Aquaship | Intership’s Acquisition of FSV Group, Creating a Leader in Global Aquaculture Services

Sidley Represents Gelfand, Rennert and Feldman in Becoming a New Business Hub of Focus Financial Partners

A Sharper Focus: Exploring VC Side Letters | Troutman Pepper Locke

Ropes & Gray Advises Luxury Retailer Vince Holding Corp. In Majority Stake Sale

Sidley Represents Achieve Partners on the Acquisition of Wise Music Group’s Digital Education Division

Policies in Focus: Opportunities and Challenges Expected for M&A and VC in 2025 | Troutman Pepper Locke

Ropes & Gray Advises Oakglen Group on its Acquisition of Majority Stake in Pupil

Sidley Represents Contego Medical in Distribution Agreement and Acquisition Option With Medtronic

Ropes & Gray Ranks Among Top Five Law Firms in 2024 Private Equity and Syndicated Loans League Tables

Sidley Represents Hennessy Capital Investment Corp. VII in Its US$190 Million IPO

Ropes & Gray’s Chambers USA Band-1 Ranked FCA Practice Group Hosts 3rd Annual FCA Webinar Series

Sidley Represented OrbiMed and RA Capital Management in Verdiva’s US$410 Million Series A Financing

LightBay Capital Announces Strategic Growth Investment in Ro Health

Sidley Represents Clear Labs in Its US$30 Million Series D Financing

LightBox Acquires Capital Markets Platform Developer Revere CRE

Chune Loong Lum and Oliver Nip Recognized Among Growth Drivers in China Business Law Journal’s A-List 2024-25

Monomoy Capital Partners Sells Astro Shapes to Wynnchurch Capital

In Mergers & Acquisitions, Michael Lee and Chris Poggi Examine Recent Surge in Digital Infrastructure Financing

Job Postings

New! Sandbox Industries – Associate position (Clinical Innovation )

InvestBev – Credit Officer

InvestBev – Private Equity Associate

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

IVCA Provides Updates for State Legislative Issues – 2/5/2025

Wed, 05 Feb 2025 17:10:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, February 5, 2025

IVCA INTRODUCES BILLS IN 104TH GENERAL ASSEMBLY

The IVCA has introduced a pair of bills to address ongoing complications from the change in the definition of an investment partnership. The bills are SB 145 sponsored by Sen. Bill Cunningham, and HB 1396 introduced by Rep. Curtis Tarver, who is also chair of the House Revenue Committee. Both legislators are familiar with the issues associated with the IVCA and we will also reach out to other legislators to add their names as cosponsors. The bills may move on their own, however the more likely objective is to have the language included in an omnibus revenue measure which is agreed to near the end of session in May.

MADIGAN TRIAL STILL WITH THE JURY
JURY DELIBERATES MADIGAN FATE

STATE GRAPPLES WITH BUDGET HOLE
Governor Pritzker delivers his FY 26 budget address February 19. The state is facing a big budget gap, and, watching closely to see if major spending programs such as Medicaid will be impacted by decisions and directives from the federal level.

Capital Fax with quotes from the Governor on taxes to address budget issues:

Pritzker goes from saying state should ‘not resort to tax increases’ to balance the budget last week, to taxes ‘should not be the first, but rather the last’ resort today

Tuesday, Feb 4, 2025 – Posted by Isabel Miller

*Last week the governor was asked about tax increases … It’s very important that we live within our means in this state, and that we not resort to tax increases as a way to, you know, to balance the budget , right? And so that’s what the communication we’ve had with our agencies and looking at all the priorities that we need to take care of. * Rich followed up at a press conference this afternoon by pointing out the highlighted quote above about not raising taxes and asked the governor if that would also apply to the mass transit fiscal cliff… What I said last week was that we should be living within our means and doing everything we can to do that. I’ve also said in previous press conferences, and still believe that taxes should not be the first but rather the last thing that we look at. And so when we look at when we look at the question of mass transit, we’ve got to consider everything that contributes to that, state government, county government, city government, as well as the fare box and all those things together are going to help solve the problem.

COGFA REPORTS FISCAL CONDITIONS

COGFA MONTHLY REPORT

Revenues from the Personal Income Tax are now $1.293 billion or +8.2% above last year’s levels through January. On a net basis, the gains are slightly weaker at $1.099 billion. While the Personal Income Tax continues to perform well, Corporate Income Tax receipts continue to struggle. These receipts are now down $477 million through January – a decline of -14.1%. On a net basis, the falloff only improves slightly to -$383 million. These important revenue sources will be watched closely as we enter into the revenue-heavy final tax payment period in the upcoming months.

Reminder: IVCA is Updating Our Membership Directory for 2025. Please return your updates!

Wed, 05 Feb 2025 15:26:00 GMT

February 5, 2025

All primary contacts have now been contacted to update your firm’s Directory page. If you haven’t had the chance yet, please make every effort to return your edits to Kathy Pyne at kpyne@illinoisvc.org.

Thank you! We appreciate your prompt response to these requests!

IVCA Feature: New Presidential Administration Predictions for VC/PE & Economy

Wed, 05 Feb 2025 15:22:00 GMT

When Donald Trump was inaugurated on January 20th, 2025, it was clear that his administration would have a new agenda for the American economy and worldwide trade. As Venture Capital and Private Equity navigate this new realm, what is the financial press expressing or predicting regarding the admin’s policies so far? Here are some relevant articles and podcasts.

TechTarget.com, ’Venture Capital Ties Could Shift U.S. Government Policies’

U.S. technology policies and government operations stand to face a significant shift under President Donald Trump’s administration, where policy advisers with backgrounds in Venture Capital will play a role in prioritizing innovation and deregulation.
READ MORE: https://www.techtarget.com/searchcio/news/366618242/Venture-capital-ties-could-shift-US-government-policies

MTLC.co, ’Trump 2.0: What’s In Store For VC’s, PE’s, Startups, & AI’

Mass Technology Leadership Council: “The Trump administration’s views on Venture Capital (VC), Private Equity (PE), startups, and Artificial Intelligence (AI) can be discerned from their policies and public statements from the prior term (2017–2021) and their current perspectives conveyed by former campaign and current transition officials.”
READ MORE: https://www.mtlc.co/trump-2-0-whats-in-store-for-vcs-pes-startups-ai/

Reuters.com, ’Private Equity Exits Set to Recover Under Trump, Says Ardian Exec’

Mass Technology Leadership Council: “The Trump administration’s views on Venture Capital (VC), Private Equity (PE), startups, and Artificial Intelligence (AI) can be discerned from their policies and public statements from the prior term (2017–2021) and their current perspectives conveyed by former campaign and current transition officials.”
READ MORE: https://www.reuters.com/business/finance/private-equity-exits-set-recover-under-trump-says-ardian-exec-2025-01-22/

News.Darden.Virginia.edu, ’Will the Innovation Economy Thrive or Suffer Under a Second Trump Presidency?’

The Darden Report: “In heady times of breakneck political and technological change, two things are clear: one, that a second Donald Trump presidency brings a new level of uncertainty to the innovation economy; and two, that innovators will find opportunity in this uncertainty, as they always do.”
READ MORE: https://news.darden.virginia.edu/2024/11/14/will-the-innovation-economy-thrive-or-suffer-under-a-second-trump-presidenc y/

APNews.com, ’US businesses Brace for Trump’s Tariffs on Canada, Mexico and China to Drive Up Costs’

U.S. businesses are bracing to take a hit from the taxes President Donald Trump imposed [on February 1st, 2025] on imports from Canada, Mexico and China — America’s three biggest trading partners.
READ MORE: https://apnews.com/article/trump-tariffs-china-mexico-canada-inflation-economy-69bd5b4f66eeef3e0e803e0595888f23

The Alternative Investor, PODCAST: ‘Trump’s Impact on Alternative Investments’

This episode discusses how the Trump administration’s policies are expected to impact alternative investments, particularly private equity and real estate. We examine potential benefits such as lower corporate taxes, the carried interest tax loophole, reduced regulations, and the excitement within the investment community post-election.
LISTEN (12 minutes): https://shows.acast.com/the-alternative-investor/episodes/trumps-impact-on-alternative-investments

Bloomberg Podcasts, PODCAST: ‘Why Trump’s Victory Is Musk’s ‘Tech-Bro Coup’’

On this episode of Merryn Talks Money, we discuss what the Republican’s second term means for the US, the UK and the Tesla CEO. Pippa Malmgren, economist, author and former adviser to Republican President George W. Bush and Helen Thomas, founder and chief executive of BlondeMoney join.

LISTEN (43 minutes): https://youtu.be/-5d2dpycMAE?si=1vKLy7m4HnIHftf4

IVCA Newsletter – January 22, 2025

Fri, 24 Jan 2025 14:32:00 GMT

Association News

IVCA Feature: 2025 Workplace Trends for Now and Evolving Forward

Sidley’s Wrap Up of the IVCA/Sidley January 16th event “Impact of the 2024 Presidential Election on the Investment Community”

IVCA is Updating Our Membership Directory for 2025

Legislative News

IVCA Provides Updates for State Legislative Issues – 1/22/2025

IVCA Events

June 23, 2025 – 2025 IVCA Invitational – SAVE the Date

December 8, 2025 – 2025 IVCA Annual Awards Dinner – SAVE the Date!

Other Events of Interest

No events listed at this time.

Industry News

Wind Point Partners Acquires ExperiGreen

Runway Growth Capital and BC Partners Credit Announce $131 Million Financing Commitment to

VertexOne to Accelerate Growth and Execute a Strategic Acquisition

Monroe Capital Supports Maple Park Capital Partners’ Acquisition of Rita’s Italian Ice & Frozen Custard

Baird Capital Invests in Newmarket Strategy

GTCR Announces Strategic Investment in Winged Keel Group

GTCR Acquires Concord Servicing

The Vistria Group Closes On $3 Billion For Fifth Flagship Private Equity Fund

Thoma Bravo Completes Fundraising for Credit Fund III, Amassing $3.6 Billion in Total Available Capital for its Platform

Tradable Brings $1.7 Billion in Tokenized Alternative Assets to ZKsync, Secures Strategic Investment from ParaFi Capital

InvestBev Closes Multi-Million Dollar Financing Agreement with Saga Spirits Group

Water Street Port Co Imagine360 Acquires HealthFirst

Thoma Bravo Port Co Flexera to Acquire FinOps Business from NetApp, Inc. to Strengthen FinOps Portfolio

Benford Capital Partners Port Co R.M. Young Company Completes Acquisition of SensorLogic Inc.

Thoma Bravo Port Co Qlik Acquires Upsolver to Deliver Low-Latency Ingestion and Optimization for Apache Iceberg

Thoma Bravo Port Co Bluesight Expands Compliance Capabilities and Strengthens Platform through Acquisition of Protenus

May River Capital Announces Merger of its Advanced Material Processing and Automated Handling Solutions Platforms

Thoma Bravo Port Co Darktrace announces proposed acquisition of Cado Security, a cloud investigation and response specialist

HPA Announces Acquisition of Portfolio Company Simple Mills by Flowers Foods, Inc.

Frontenac Completes the Sale of Integris to OMERS Private Equity

Benford Capital Partners Exits Pasture Brands

Pfingsten Sells Omega Systems to Revelstoke

Frontenac Named to 2025 TOP 50 PE Firms in The Middle Market™ List

Caroline McManus Joins Hyde Park Venture Partners as an Investor

Prospect Partners Announces Key Promotions as Fund V Gains Momentum

Buyout Market Commentary: Small Buyouts On the Eve of the Inauguration – RCP Advisors

Shore Capital Industrial Automation Insights

Private Equity Continues to Rank as Top Choice for US Public Pensions

The U.S. Small Business Administration (SBA) is pleased to publish the Small Business Investment Company (SBIC) Performance Report as of June 30, 2024available here: SBIC Portfolio June 30, 2024, Performance Report.

Professional Advisor News

Troutman Pepper Locke Officially Launches | Troutman Pepper Locke

Vedder Price Represents Balmoral Funds in Acquisition of R.H. Sheppard Co. Inc.

Swoop Announces Acquisition of MyHealthTeam

Sidley Represents Access Healthcare in Its Growth Investment by New Mountain Capital

GCM Acquires Precision Swiss Products Assets

New Mountain Capital to Acquire Machinify and Combine with Leading Healthcare Intelligence and Payment Platform

Wabtec to Acquire Evident’s Inspection Technologies Division

Sidley Represents Velo3D in Exchange Transaction Resulting in Significant Deleveraging of Balance Sheet

Rubicon Founders Makes $165 Million Investment in Caidya

Sidley Advises Outset Medical in US$169 Million Private Placement Financing

Berkshire Partners Agrees to Invest in Cybersecurity and IT Managed Services Firm, Thrive

Sidley Represents Ryan Specialty in Its US$525 Million Acquisition of Velocity Risk

Ropes & Gray Advises Cadre Holdings on Definitive Agreement to Acquire Multiple Leading Nuclear Brands

Sidley Represents Apollo Funds in Acquisition of GFL’s Environmental Services Business Valued at CA$8 Billion

Ropes & Gray Advises New Mountain Capital in Access Healthcare Investment

Sidley Represents Stryker in Its Approximately US$4.9 Billion Acquisition of Inari Medical

Ropes & Gray Recommended in The Legal 500 Asia Pacific 2025 Guide

Job Postings

New! InvestBev – Credit Officer

New! InvestBev – Private Equity Associate

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

BUDGET GAPS AND PENSION PAYMENTS

IVCA is Updating Our Membership Directory for 2025

Wed, 22 Jan 2025 18:06:00 GMT

January 22, 2025

Beginning tomorrow, the primary contact for each IVCA member firm will receive requests to update your firm’s information for the 2025 IVCA Membership Directory.

We appreciate your prompt response to these requests!

IVCA Provides Updates for State Legislative Issues – 1/22/2025

Wed, 22 Jan 2025 17:48:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, January 22, 2025

IVCA BILLS INTRODUCED

IVCA will be working to advance legislation in the Spring Session of 2025 to clarify the Foreign Tax Credit applicability decision from the Department of Revenue after the change in definition of a partnership included in the 2023 Revenue Omnibus. Please find attached the legislation:
SB 145 / CUNNINGHAM
HB 1396 / TARVER

We have two excellent sponsors who have knowledge of VC/PE issues and are effective at moving bills through the legislative process. We also have the strong support of the Taxpayers’ Federation of Illinois. The bills have not been assigned to committee, and are logical candidates for being included in an omnibus bill at the end of the session, rather than passing as stand-alone measures. We will keep you updated. For further information, if you or your tax experts want more information, please ask IVCA Executive Director Christie Pruyn for that opportunity and we will make that happen right away!

MADIGAN TRIAL GOES TO CLOSING ARGUMENTS

The jury in the public corruption trial of former Illinois House Speaker Michael J. Madigan this week hears closing arguments and should get the case for deliberation perhaps by Friday.

Tribune | Closing arguments in landmark trial of ex-speaker Michael Madigan expected Wednesday: After jurors return Wednesday morning, U.S. District Judge John Robert Blakey will read them their lengthy instructions — they are likely to run more than 100 pages — before prosecutors begin their closing arguments. In total, the arguments are expected to last through the end of the week. Jurors are scheduled to begin deliberations Monday.

MADIGAN TRIAL ROUNDUP

LEGISLATIVE CONVENES AND PENSION ISSUES

Illinois legislators created special committees to delve into solutions for the state’s pension plans and the cost to taxpayers for addressing the underfunded liabilities.

TIER 2 CHALLENGES

INTERVIEW QUOTES FROM CAPITOL FAX:

Sen. Robert Martwick (D-Chicago) chairs the new Senate Pension Committee. He told me had read COGFA’s Tier 2 report and shared his thoughts. Note the final sentence…
I have so many thoughts about it, but what I would say is that it is a great starting point because it shows us the cost of doing the right thing. So often these discussions revolve around cost, debt, and credit ratings.
We completely lose sight of the fact that these are retirement benefits for the people that educate our children, keep us safe from crimes, and run towards danger. They provide care for children, the elderly and the poor. I believe that it should be a moral obligation of every employer to ensure that every employee is on a path to a secure retirement.
Tier 2 fails miserably. The accepted standard for retirement planning is that you should be prepared to replace 75% of your final salary and that should be able to grow with inflation. Tier 2 replaces 54% of your final salary (less if you earn more than the salary cap). On top of that, not only is your starting benefit 20% less than you need, but because of the growth at HALF the rate of inflation on a “simple” basis (CPI is calculated on a compound basis), your retirement gets worse and worse each year. Let me be crystal clear.
The benefits proposed in this legislation are not “too rich.” In fact, this benefit level is pretty close to what we should be offering our employees. It’s the right thing.
The unfortunate reality is that Illinois and Chicago are such financial disasters that we very well cannot afford to do the right thing.

IVCA Feature: 2025 Workplace Trends for Now and Evolving Forward

Wed, 22 Jan 2025 17:31:00 GMT

The Workplace. It has been redefined so many times in the past 10 years that if you stuck a time traveler from any decade from the 20th Century in a modern office they might think commerce has collapsed … until they see the annual reports (now online). The Venture Capital and Private Equity industries are just like any other workplace in evolution, so what does the online press have to say about those trends in 2025?

Gensler.com, ’10 Workplace Trends for 2025: What’s In and What’s Out?’

The workplace is evolving beyond a collection of experiences and becoming a space designed to foster intentional transformations. This is the new Transformation Economy, where the emphasis shifts from what we do to who we become.
READ MORE: https://www.gensler.com/blog/10-workplace-trends-for-2025-whats-in-and-whats-out

Forbes.com, ‘Future Work Trends: 14 Workplace Predictions For 2025’

The future of work and the workforce as a whole has undergone major shifts in recent years, and 2025 is expected to be no different. As employees and employers prepare for the New Year, business leaders are making predictions about workplace trends.

Gallup.com, ‘Seven Workplace Challenges For 2025’

Although the U.S. economy enjoys low unemployment and declining quit rates, the psychological state of workers tells a more complicated story. Historically low employee engagement and wellbeing levels indicate employees are struggling. Many report feeling disconnected from their organization’s mission and like their organization doesn’t care about them.

HRexchangeNetwork.com, ‘The Top HR Trends to Watch in 2025’

As we approach 2025, most HR professionals are thinking: ‘What will the top HR trends be?’ At HR Exchange Network, we have you covered! The world of HR is entering a pivotal phase of transformation.

LinkedIn.com, ‘5 Workplace Mental Health Trends to Watch in 2025’

NEWSLETTER WITH MICHAEL DICKERSON: As we move into 2025, mental health in the workplace continues to take center stage. Here’s a practical look at the trends shaping how companies can better support their employees.

HRBesties.com, PODCAST: ‘Workplace Trends in 2025’

Happy New Year, Besties! We’re so glad you’re here to join us for another year of Business and Bullsh*t. Today’s agenda: Bovine piss in the workplace [drug screening]; Cringe corporate speak: back to work; Hot topic: workplace trends in 2025; What’s hot and happening in the workforce in the new year? [AND MORE …].
LISTEN (54 minutes, EXPLICIT LANGUAGE): https://open.spotify.com/episode/2G1S7JlS1BPRVgLBWgBwCl

Knowledge at Wharton, PODCAST: ‘2025 Workplace Trends to Watch: How Work Is Changing’

The Wharton School management professor Peter Cappelli, Director of Wharton’s Center for Human Resources, joins Wharton Business Daily to forecast 2025 workplace trends based on what took place in 2024. Topics covered include the labor market, remote work and hybrid work, return-to-office policies, employee turnover, work-life balance and company culture, the use of AI in the workplace, and expectations for the Trump administration.
WATCH/LISTEN (17 minutes): https://youtu.be/2rKKhuZ-lkw?si=J7fFUkW2bV-PdltZ

Grapevine Software, PODCAST: ‘Why Employee Engagement Isn’t Enough: Unpack the 2025 Workplace Trends’

In this week’s Future of Work Weekly Report, we analyze insights from Qualtrics’ 2025 Employee Experience Trends Report. Engagement is at an all-time high, but the question remains: Why are employees still planning their exits?

WATCH/LISTEN (31 minutes): https://youtu.be/OHJJPQK9JQ8?si=-m-qKKGt3d9DV7oX

Sidley’s Wrap Up of the IVCA/Sidley January 16th event “Impact of the 2024 Presidential Election on the Investment Community”

Wed, 22 Jan 2025 17:20:00 GMT

January 22, 2025

IVCA and Sidley co-hosted a panel discussion on the “Impact of the 2024 Presidential Election on the Investment Community,” on January 16, 2025 at Sidley’s office in Chicago.

Panelists included:

Brent Steele , Moderator, Partner, M&A and Private Equity, Sidley Austin LLP
Shane Goudey , Leader, Venture Funds, Sidley Austin LLP
Kenneth A. Polite Jr ., Global co-leader, White Collar Defense and Investigations, Sidley Austin LLP
Patricia DeLoatche , Senior Policy Advisor, Sidley Austin LLP

The first half of the hour-long program discussed broad themes and process considerations relating to the change in administration, including how PE and VC professionals view the outcome of the election generally; the best ways for the PE and VC community to interact with Congress and the Administration to push for important priorities; and how the PE and VC community should protect itself from unwanted federal investigations and negative congressional hearings.

The second half of the discussion focused on specific policy changes anticipated to occur under the new administration, such as an expectation by many in the VC and PE communities that a Trump administration will bring less regulation, and whether less regulation means less prosecution and enforcement by DOJ and U.S. regulators; Biden administration enforcement programs and whether the Trump administration is likely to continue these programs; and investment community concerns regarding antitrust compliance, healthcare, tariffs, and taxation.

For more information and to help prepare for and anticipate sweeping changes that are likely to come during a second Trump Administration, visit Sidley’s resource page here and subscribe to its U.S. Presidential Transition list here .

IVCA Newsletter – January 8, 2025

Thu, 09 Jan 2025 22:10:00 GMT

Association News

IVCA Feature: 2025 Predictions for Venture Capital and Private Equity

Stay Ahead of the Curve: Insights on New Policies Affecting Private Equity & Venture Capital

Legislative News

IVCA Provides Updates for State Legislative Issues – 1/8/2025

IVCA Events

January 16, 2025 – Impact of the 2024 Presidential Election on the Investment Community hosted and presented by Sidley Austin

Other Events of Interest

No events listed at this time.

Industry News

GTCR Acquires Concord Servicing

HPA Announces Acquisition of Portfolio Company Simple Mills by Flower Foods, Inc.

Wind Point Partners Acquires ExperiGreen

Monroe Capital Supports NationsBenefits’ Acquisition of General Vision Services

Frontenac Completes the Sale of Integris to OMERS Private Equity

Periscope Equity Announces the Sale of its Investment in WPAS

Wynnchurch Capital Exits Boss Industries

Benford Capital Port Co Argus Monitoring Solutions Completes Acquisition of Morgan Construction Services

Global insurance broker Ardonagh secures investment from Stone Point Capital valuing the Group at $14 billion

Pritzker Private Capital Promotes Benjamin Barry, Phillip Iler and Mike Manno to Principal

RCP Advisors is Recognized by Two Best Workplace Programs

Professional Advisor News

Martin Partners Recruits Lynn Logerquist to Milton Industries as Controller

BDO Private Equity Predictions for 2025 | BDO

Sidley Represents Special Committee of Nordstrom in US$6.25 Billion Acquisition by the Nordstrom Family and Liverpool

Ropes & Gray Advises Bain Capital on IPO of Kioxia Holdings

Sidley Represents Woodward in Its Acquisition of Safran’s Electromechanical Actuation Business

Ropes & Gray Advises Plastics Recycling Business Der Grüne Punkt on Recapitalisation and Refinancing

Sidley Represents LuminArx in its Equity Investment in Vultr

New Mountain Capital and Pearce Services Acquire Unified Power

Sidley Represents Consortium Headed by APG and ART to Acquire Riverstone Holdings’ Equity Stake in Pattern Energy

Xerox to Acquire Lexmark in Deal Valued at $1.5 Billion

Sidley Represents Ørsted in Its Sale of an Equity Stake in Renewable Energy Projects to Energy Capital Partners

Yellowstone Landscape Announces Minority Investment from Neuberger Berman Capital Solutions

Sidley Represents Arya in Its US$8.5 Million Series A Financing

Warren Goodworth Discusses 2025 Projections for PE Capital Deployment in The Wall Street Journal PE Pro

Coalesce Capital Invests in Pearl Meyer

Job Postings

New! InvestBev – Credit Officer

New! InvestBev – Private Equity Associate

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

SPEAKER ASSERTS HIS INNOCENCE

IVCA Provides Updates for State Legislative Issues – 1/8/2025

Wed, 08 Jan 2025 16:41:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, January 8, 2025

MORE WORK TO BE DONE

IVCA worked closely with the Illinois Taxpayers’ Federation to pass an amendment during the “Lame Duck” legislative session just concluded to enable certain members of partnerships to claim a credit for taxes paid in other states. IVCA has worked with the Illinois Department of Revenue to iron out this wrinkle which resulted for the expanded partnership definition passed in 2023. Measures such as this are often best suited for larger, omnibus bills which address a dozen or so similar situations, and that environment did not exist during the last week of session. IVCA will introduce the legislation again and will continue to bring a final resolution to this issue. If you would like more information, please contact IVCA Executive Director Christie Pruyn and we will be happy to provide a more complete explanation and forecast for 2025.

DRAMATIC DECISION IN MADIGAN TRIAL

Most high profile trials in the federal system end without the defendant taking the stand in their own defense. Yesterday and for the next week or more former Illinois House Speaker Michael J. Madigan is testifying in his trial on charges of public corruption. The “82 years young” former speaker as he described himself was for many years the most powerful political figure in Illinois, outlasting governors and mayors along the way and running the Illinois House in a way which earned him the nickname the “velvet hammer.”

SPEAKER TAKES THE STAND

But on Tuesday, the jury was finally able to fully observe Madigan – including the mannerisms and idiosyncratic speech patterns his attorney has accused the feds of willfully misinterpreting – as he took the stand in his own defense. “Did you ever trade your public office for private gain?” Madigan attorney Dan Collins asked his client almost immediately after beginning his line of questioning early Tuesday afternoon. “No,” Madigan said, turning to the jury as he gave his answer. “Did you ever demand a thing of value in exchange for a promise to take official action? ”“No,” Madigan replied again before giving the same answer when asked if he’d ever accepted a “thing of value” in exchange for such a promise. Collins repeated similar bursts of questions several more times before trial adjourned for the day, often pausing after the former speaker’s final denial, letting his “no” hang in the air before moving on to the next subject area.

GOVENOR SUFFERS MAJOR LEGISLATIVE DEFEAT

Illinois Governor JB Pritzker went all in on moving a bill in the “lame duck” session to regulate hemp products and ended up short of victory. This is remarkable since the governor has shown an ability to get most if not all of what he wants out of the legislature on issues of primary importance to him. Adding to the intrigue was a reportedly raucous caucus meeting of House Democrats where some members excoriated the governor’s staff presenting the merits of the bill.

Chicago Mayor Brandon Johnson weighed in against the governor’s efforts, which had easily passed the Illinois Senate but ran into a speed bump in the House.

HEMP BILL LEADS TO OPEN WARFARE IN CAPITOL

NEW LEGISLATURE BEGINS

Today at Noon the 104 ^th Illinois General Assembly will be seated. The house will have the same speaker and the same number of Democratic members, 78 out of 118, and the Senate will have the same president and the same number of Democratic members, 40 out of 59. This general assembly starts with a huge budget cloud hanging over the proceedings with an estimated budget gap of some $3 billion to be addressed.

Stay Ahead of the Curve: Insights on New Policies Affecting Private Equity & Venture Capital

Wed, 08 Jan 2025 16:32:00 GMT

January 8, 2025

Join us for an insightful panel discussion that will dive into the impacts of the recent presidential election on the private equity and venture capital sectors. This event will offer a unique opportunity to explore how the new administration’s policies and priorities will shape the investment landscape.
The 2024 Presidential Election has ushered in a new era of policies and priorities that are set to influence the investment community significantly. To help navigate these changes, we are hosting a panel discussion featuring esteemed experts from Sidley Austin LLP. This event promises to provide insights into how the new administration’s agenda will impact private equity and venture capital sectors.

Event details:
Date: Thursday, January 16, 2025
Time: 12:00noon – 1:30pm
Location: Sidley Austin office, 1 South Dearborn Street Chicago, IL 60603

12:00pm-12:30pm – Registration/Luncheon
12:30pm – Presentation begins

Register HERE! (IVCA Member only event. You must log-in to access registration)

Any issues, please contact Kathy Pyne at kpyne@illinoisvc.org .

Speakers:

Brent Steele, Moderator, Partner, M&A and Private Equity, Sidley Austin LLP
Shane Goudey, Leader, Venture Funds, Sidley Austin LLP
Kenneth A. Polite Jr., Global co-leader, White Collar Defense and Investigations, Sidley Austin LLP
Patricia DeLoatche, Senior Policy Advisor, Sidley Austin LLP

Discussion Topics Include:

Policy Changes: Analysis of the new administration’s policies and their potential effects on investment strategies.
Regulatory Environment: Insights into anticipated regulatory shifts and compliance requirements.
Market Opportunities: Exploration of emerging opportunities in the private equity and venture capital markets.
Risk Management: Strategies for navigating the evolving risk landscape under the new administration.

Why Attend? This panel discussion is a must-attend for investors, fund managers, and industry professionals looking to stay ahead of the curve. Gain expert perspectives on the future of the investment community and learn how to adapt your strategies to align with the new political and economic environment.

IVCA Feature: 2025 Predictions for Venture Capital and Private Equity

Wed, 08 Jan 2025 16:15:00 GMT

The new year is is here … Happy 2025. As we begin another journey, what will be ahead in the new year, and how will it affect the Venture Capital and Private Equity world? The predictors and prognosticators in the financial media have had their say, and the IVCA offers the following articles/podcasts/YouTube takes that all look forward to the new investor year … which includes presidential transition.

Forbes.com , ’10 Areas VCs Are Looking to Invest in 2025’

When I asked leading early stage Venture Capitalists where they are looking to invest in 2025, it was no surprise that I heard a lot about AI. While the overall startup fundraising market has been bumpy this past year, AI has continued to be a bright spot and attract a lot of venture dollars.

BDO .com , ‘2025 Private Equity Predictions’

As Private Equity enters 2025, much of the industry is bullish on what changing macroeconomic conditions will bring for M&A. Interest rate cuts, projected Gross Domestic Product growth, and political changes, such as potentially softened regulations by the Federal Trade Commission and lower capital gains tax rates, are setting the stage for increased deal activity and fund raising.

Medium.com , ‘5 Reasons to be Bullish on Chicago’s Startup Ecosystem in 2025’

Chicago has the potential to be a top city for building a startup. We’re one of the most affordable major cities, we’re home to a diverse range of industries and companies, and our region graduates more engineers than anywhere else.

FreshFields.us , ’M&A Predictions and Guidance for 2025’

Thousands of private equity portfolio companies are past their “sell by” dates and private capital institutions have trillions of dollars in dry powder to finance everything from senior debt to equity for purchases of these companies by M&A buyers. This seems like a perfect formula for an M&A explosion, right?

Interplay.vc, INNOVATION PODCAST: ‘2025 Predictions Episode’

As we look toward 2025, it’s clear that significant changes across technology, venture capital, and global dynamics are on the horizon. For the last podcast episode for 2024, the team discussed pivotal themes for the upcoming year, including advancements in artificial intelligence, shifts in Venture Capital markets, and the broader implications of de-globalization. This article synthesizes key insights and provides actionable takeaways for entrepreneurs, investors, and anyone looking to navigate these transformations.

LISTEN (58 minutes): https://www.interplay.vc/podcasts/2025-predictions-episode

Prof G Markets, PODCAST: ‘Predictions for 2025’

Scott Gallo shares his predictions for the year ahead, including his picks for the top investment, technology, and media platform of 2025. He also forecasts what could become the standout IPO of the year. And for the first time ever, Gallo ventures into uncharted territory with his prediction for the “chemical of the year.”

WATCH/LISTEN (48 minutes): https://youtu.be/e-fh2ubus80?si=5TjCL1B4xp4z5Tle

Insight Partners, YouTube Perspective: ‘Emerging Themes in Venture Capital Investments for 2024’

This fireside chat features a panel of Insight’s Managing Directors as they share essential insights on the trends, opportunities, and challenges shaping software and venture capital as we enter 2025.

WATCH (59 minutes): https://youtu.be/ngKEaDWoVj8?si=FAnaTqGkW8DA_oeT

Best But Never Final, YouTube PODCAST: ‘Private Equity 2024 Recap: Market Lessons and 2025 Projections’

Hosts Lloyd Metz, Doug McCormick, and Sean Mooney review the major themes shaping private equity in 2024, including liquidity challenges, market shifts, and investor dynamics. They discuss strategies to prepare for 2025 amid potential changes in interest rates, inflation, and emerging opportunities in industrials, food, and infrastructure services.

LISTEN (47 minutes): https://youtu.be/bKM91LgWNwQ?si=iShuTPNHWoRfTHxq

And Finally …

NB.com , ’Key Implications of Trump 2.0 for Private Equity’

FROM THE FIRM NEUBERGER/BERMAN: Since the policies and implications of Trump 2.0 remain difficult to predict, the range of potential outcomes is wide. Not only is it difficult to predict which policy initiatives a new president will actually implement, but also the effect such policies could have on Private Equity in a complex economy. We do believe, however, that the nimbleness of Private Equity managers and Private Equity-backed companies provides significant advantages in navigating a dynamic policy environment.

FIRST IVCA EVENT FOR 2025! “Impact of the 2024 Presidential Election on the Investment Community” panel discussion will take place on Thursday, January 16th at noon. For location, more details and to register, click here .

Pritzker Private Capital Promotes Benjamin Barry, Phillip Iler and Mike Manno to Principal

Tue, 07 Jan 2025 20:47:00 GMT

January 7, 2025

CHICAGO – (January 7, 2025) – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced the promotions of Benjamin Barry, Phillip Iler and Mike Manno from Vice President to Principal. These promotions recognize the significant contributions of these individuals in advancing PPC’s strategic initiatives and investing efforts across the services and manufactured products sectors.

Benjamin Barry, Principal – Services, works closely with PPC’s family of companies and prospective investments in the supply chain, distribution and business services sectors. Since joining the firm in 2017 as an Associate, Mr. Barry has been a part of partnerships with Kenco Group, Lawley Insurance and Valicor Environmental Services, where he also served as Chief of Staff for a one-year period. Before joining PPC, Mr. Barry was an Associate at Summit Partners after beginning his career as an Investment Banking Analyst at Baird. He received his B.B.A. from Emory University’s Goizueta Business School.

Phillip Iler, Principal – Manufactured Products, has built long-term partnerships with PPC’s companies in the food and beverage manufacturing sectors. Mr. Iler initially joined PPC as an Associate in 2016, and he works closely with Bardstown Bourbon Company, C.H. Guenther & Son, Monogram Foods and Sugar Foods. Mr. Iler began his career as an Investment Banking Analyst at SunTrust and was an Associate before receiving his M.B.A from the University of Chicago Booth School of Business and returning as a Vice President. He received his B.S. from Wake Forest University.

Mike Manno, Principal – Services, partners with PPC’s companies in the industrial, environmental and commercial services sectors. Since joining PPC in 2021, Mr. Manno has worked closely with EDP, HeartLand Landscaping and Highline Warren. Prior to PPC, Mr. Manno held investment positions at Flexpoint Ford and Genstar Capital after beginning his career as an Investment Banking Analyst at Baird. He received his M.B.A. from Harvard Business School and his B.S. from the University of Notre Dame.

“Since joining PPC, Ben and Mike have contributed significantly to building our Services platform, including expanding our investment focus within the sector. They have built strong relationships with management teams and have been instrumental in driving positive business outcomes in partnership with our family of companies,” said Eric Kieras, Co-Head of PPC’s Services Group.

“Phil has established himself as a true thought partner with our family of companies and has been instrumental in building our firm’s food investing platform,” said Chris Trick, Co-Head of PPC’s Manufactured Products Group. “This well-deserved promotion recognizes Phil’s many accomplishments and contributions to our firm, and I look forward to continuing our work together to create even more value for our family of companies.”

Michael Nelson, Managing Partner of PPC, added, “I am thrilled to welcome Ben, Phil and Mike into their new roles and look forward to their continued success as emerging leaders of the firm. Furthermore, these promotions underscore PPC’s commitment to fostering a strong culture and career development opportunities for our colleagues.”

About Pritzker Private Capital

Contacts
Dan Scorpio / Lauren Hilliker
H/Advisors Abernathy
(312) 640-3111 / (212) 371-5999
dan.scorpio@h-advisors.global / lauren.hilliker@h-advisors.global

IVCA Newsletter – December 18, 2024

Thu, 19 Dec 2024 19:29:00 GMT

Association News

New IVCA event on January 16th! Impact of the 2024 Presidential Election on the Investment Community

IVCA Honors 2024 Awardees at December 9th Annual Awards Dinner

Legislative News

IVCA Provides Updates for State Legislative Issues – 12/18/2024

IVCA Events

January 16, 2025 – Impact of the 2024 Presidential Election on the Investment Community hosted and presented by Sidley Austin

Other Events of Interest

No events listed at this time.

Industry News

High Street Capital Invests in AHI Supply

5th Century Partners Announces Strategic Investment in Winners Circle Group of Texas

Monroe Capital Supports The Gersh Agency Inc.’s Acquisition of You First

Riverglade Capital Port Co Dynamic Infusion Expands Footprint by Acquiring Solution Nursing

Slip Robotics snags $28M for its bots that can load a truck in five minutes; Hyde Park Venture Partners Participates

Thoma Bravo Completes Acquisition of Majority Stake in USU Product Business

Monroe Capital Supports Sumeru Equity Partners’ Investment in JobNimbus

Baird Capital Exits Investment in STR

GTCR Announces Sale of AssuredPartners to Arthur J. Gallagher & Co. for $13.45 Billion

Prospect Partners Exits Investment in Bland Landscaping

Benford Capital Partners Welcomes Mike Dolak

Cellwatch Parent, NDSL, Merges with May River Capital Port Co RLE Technologies; Forms New Platform, Parameter, Strengthening Solutions for Data Centers and Critical Infrastructure Amid Surging AI Power Needs

Thoma Bravo-Funded Raptor Technologies Acquires SmartPass

Growth Catalyst Portfolio Co Journey Acquires 59 and VMI Studio Strengthening their Multidimensional Global Experience Offering

Thoma Bravo Port Co EQS Group Acquires Sustainability Software Company Daato

Frontenac Port Co Ideal Integrations Completes Acquisition of 1Path, Expanding Managed Service and Cybersecurity Offerings

Thoma Bravo-Backed Calabrio Continues to Accelerate AI Innovation with Acquisition of Echo AI

Wynnchurch Port Co FloWorks Completes Financing

Thoma Bravo Port Co EQS Group Acquires the Ethics and Compliance Business Division from OneTrust

Professional Advisor News

Sidley Represents CDW in Its Acquisition of Mission Cloud Services

Ropes & Gray Advises Nature Infrastructure Capital on Acquisition of Greencells Group

Sidley Represents Webcor in the Formation of Webcor Ventures and Inaugural Investment in R2 Building

Ropes & Gray Recognized for Innovation by the Financial Times

Sidley Represents Eagle Materials in Its Acquisition of Bullskin Stone & Lime

Ropes & Gray a Leading Law Firm in Chambers Asia-Pacific 2025

Sidley Represents Gallagher in US$13.45 Billion Acquisition of AssuredPartners

Ropes & Gray Recognized for Private Equity & Venture Capital in Asia Business Law Journal’s 2024 Japan Law Firm Awards

Sidley Represents Vector Capital in Its Acquisition of Bigtincan

CCMP Growth Advisors Acquires Combined Caterers

Sidley Represents Macquarie Asset Management in a Partnership With Dow Valued Up to US$3 Billion

Job Postings

New! InvestBev – Credit Officer

New! InvestBev – Private Equity Associate

50 South Capital – Associate Analyst, Alternative Investment Research

Kinzie Capital Partners – Vice President Investment Team

Modern e Ventures – Associate/Sr. Associate , Investment Team

Moderne Ventures – Principal/Partner , Investment Team

Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Sandbox Industries – Vice President position (Clinical Innovation )

MADIGAN TRIAL UPDATES / HIGHLIGHTS

Martin Partners Recruits Lynn Logerquist to Milton Industries as Controller

Thu, 19 Dec 2024 19:17:00 GMT

Wednesday, January 8, 2025

Martin Partners has recruited Lynn Logerquist to Milton Industries as Controller. Milton manufactures pneumatic tools and parts for a wide range of industrial clients. They are backed by private equity firm LLCP, Levine Leichtman Capital Partners. Prior to joining Milton, Lynn was the Director of Accounting and Financial Reporting at Manitex International, a manufacturer of engineered lifting solutions.

IVCA Provides Updates for State Legislative Issues – 12/18/2024

Wed, 18 Dec 2024 20:01:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, December 18, 2024

MADIGAN PROSECUTORS REST

The federal government has ended its case in chief against former Illinois House Speaker Michael J. Madigan. The defense is now making its case and in a few more days the decision could be in the hands of the jury, though a verdict is not expected until 2025.

CITY PASSES BUDGET

Greg Hinz | Will Johnson learn from his budget fiasco? : Overall, this budget process was the bonehead amateur hour, be it initially proposing a $300 million property tax that was a deal breaker and not a conversation starter, moving to gut enforcement of the police department consent decree that is critical to achieving racial justice in Chicago, or trying to pass the budget tab to Chicago Public Schools, Springfield or the business community — anyone except Johnson’s labor allies, who suffered neither job nor pay cuts.

LEGISLATIVE LEADERS WARN BRACE FOR IMPACT

Illinois Senate President Don Harmon and House Speaker Chris Welch engaged in a wide-ranging question and answer before a packed house hosted by Crain’s and they addressed the forecast of a $3B budget gap in the fy 26 budget and a host of other topics, copied here and well worth a quick review:

December 10, 2024 01:55 PM
This is not the year to come to Springfield with your hand out.

Harmon and Welch said the estimate is likely overly bearish, but the reality is the state will need to look for ways to spend less, not more.

“We have to tell the caucuses there’s not going to be any new spending,” Welch said. “Don’t come in the door looking to spend more money. . We’re going to go line by line through this budget, like we have in the past, and if we can find efficiencies, we will.”
Both leaders rejected the idea of making another attempt to increase revenue with a variable income tax that would charge a higher rate to those making the most money. It was rejected by voters four years ago .
“We got thumped on the graduated income tax proposal four years ago, and we can’t ignore that thumping,” Welch said. “I don’t think we should be looking to do things voters tell us we don’t want.”

With the state facing one of its toughest budgets in recent memory as the last of pandemic-relief money fades away, legislative leaders are practicing how to say no. That starts with the Chicago Bears and the White Sox, each of which are looking for state money to build new stadiums.
“I don’t know anyone who wants us to give billionaires a tax-funded stadium,” Illinois House Speaker Emanuel “Chris” Welch said this morning during Crain’s Chicago Business’ Power Breakfast. “People are talking about groceries and rent. For us to give billionaires taxpayer money to fund a stadium would be the last thing voters want us to do.
Senate President Don Harmon added: “There is absolutely no appetite in Springfield to spend taxpayer dollars to subsidize billionaire sports franchises — plural. If this investment should be made, it should be made privately. Both the White Sox and the Bears are playing at perfectly serviceable facilities that the taxpayers have paid a large chunk for, and we haven’t even paid them off yet.”
The Bears have asked for $900 million in public subsidies upfront for a lakefront stadium along with $1.5 billion for infrastructure improvements. The Sox also are seeking roughly $1 billion for a new stadium.
Welch, however, encouraged the Bears to pursue a stadium at the former Michael Reese site — on their own dime.
“I would love for the McCaskeys to give us two Christmas presents: A winning football team and a privately funded stadium, probably on the Michael Reese site, and invest in a Black neighborhood that’s long been underinvested in, like Bronzeville,” Welch said. “I just think publicly funding a stadium makes no sense in this economy.”
But he didn’t totally close the door on public support. When event moderator and Crain’s political columnist Greg Hinz asked if the state should contribute funding for infrastructure near a stadium, Welch replied: “The state has infrastructure dollars. That’s a different conversation. The conversation right now is focused on (Illinois Sports Facilities Authority) dollars, and I think that’s a misplaced conversation.”
Public subsidies for infrastructure were the centerpiece of the Bears’ 2022 pitch for a new stadium and entertainment campus on the former Arlington International Racecourse property in Arlington Heights.
Neither Welch nor Harmon brought up Arlington Heights, which the Bears are keeping alive while they remain focused on a downtown stadium plan. A Bears spokesman declined to comment on statements made today by Welch and Harmon, which echo comments by Gov. JB Pritzker.

The state’s budget situation has gotten worse since the Bears and Sox first floated the ideas of seeking taxpayers’ help to build new stadiums. The state faces a potential $3.1 billion deficit after next year, according to a forecast from the Governor’s Office of Management & Budget.

The two legislative leaders also were cool to the idea, advanced by Mayor Brandon Johnson and the Chicago Teachers Union, that the state is $1 billion short in the amount of state funding due to Chicago Public Schools under a new “evidence-based funding formula” passed in 2017.
“There are 800 school districts across the state that would say we owe them more money,” Welch said when asked about the likelihood of coming up with $1 billion more for CPS.
The state has been adding $350 million a year in funding for local schools.
“I owe the bank a fair amount of money on my mortgage, but they’re not getting more than the monthly payment that’s due this month,” Harmon said.
The same goes for pensions and labor. The state created a Tier 2 pension in 2011 for new hires that has less generous benefits, with the aim of reducing the massive pension shortfall in Illinois, currently estimated at $144 billion.
The state is likely to have to boost those benefits soon, however, because they’re at risk of falling out of compliance with federal law that requires benefits to match the minimum offered by Social Security. Some labor groups have suggested undoing Tier 2.
“There’s some talk about getting rid of Tier 2 and going back to Tier 1,” Welch said. “That’s not a real option. There’s been a lot of improvements made (to reduce the cost of pensions), and we don’t want to undo those.
“Are there more improvements that can be done? Absolutely. But I think it’s important to listen to everyone involved. I’ve had meetings with the Civic Federation and the Civic Committee and listened to their proposals, and I’ve listened to labor’s proposals.”
Asked whether the state will help the city of Chicago, which is in the middle of its own budget woes , Harmon and Welch said they haven’t been asked. But it also could prove to be a tough sell.
“We are committed to the success of the city,” Harmon said. “At this point, the city hasn’t asked for anything specific, and anything the city asks for we have to put through the filter of how are we equitably dividing state resources among all municipalities in the state.”

PENSION REPORT

Pension costs, benefits and payments are perhaps the most ubiquitous policy issues in Illinois (see above) and the Committee on Government Forecasting and Accountability just published its most recent evaluation:

COGFA PENSION REPORT

IPI ON PENSION DEBT OF $144B
In their report, the Commission on Government Forecasting and Accountability points toward their concern the payments, while meeting legal standards, are still below what is actuarily necessary for these obligations. While accurate, that analysis only tells part of the story. The problems run deeper.

IVCA Honors 2024 Awardees at December 9th Annual Awards Dinner

Wed, 18 Dec 2024 17:27:00 GMT

December 18, 2024

On December 9th, IVCA celebrated the following outstanding individuals at the 23rd IVCA Awards Dinner presented by Kirkland & Ellis LLP:

Stanley C. Golder Award : James “Jim” Dugan , OCA Ventures
Richard J. Daley Award : Mitchell Petersen , Heizer Center, Kellogg School of Management, Northwestern University
Stephen S. Beitler Award : James “Jim” Macdonald , First Analysis
New IVCA Promoting Diversity Foundation Award : Walter Florence , Frontenac

View videos of each presentation below:

Start with our Chairman’s statement by Phil Alphonse, The Vistria Group

Stanley C. Golder Award – presented to Jim Dugan, OCA Ventures, by David Golder, Golder Investment Management and Stan’s son.

Richard J. Daley Award – presented to Mitchell Petersen, The Heizer Center, Kellogg, Northwestern University, by E.F. “Skip” Heizer, Heizer Capital

Stephen S. Beitler Award – presented to Jim Macdonald, First Analysis, by Elinore Beitler and Grace Glick, Steve’s daughters, with opening comments by Mark Koulogeorge, MK Capital.

IVCA Foundation Award – presented to Walter Florence, Frontenac, by Jeff Dobosh, Winston & Strawn LLP

You can view pictures from the event, HERE !

We thank you generous sponsors!

Kirkland & Ellis LLP – Presenting Sponsor
White & Case – Cocktail Reception Sponsor
The Vistria Group – Dessert Reception Sponsor
Gold Sponsors:
- 50 South Capital
- Adams Street Partners
- Andersen
- Baker Tilly US LLP
- Financial Investments Corporation
- First Analysis
- Frontenac
- Growth Catalyst Partners
- Locke Lord LLP
- Mayer Brown
- Neal Gerber & Eisenberg
- OCA Ventures
- OceanM19
- Origin Ventures
- Plante Moran
- Prairie Capital
- Pritzker Private Capital
- RSM US LLP
- Shore Capital Partners
- Thoma Bravo
- Vedder Price
- Winston & Strawn

New IVCA event on January 16th! Impact of the 2024 Presidential Election on the Investment Community

Wed, 18 Dec 2024 16:53:00 GMT

December 18, 2024

Event details:
Date: Thursday, January 16, 2025
Time: 12:00noon – 1:30pm
Location: Sidley Austin office, 1 South Dearborn Street Chicago, IL 60603

Register HERE! (IVCA Member only event. You must log-in to access registration)

Any issues, please contact Kathy Pyne at kpyne@illinoisvc.org .

Speakers:

Brent Steele, Moderator, Partner, M&A and Private Equity, Sidley Austin LLP
Shane Goudey, Leader, Venture Funds, Sidley Austin LLP
Kenneth A. Polite Jr., Global co-leader, White Collar Defense and Investigations, Sidley Austin LLP
Patricia DeLoatche, Senior Policy Advisor, Sidley Austin LLP

Discussion Topics Include:

Policy Changes: Analysis of the new administration’s policies and their potential effects on investment strategies.
Regulatory Environment: Insights into anticipated regulatory shifts and compliance requirements.
Market Opportunities: Exploration of emerging opportunities in the private equity and venture capital markets.
Risk Management: Strategies for navigating the evolving risk landscape under the new administration.

IVCA Newsletter – December 4, 2024

Thu, 05 Dec 2024 14:15:00 GMT

Association News

New event for 2025! Impact of the 2024 Presidential Election on the Investment Community

IVCA Profile: Professor Mitchell Petersen of the Kellogg School at Northwestern University, 2024 Richard J. Daley Award Recipient at the IVCA Awards Dinner

IVCA Profile: Jim Macdonald, Managing Director of First Analysis Venture Capital, Stephen S. Beitler Award Recipient at the IVCA Awards Dinner

IVCA Profile: Walter Florence, Managing Partner of Frontenac, 2024 First Time Promoting Diversity Award Recipient at the IVCA Awards Dinner

Legislative News

IVCA Provides Updates for State Legislative Issues – 12/4/2024

IVCA Events

December 9, 2024 – IVCA Annual Awards Dinner presented by Kirkland & Ellis, LLP

January 16, 2025 – Impact of the 2024 Presidential Election on the Investment Community hosted and presented by Sidley Austin

Other Events of Interest

December 10, 2024 – BDO’s Annual Private Equity Fund CFO Roundtable

Industry News

Wind Point Partners Acquires Velocity Rail Solutions

GTCR makes $1.33 billion investment in Tricentis

Monroe Capital Supports Shamrock Capital’s Acquisition of DE-YAN

Shore Capital Partners Announces Recapitalization of Point C through its Healthcare Advantage Fund

Growth Catalyst Partners Acquires InspiredMinds!, the World’s Largest Ecosystem of AI Leaders and Innovators

Monroe Capital Supports Zenyth Partners’ Helping Hands Family

Frontenac Port Co Motion & Control Enterprises Acquires North East Technical Sales, Inc.

Svoboda Capital Port Co Horwitz, LLC. Announces Acquisition of Preferred Electric, Expanding Electrical Operations and Strengthening Client Offerings

Wynnchurch Port Co FloWorks Acquires Applied Controls

Thoma Bravo Port Co N‑able Acquires Existing Strategic Partner Adlumin, Adding Cloud-Native XDR and MDR Capabilities to Its End-to-End Security and IT Management Platform

Wynnchurch Capital Exits TH Holdings

Thoma Bravo Completes Sale of Veriforce to Apax Partners

Wynnchurch Capital Exits Infra Pipe Solutions

Professional Advisor News

Considerations for a Successful Private Equity Exit | BDO

Sidley Represents Dwayne Johnson and Dany Garcia in Molson Coors’ Acquisition of Majority Interest in ZOA Energy

Ropes & Gray Advises AEA Investors and Battery Ventures on Sale of Process Sensing Technologies

Due Diligence Considerations for Add-on Acquisitions | BDO

Sidley Represents Olive & June in Its US$240 Million Sale to Helen of Troy

Ropes & Gray Advises Hearthside on $3 Billion Restructuring

Sidley Represents OMERS Life Sciences in the US$650 Million Strategic Financing of Verona Pharma

Ropes & Gray Advises Leonard Green & Partners on Their Investment in Court Square Capital Partners’ Continuation Fund

Sidley Represents J.S. Held LLC in Its Acquisition of Luttrell Wegis LLP

Ropes & Gray Advises Hearthside on $3 Billion Restructuring

Sidley Represents Stonepeak in Its Acquisition of Fleet Companies

In Law360, Deborah Gersh and Tim McCrystal Discuss Private Equity Creative Deal Structuring in Health Care

Sidley Represents Lovell Minnick Partners in Its Growth Investment in Cohen & Company

ZeroFox Announces Divestment of Subsidiary IDX to Kingswood Capital Managemen t

Dragoneer Investment Group Partners with KKR in Acquisition of Instructure Holdings

Job Postings

NEW! 50 South Capital – Associate Analyst, Alternative Investment Research

N ew! Kinzie Capital Partners – Vice President Investment Team

New! Modern e Ventures – Associate/Sr. Associate , Investment Team

N ew! Moderne Ventures – Principal/Partner , Investment Team

N ew! Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Sandbox Industries – Vice President position (Clinical Innovation)

Onward Capital – Vice President position

IVCA Feature: Honorees Named for Awards Dinner, New Awards Announced

IVCA Provides Updates for State Legislative Issues – 12/4/2024

Wed, 04 Dec 2024 17:22:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates

Wednesday, December 4 2024

MADIGAN TRIAL NEARS CONCLUSION

The closely watched trial of former Illinois House Speaker Michael J. Madigan has often been an eye-opener on how things did and did not get done in Illinois government and politics. The federal government is pursuing a corruption case against the powerful former speaker and this morning the signals are it could soon go to the jury. A former alderman who wore a wire for the federal government highlighted the last few days:

Tribune…
After six days of testimony against ex-House Speaker Michael Madigan, [Ex-Ald. Daniel Solis] was off the witness stand and out of the public eye, perhaps this time for good.
His cooperation changed the state’s political trajectory, contributing to Mayor Lori Lightfoot’s improbable election, putting former Ald. Edward Burke in prison and helping dethrone Madigan, the longest serving state legislative leader in the country when he resigned in 2021 before being charged.
It also altered Solis’ own place in city history, from once-respected community leader and public servant to another fallen Chicago politician with dark secrets — in his case, bribe-taking, tax malfeasance, extramarital affairs and visits to erotic massage parlors, to name a few.
In all, Solis has been working with the government for eight-and-a-half years, including more than two years wearing a wire for the FBI and recording closed-door meetings in City Hall and elsewhere. He agreed to let the feds listen to every word spoken on his cellphone. He was questioned under oath about some of the most sordid and embarrassing moments of his life.
Sun-Times…
Solis’ testimony ended similarly to Marquez’s. Prosecutors last month pointed to a “wholesale attack” on Marquez’s credibility and convinced Blakey to let Marquez testify about related criminal charges brought against former ComEd CEO Anne Pramaggiore, ex-ComEd lobbyist John Hooker and onetime City Club President Jay Doherty.
Defense attorneys objected, but prosecutors wanted the jury to know that even though Marquez had struck a deal with authorities to avoid prison, his fate did not rest on the outcome of Madigan’s trial.
Solis’ situation is similar, but defense attorneys did not publicly object this time. They might have done so during a private sidebar.
Still, Madigan attorney Dan Collins on Monday actually asked Solis about Burke. He brought up famous quips from the Burke case like, “did we land … the tuna?” Blakey then told jurors to disregard it.

LEGISLATURE NOT IN SESSION / GOVERNOR LOW KEY

The Illinois General Assembly is not scheduled for session until January of 2025, while the governor has made a few announcements on projects but not many headlines. This is a historically slow period where the legislature is preparing bills for next session and the executive branch is sharpening pencils on what could be a very difficult fy 26 budget.

Walter Florence, Managing Partner of Frontenac, 2024 First Time Promoting Diversity Award Recipient at the IVCA Awards Dinner

Wed, 04 Dec 2024 17:18:00 GMT

December 4, 2024

IVCA Profile: Walter Florence, Managing Partner of Frontenac, 2024 First Time Promoting Diversity Award Recipient at the IVCA Awards Dinner

The IVCA announced their 2024 honorees at the upcoming (December 9th) IVCA Awards Dinner recently, and the first time recipient of the newly developed IVCA Promoting Diversity Foundation Award is Managing Partner Walter Florence of Frontenac Private Equity.

Throughout his career, Mr. Florence has led investments in a variety of industries, including consumer products and services, where he is currently focused. He was chairperson of the IVCA in 2017-2018, and a past Fellows Award honoree. He is a Pittsburgh native, and he graduated cum laude from Dartmouth College and earned an MBA with distinction from the J.L. Kellogg School of Management at Northwestern University.

The inaugural award honors him in recognition of his impact in helping create the IVCA Invitational Golf Event – which supports the IVCA’s diversity efforts – and spearheading those diversity efforts through the Scholars Program and the creation of the Foundation.

The IVCA interviewed Mr. Florence on his diversity efforts and as first Awardee

IVCA : You were instrumental in creating the IVCA Promoting Diversity Foundation. Please share how the Foundation began, what guiding principles are followed, who was and are involved, how – if at all – you measure the impact?

Walter Florence : In 2017, as incoming Chair of the IVCA, I worked with Maura O’Hara – at that time the IVCA’s Executive Director – to ‘re-launch’ the IVCA Scholar Program. We established the ten-week paid summer internship program organized by the IVCA with our member firms targeting rising college sophomores or juniors in finance from an under-represented populations. The program aims are to create a more inclusive Private Equity and Venture Capital industry by increasing gender, racial and ethnic diversity through opportunity and experience.

The timing must have been right. Today, nine years later, over 120 [Ed Note: Checking] students have served as IVCA Scholars. In the upcoming year of 2025 the program has grown to 86 applicants from 23 different schools, including 11 Illinois-based universities, and is hosted by more than 16 member firms. We can proudly point to 33 Scholar alumni working in the PE/VC industry today, and 14 remain in Illinois. Since 2017, we have raised and invested nearly $750,000 to support this program.

The IVCA Promoting Diversity Foundation (IPDF) grew from this program. In 2023, thanks to the leadership of Shoshana Vernick of Avathon Capital, current IVCA Executive Director Christie Pruyn and many others, the IPDF was formed as a 501c3 non-profit. Alongside the IVCA Scholars, the mission of IPDF is to create and support programs that lead to a more diverse Private Equity and Venture Capital community.

IVCA : What inspired you to recognize and advocate the need for greater diversity within the Venture Capital and Private Equity industries? In your observation, what does a firm or any industry stand to gain by creating a culture of diversity, both for the future of VC/PE/Investing and as a reflection in the evolution of society?

Florence : Two quite different reasons.

First like most, if not all of us, I have worked extremely hard to make the most of my opportunities. I am increasingly aware, however, that opportunity is not as well distributed as talent. Second, we are all fundamentally in the business of making good decisions, and the data is clear … diverse teams generate better decisions and superior results. However, this cannot be forced. You still need the right combination of talented people in the right seats.

IVCA : In our political atmosphere, the first wave of DEI initiatives have received significant criticism and sometimes are portrayed negatively. What is your advice to firms and the corporate culture to ignore the political criticisms and continue toward a more diverse atmosphere, both in their own institutions and society in general

Florence : I know enough about the political atmosphere to express, again, two things.

First, I am not trying to advise anyone else about corporate culture or their decisions about DEI. I am a math and economics major with an MBA and a career in investing. That means I am trained to understand the odds and experienced to know that winning is much more fun than losing. As I said above, we are in the business of making good decisions, and the data is clear – diverse teams generate better decisions and superior results.

Second, good business is not all numbers … it involves a little common sense, and in this context, it is common sense to know that diversity cannot be forced. You still need the right combination of talented people in the right seats.

IVCA : Finally, what does it mean to you personally to have your peers recognize your efforts in driving change with the first IVCA Promoting Diversity Foundation Award?

Florence : It is an honor to be recognized. Like most lasting initiatives, it has taken a team of collaborators. Thank you, especially to all those who have been or are currently supportive and involved. We look forward to seeing all of you at next year’s IVCA Golf Invitational on Monday, June 23, 2025, at Olympia Fields Country Club.

For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago … click here .

IVCA Profile: Jim Macdonald, Managing Director of First Analysis Venture Capital, Stephen S. Beitler Award Recipient at the IVCA Awards Dinner

Tue, 03 Dec 2024 20:02:00 GMT

December 4, 2024

The IVCA announced their 2024 honorees at the upcoming (December 9th) IVCA Awards Dinner recently, and the recipient of the Stephen S. Beitler Award (formerly known as the Fellows Award) is Managing Director James “Jim” Macdonald of First Analysis Venture Capital.

In submitting Mr. Macdonald’s name for the honor, IVCA Executive Director Christie Pruyn said, in reference to his work as IVCA Chairperson during the transition between former Executive Director Maura O’Hara to herself, “His dedication to onboarding me was exceptional, providing me with a comprehensive understanding of IVCA’s rich history and the nuances of the private investing industry. Jim’s forward-facing leadership as IVCA Chairperson ensured a seamless transition while maintaining the momentum of IVCA’s ongoing business.” Also during his tenure, he led the Strategic Planning process which has reframed IVCA’s priorities for the next three years, to ensure continued success of the organization and adapting to meet current membership needs.

The Stephen S. Beitler Award, which recognizes individuals for their outstanding contributions to the Private Equity profession and the IVCA, was renamed as a tribute to the late Founder and Managing Director of Dunrath Capital, Stephen S. Beitler. Mr. Beitler was a recognized in the financial and VC industries, and for his dedication to IVCA as past Chairperson and as a nod to his creation of the IVCA Awards Dinner and program, in addition to the establishment of the Awards. The Stephen S. Beitler Award will presented on behalf of his family by Elinore Beitler.

Mr. Macdonald has over two decades of experience at First Analysis, working with entrepreneurs as an investor and as an advisor on growth transactions to help build leading Software-as-a-Service (SaaS) businesses. With his widely read “SaaS Quarterly Insights” report, he is a thought leader in the area, and his work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, in Forbes and in other publications. He earned an MBA from Harvard University and a bachelor’s degree in civil engineering from Cornell University, where he also earned the university’s highest award in that discipline.

In a letter promoting Mr. Macdonald for the honor, his First Analysis colleague Corey Greendale (Managing Director, Office of the President) said, “His ethics are unimpeachable … [and he] one of the best raconteurs I know, sharing anecdotes that both educate and entertain. He is very intellectually curious, knowing something about seemingly every industry and wanting to learn more about every business and every entrepreneur he comes across.”

The IVCA recently spoke to Mr. Macdonald about his career.

IVCA: You are the first recipient of the renamed Fellows Award – an IVCA tradition – which is now the Stephen S. Beitler Award. From what you know of Mr. Beitler, how does this designation mean more to you as you’re recognized by your IVCA peers?

Jim Macdonald: I didn’t know Steve personally, he was a generation before me, but I did some research on his contributions to the IVCA, and he was instrumental in the founding and organizational development of the association. I also admire his military and government service, so to be thought of for the first time the Award is named after him is a substantial honor.

IVCA: Your expertise is in the Software-as-a-Service [SaaS] field. What are your origins within that space, and how did it fascinate you to the point where you became an industry-wide leader and communicator for SaaS?

Macdonald: I would say it was it was a fortunate journey. I started out doing outsourced services, which intrigued me because if you took over the work that a company was already doing, there were built-in sales … you didn’t have to sell anything new. So I started out in outsourced services and then migrated to tech-enabled services, which allowed companies to outsource services more efficiently using software.

First Analysis started investing in SaaS when it was called ASP (application service provider). A big question was whether the ASP would own the software or host an existing third party application (or group of applications). We decided to focus on companies that created a new software application, designed to be multi-tenant, and sold it for a recurring fee. That is part of the long origin of SaaS, and we were in the very early stages of it. And the rest was history; it has been a great area to invest in.

IVCA: As we reach the end of 2024, following a decade of remarkable growth and transformation in SaaS, what is the current state of the industry, and how do you envision the future of technology and digital revolution shaping this sector?

Macdonald: So the buzzword of today is AI, with many people trying to figure out who will be the top providers in that space. And so far it’s obviously the chip makers and the hardware providers , but the enterprise software companies that have been providing SaaS applications have always helped their customers operate more efficiently. So it would seem logical to me to those providers will produce AI enhanced versions to bring the power of AI to their customers.

Generally platform transitions like this create a great opportunity for new venture backed companies to displace the existing vendors who may not adapt quickly enough. That has been happening in SAAS over the years; whenever there is a platform change, new companies move quickly to fill the need and take market share

IVCA: You have roots as a civil engineer, where you applied expansion techniques for hardware operations such as equipment and leasing. How does this expertise translate to advice or operations you provide in your current role?

Macdonald: When I worked for Nalco (now Ecolab) it was on the small end of the Fortune 500 at the time … it was a decent size, not yet a huge size. I learned many good management techniques but it also taught me what companies shouldn’t do, and also how tough politically big companies are to work for. Those were the experiences that educated me.

And since then I’ve worked with over 20 of our investments where I’ve either been on the board for or was an observer for the board, so each of those experiences taught me different things. It has all informed how I coach my companies today.

IVCA: You are a recognized for your ability to distill complex information for others. What is your philosophy on simplifying complexity and creating effective communication?

Macdonald: That’s always a tough thing to accomplish, and I’m not sure I’ve always accomplished it. But I’ve always had great support at First Analysis, with support from editors and other folks who have improved my writing 100 fold, so I am at a higher level now than when I first started doing it 27 years ago.

My overriding philosophy is I’ve always tried to get to the point; if it’s too verbose it drives me crazy. I’ve always felt that making a point quickly is the benefit as a communicator.

IVCA: Finally, as the most recent former Chairperson of the IVCA, what what sticks with you the most in your tenure, and/or what will you take away from your experience?

Macdonald: The most impactful activity was clearly making the transition in Executive Directors, from Maura O’Hara to Christie Pruyn. We found Christie, and she has already learned about the industry and put her own stamp on the organization … she really has jumped into the role. I hope her evolution will continue as Maura’s did and that Christie becomes the new driving force for our industry.

Within the process, it was great to work more closely with successful leaders from other Private Equity firms who are all giving their time to help the organization.

For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago … click here .

IVCA Profile: Professor Mitchell Petersen of the Kellogg School at Northwestern University, 2024 Richard J. Daley Award Recipient at the IVCA Awards Dinner

Tue, 03 Dec 2024 19:56:00 GMT

December 4, 2024

The IVCA announced their 2024 honorees at the upcoming (December 9th) IVCA Awards Dinner recently, and the recipient of the Richard J. Daley Award is Mitchell A. Petersen, Glen Vasel Professor of Finance and Director of the Heizer Center for Private Equity and Venture Capital at the Kellogg School of Management at Northwestern University.

In submitting his nomination, his colleague Karin D. O’Connor (Clinical Associate Professor of Strategy and Executive Director of the Heizer Center) noted that Kellogg alums have expressed that Professor Petersen is “not only a world-class finance expert but also a passionate and dedicated educator whose voice will continue to guide [them] throughout their lives.”

Professor Petersen joined the Kellogg School faculty in 1994 after several years with the Booth School at the University of Chicago … his academic and research credentials are impeccable. He earned his PhD in Economics from MIT in 1990 and is noted for his writing on how the cost of information, technology, competition, and taxes affect how firms raise capital and fund their projects. For this work, he has been awarded both the Smith Breeden Prize for Outstanding Paper from the Journal of Finance and the Michael Brennan Award for Best Paper in the Review of Financial Studies.

The Richard J. Daley Award, a traditional IVCA honor named for the former Mayor of Chicago, and acknowledges a single individual who has given direct and extraordinary support to the State of Illinois by participating in or being an advocate for the Venture Capital and Private Equity industry. As Professor O’Connor added, “I can say without hesitation that his advocacy and contribution to the Private Equity and Venture Capital community in Chicago, the State of Illinois and beyond make him truly deserving of this honor.”

In a letter of support from E.F. “Skip” Heizer, Chairman of Heizer Capital, he spoke of Petersen’s efforts to expand the Heizer Center, named for his late father Ned, and wrote the Professor Petersen is “one of the finest people I know. He is highly intelligent, a thoughtful yet soft-spoken communicator, and always a willing source of support.” Mr. Heizer will present the Daley Award to Professor Petersen at the Awards Dinner.

The IVCA recently spoke to Professor Petersen for insight into his career.

IVCA: The Richard J. Daley Award acknowledges your contribution to the Venture Capital and Private Equity industries, and in contribution as it applies to the State of Illinois. What in your point of view has been advantageous or lucky for you to be based in Illinois and more specially the financial and academic power centers of Chicagoland?

Mitchell Petersen: I grew up in Iowa, and so Chicago was always the big city … huge, beautiful, powerful and a little intimidating. Chicago of course started as a transportation hub due to the lake and the rivers, and then the railroads. Manufacturing was the engine of the United States, and that was huge in Chicago. As the economy coalesces around a finite number of economic hubs, we are still fortunate to be in one of the most important of those hubs in the U.S.

Chicago is still a hub for manufacturing, but it’s also a leader in publishing, insurance, transportation, food, and of course finance. Chicago has several world class universities, two of the top MBA programs in the world, in addition to a vibrant financial community all the way from the startup/Venture Capital end of the spectrum to the number of large public firms who are based here, and of course the internationally important financial exchanges. All of these elements have created the foundation for my education, my advocation and my participation.

IVCA: When you began your journey as an educator, what philosophical principles did you develop in your early career that you still apply to now, and why do those principles continue to be a universal in your approach to professorial interaction?

Petersen: When I started graduate school, and this sounds heretical, but I didn’t plan on being a professor. When I changed my mind, the plan was to be an economics professor. When the job market told me I should make another switch, I became a finance professor.

For better or worse, that meant I hadn’t really thought about teaching, so I learned a lot about the profession in the early years, some from other junior faculty such as Steve Kaplan … another Daley Award Winner … and of course from my students. I realized early on that teaching facts and mechanics was not where the educational value was added.

When I think about teaching, I want to people to see the vastness and the chaos of finance and be able to organize into ways that are useful for actual business decisions. If they learn logical structures, why things work, and how to take amorphous problems and ask precise questions, that is an enduring skill.

I began before digital technology made access to factual material universal. As technology evolves, as data becomes more overwhelming, the value of having an intellectual structure built on first principals that allows you to take an amorphous problem and turn it into a precise question is a skill that will never fade.

IVCA: In all that early development, where did you find some surprising advice?

Petersen: My Mother, who was a history teacher herself, also told me to listen more than I talk. That is hard for a professor … we often like the sound of our own voices. I have learned to listen, not just to the question that student asks, but to the question they are truly asking.

IVCA: Your research pursuit is in the higher levers of creating investment evaluations. How have those levers changed since the year 2000, and what element has emerged to become of tantamount importance that no one would have anticipated at that turn of the 21st Century?

Petersen: Half of what I teach in and outside of class has not changed in hundreds of years … people are risk averse, some more and some less. But the other half of what I teach changes every year. As referenced before, one of the largest and more explosive changes is the digital access to facts. Early in my career, faculty were simply suppose to know things. What was the return on the stock market last year, for example.

The minute the internet came online, then came online tutorials, and now maybe AI, the collection of facts has been delegated to students, thankfully. The purpose of the faculty and the classroom experience can now focus on what was always important, which is providing context and a way to understand those facts.

IVCA: How does context relate to an approach to modern finance education?

Petersen: Much of what I teach is valuation, and those that know a little bit about valuation, think valuing a firm is building a DCF spreadsheet in Excel. That is one of the tools, but that is not the objective. The objective is to use the numbers and the spreadsheet as a tool, the means to the destination.

There is a line from one of my favorite movies, ‘The Matrix.’ Keanu Reeve’s character Neo is staring over the shoulder of another character looking at an old fashioned CRT screen, with incomprehensible symbols are streaming down the display. Neo asks how you make sense of this. The person at the screen says at some point you can look through the numbers and see reality. That is the point of the spreadsheet and what we teach now and going forward … If you can look through the spreadsheet you can see the reality of business … its competitors, its employees and its customers.

That is what the members of the IVCA do … they invest in and run businesses. Like my students and I, they take a tidal wave of data and use it to understand not just the business as it is, but what it could be. Honestly, this takes a lot more creativity and vision than I have. My role as an educator is to help launch those two elusive concepts.

IVCA: You are an acknowledged communicator and editorialist in your field and have sat on many editorial boards. There are certain expectations in writing for the financial world, but what would you express regarding your style that makes it distinctive?

Petersen: The language of finance is incredibly complex. Twenty percent of the reason it is complicated is the concepts are complex, and therefore the language inherits it. My job is to explain the concepts and demystify the language. The other eighty percent the reason the language is complex is it’s an entry barrier. The students I teach, the professionals I work with outside of Kellogg, and the broader community that I speak to through the media, tend to have a wide range of familiarity with the finance language and concepts.

They are all bright, but sometimes they do not know the words or the logical structures. I am supposed to be that bridge. So I use a variety of tools like equations, data, and pictures, but that is not what most people remember from our conversation or my classes. Most remember the many stories I tell. Stories are how humans have been retaining, processing, and communicating ideas for millennium. I find years after I have had a student in my class, the details may be gone, but the stories remain.

IVCA: How would you describe the state of academia, both in the area of expertise you work in, and in a macro sense in regard to student accessibility and the general society’s perception of higher education … especially as it gets increasingly expensive and less viable for certain sectors of Americans?

Petersen: I have not taught undergraduates, so let me answer a slightly different question, but with a common theme … is it worth getting an MBA today? I don’t think the answer should be ‘yes’ for everyone – and I would say the same thing for an undergraduate degree. This means you need to think very hard about what you want to do with your life, not just the job after business school but your long term career.

Don’t think about your job title, but rather what are the features of a career and a life that you value and are thus are you willing to sacrifice one or two years, along with the financial costs to get an MBA. I think the MBA can be enormously valuable if you get it for the right reasons.

The world is getting more complicated, not less. This is why it is a fool’s errand to go to school to learn a bunch of facts. You invest in an MBA for a number of hopefully enduring reasons. For starters, you continue to learn how to think and to ask precise questions. Each of the disciplines at Kellogg and eventually in any firms, they all have a different way of thinking about problems, often the same problem.

IVCA: That’s so interesting, what other elements of learning translates to real world applications?

Petersen: Well, for example, knowing how the person that manages my suppliers thinks about a problem versus how the person that runs Human Resources thinks. That is another lesson … learn how others think. The reason the Kellogg school draws from a variety of geographies, industries, job functions, and firm sizes, is because it is useful to tap into these different experiences in deciphering problems, devising solutions, and figuring out how to actually implement an idea.

And finally it’s about the ‘network,’ and this is almost a cliché. The point isn’t to be a part of a club, so you are ‘on the inside.’ It is an opportunity to develop hopefully deep and long-lasting relationships throughout your life – both professional and personally. My life is much richer due to the students that have been through my class, and I hope that some of them would say the same.

IVCA: Finally, in your observation, what is the status of the State of Illinois and Chicagoland as a leader in the financial world, and how do you think associations like the IVCA can continue to advocate for the state and our community?

Petersen: My personal view has always been that if we think we’re comfortably on top, we are toast. The city and the state have some profound financial challenges. However, I think the business community is strong, but more importantly I also think they are scrappy, driven and hungry.

Every year I think about what I want to do next, and I have chosen to stay in Chicago. That is in no small part due to the people I work with and learn from at Kellogg of course, but also in the broader Chicago finance community. That community, which includes the membership of the IVCA, have always been extraordinarily welcoming with their time, advice, and even brutal criticism. Our success is because of each other.

Because of all that, it is a supreme honor to be designated as the recipient of the Richard J. Daley Award.

For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago … click here.

New event for 2025! Impact of the 2024 Presidential Election on the Investment Community

Tue, 03 Dec 2024 19:53:00 GMT

December 4, 2024

Event details:
Date: Thursday, January 16, 2025
Time: 12:00noon – 1:30pm
Location: Sidley Austin office, 1 South Dearborn Street Chicago, IL 60603

Register HERE! (IVCA Member only event. You must log-in to access registration)

Any issues, please contact Kathy Pyne at kpyne@illinoisvc.org .

Speakers:

Brent Steele, Moderator, Partner, M&A and Private Equity, Sidley Austin LLP
Shane Goudey, Leader, Venture Funds, Sidley Austin LLP
Kenneth A. Polite Jr., Global co-leader, White Collar Defense and Investigations, Sidley Austin LLP
Patricia DeLoatche, Senior Policy Advisor, Sidley Austin LLP

Discussion Topics Include:

Policy Changes: Analysis of the new administration’s policies and their potential effects on investment strategies.
Regulatory Environment: Insights into anticipated regulatory shifts and compliance requirements.
Market Opportunities: Exploration of emerging opportunities in the private equity and venture capital markets.
Risk Management: Strategies for navigating the evolving risk landscape under the new administration.

The post New event for 2025! Impact of the 2024 Presidential Election on the Investment Community appeared first on IVCA - Illinois Venture Capital Association .

IVCA Feature: Honorees Named for Awards Dinner, New Awards Announced

Thu, 21 Nov 2024 16:58:00 GMT

In anticipation of the Awards ceremony, the following feature article will provide what each Award represents (including the name change and newest honor) and a short biography of the awardees. The Annual IVCA Awards Dinner will take place on Monday, December 9th.

NEW: THE IVCA PROMOTING DIVERSITY FOUNDATION AWARD

The IVCA Promoting Diversity Foundation (IPDF) envisions a Private Equity and Venture Capital community where all individuals have equal access to opportunities and where unique perspectives are valued and celebrated. This new IVCA Foundation award recognizes an individual or firm who has significantly contributed to the IVCA Scholars Program or has made impactful strides in enhancing diversity within the Private Equity and Venture Capital community in Illinois.

The 2024 recipient of the first IVCA Promoting Diversity Foundation Award is Managing Partner Walter Florence of Frontenac Private Equity. Throughout his career, Walter has led investments in a variety of industries, including consumer products and services, where he is currently focused. He was chairperson of the IVCA in 2017-2018, and a past Fellows Award honoree.

The inaugural award honors Mr. Florence in recognition of his impact in helping create the IVCA Invitational Golf Event – which supports the IVCA’s diversity efforts – and spearheading those diversity efforts through the Scholars Program and the creation of the Foundation.

RENAMED: THE STEPHEN S. BEITLER AWARD

The Fellows Award, which recognizes individuals for their outstanding contributions to the Private Equity profession and the IVCA, has been renamed as a tribute to the late Founder and Managing Director of Dunrath Capital, Stephen S. Beitler. Mr. Beitler was a recognized in the financial and VC industries, and was known for developing leading edge technologies in corporations and government.

Mr. Beitler was chairperson of the IVCA during 2003-2003. He was also instrumental in establishing the annual IVCA Awards and getting the family permission for the naming of the Golder and Daley Awards. He also established the Fellows Award and was himself award that honor in 2004, which now bears his name.

The 2024 recipient of the Stephen S. Beitler Award is Managing Director James “Jim” Macdonald of First Analysis Venture Capital. He has over two decades of experience at First Analysis, working with entrepreneurs as an investor and as an advisor on growth transactions to help build leading Software-as-a-Service (SaaS) businesses. With his widely read “SaaS Quarterly Insights” report, he is a thought leader in the area, and his work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, in Forbes and in other publications. Mr. Macdonald was IVCA Chairperson in 2023-2024.

The Stephen S. Beitler Award will presented on behalf of his family by Elinore Beitler.

THE RICHARD J. DALEY AWARD

The Richard J. Daley Award, a traditional IVCA honor named for the former Mayor of Chicago, acknowledges a single individual who has given direct and extraordinary support to the State of Illinois by participating in or being an advocate for the Venture Capital and Private Equity industry.

The 2024 recipient of the Richard J. Daley Award is Professor of Finance Mitchell Petersen of the Heizer Center for Private Equity and Venture Capital in the Kellogg School of Management at Northwestern University. Professor Petersen’s research is in the area of empirical corporate finance … the analysis of how firms evaluate potential investment projects and how they fund such projects. His recent writing focuses on how the cost of information, technology, competition, and taxes affect how firms raise capital and fund their projects.

The Richard J. Daley Award will be presented by E.F. “Skip” Heizer of Heizer Capital.

THE STANLEY C. GOLDER AWARD

The Stanley C. Golder Award, a traditional IVCA award named for a VC/PE Chicago pioneer, recognizes individuals for their outstanding contributions to the Private Equity profession and to the Illinois Venture Capital Association.

The 2024 recipient of the Stanley C. Golder Award is CEO/Founding Managing Partner James “Jim” Dugan of OCA Ventures. Mr. Dugan has over 25 years of corporate finance, capital markets, and Venture Capital investment experience, and sits on the board of various portfolio companies including Ocient, Alembic, The MOM Project, Prisidio, SumRidge Partners, SpotHero, ArcherEDU, Impossible Objects, BigStep and Falcon Insurance Group. He is a founding member of the IVCA, where he formerly served five years as Treasurer, Director and member of the Executive Committee, and was the 2013 Fellows Award recipient.

The Stanley C. Golder Award will be presented by David Golder of Golder Investment Management.

NEXT NEWSLETTER: PROFILES OF ALL THE HONOREES.

For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago… click here

IVCA Feature: Honorees Named for Awards Dinner, New Awards Announced

Thu, 21 Nov 2024 12:17:00 GMT

Last week, the 2024 IVCA Awards Dinner honorees were named, along with the announcement of a new name designation for the Fellows Award and the establishment of a brand new honor … the IVCA Promoting Diversity Foundation Award. In anticipation of the Awards ceremony, the following feature article will provide what each Award represents (including the name change and newest honor) and a short biography of the awardees. The Annual IVCA Awards Dinner will take place on Monday, December 9th. NEW: THE IVCA PROMOTING DIVERSITY FOUNDATION AWARD The IVCA Promoting Diversity Foundation (IPDF) envisions a Private Equity and V enture Capital community where all individuals have equal access to opportunities and where unique perspectives are valued and celebrated. This new IVCA Foundation award recognizes an individual or firm who has significantly contributed to the IVCA Scholars Program or has made impactful strides in enhancing diversity within the Private Equity and V enture Capital community in Illinois. The 2024 recipient of the first IVCA Promoting Diversity Foundation Award is Managing Partner Walter Florence of Frontenac Private Equity. Throughout his career, Walter has led investments in a variety of industries, including consumer products and services, where he is currently focused. He was chairperson of the IVCA in 2017-2018, and a past Fellows Award honoree. The inaugural award honors Mr. Florence in recognition of his impact in helping create the IVCA Invitational Golf Event – which supports the IVCA’s diversity efforts – and spearheading those diversity efforts through the Scholars Program and the creation of the Foundation. RENAMED: THE STEPHEN S. BEITLER AWARD The Fellows Award, which recognizes individuals for their outstanding contributions to the Private Equity profession and the IVCA, has been renamed as a tribute to the late Founder and Managing Director of Dunrath Capital, Stephen S. Beitler. Mr. Beitler was a recognized in the financial and VC industries, and was known for developing leading edge technologies in corporations and government. Mr. Beitler was chairperson of the IVCA during 2003-2003. He was also instrumental in establishing the annual IVCA Awards and getting the family permission for the naming of the Golder and Daley Awards. He also established the Fellows Award and was himself award that honor in 2004, which now bears his name. The 2024 recipient of the Stephen S. Beitler Award is Managing Director James “Jim” Macdonald of First Analysis Venture Capital. He has over two decades of experience at First Analysis, working with entrepreneurs as an investor and as an advisor on growth transactions to help build leading Software-as-a-Service (SaaS) businesses. With his widely read “ SaaS Quarterly Insights” report, he is a thought leader in the area, and his work has been cited for excellence in the Wall Street Journal ’ s “ Best on the Street” survey, in Forbes and in other publications. Mr. Macdonald was IVCA Chairperson in 2023-2024. The Stephen S. Beitler Award will presented on behalf of his family by Elinore Beitler. THE RICHARD J. DALEY AWARD The Richard J. Daley Award, a traditional IVCA honor named for the former Mayor of Chicago, acknowledges a single individual who has given direct and extraordinary support to the State of Illinois by participating in or being an advocate for the V enture Capital and Private Equity industry. The 2024 recipient of the Richard J. Daley Award is Professor of Finance Mitchell Petersen of the Heizer Center for Private Equity and Venture Capital in the Kellogg School of Management at Northwestern University. Professor Petersen’s research is in the area of empirical corporate finance … the analysis of how firms evaluate potential investment projects and how they fund such projects. His recent writing focuses on how the cost of information, technology, competition, and taxes affect how firms raise capital and fund their projects. The Richard J. Daley Award will be presented by E.F. “Skip” Heizer of Heizer Capital. THE STANLEY C. GOLDER AWARD The Stanley C. Golder Award, a traditional IVCA award named for a VC/PE Chicago pioneer, recognizes individuals for their outstanding contributions to the Private Equity profession and to the Illinois Venture Capital Association. The 2024 recipient of the Stanley C. Golder Award is CEO/Founding Managing Partner James “Jim” Dugan of OCA Ventures. Mr. Dugan has over 25 years of corporate finance, capital markets, and V enture Capital investment experience, and sits on the board of various portfolio companies including Ocient, Alembic, The MOM Project, Prisidio, SumRidge Partners, SpotHero, ArcherEDU, Impossible Objects, BigStep and Falcon Insurance Group. He is a founding member of the IVCA, where he formerly served five years as Treasurer, Director and member of the Executive Committee, and was the 2013 Fellows Award recipient. The Stanley C. Golder Award will be presented by David Golder of Golder Investment Management. NEXT NEWSLETTER: PROFILES OF ALL THE HONOREES. For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago … click here.

IVCA Newsletter – November 20, 2024

Thu, 21 Nov 2024 00:03:00 GMT

Association News

Only 2 days left to purchase an Awards Dinner Sponsorship! Tables and tickets are now available for purchase!

Legislative News

IVCA Provides Updates for State Legislative Issues – 11/20/2024

IVCA Events

December 9, 2024 – IVCA Annual Awards Dinner presented by Kirkland & Ellis, LLP

Other Events of Interest

December 10, 2024 – BDO’s Annual Private Equity Fund CFO Roundtable

Industry News

The RepTrak Company is Acquired by Periscope Equity

May River Capital Acquires Cashco as its First Investment in a New Flow Control Solutions Platform

TRexBio Announces $84 Million Series B Financing to Advance Pipeline of First-in-Class Immunology Programs into Clinical Development; Agent Capital Participates

Growth Catalyst Partners Acquires InspiredMinds!, the World’s Largest Ecosystem of AI Leaders and Innovators

Reservoir Communications Group and Periscope Equity Announce New Investment Partnership

The Edgewater Funds Announces Elevate Patient Financial Soutions’ acquisition of NYX Health Eligibility Services to Deepen RCM Offering

Addi Secures $100 Million Credit Facility from Victory Park Capital

Qlik’s Accelerating Growth Attracts Significant Investment from Thoma Bravo and ADIA

Wynnchurch Capital Invests in Principal Industries

Monroe Capital Closes Inaugural $315 Million Collateralized Fund Obligation

ARCH Venture Partners Announces Promotion of Corey Ritter to Partner

Benford Capital Exits Droplet Measurement Technologies

Thoma Bravo Exits Instructure After Achieving Transformational Growth and Innovation

Wind Point Partners Announces Sale of FoodScience to Morgan Stanley Capital Partners

BPOC Recognized as a Founder-Friendly Investor by Inc. Magazine for 2024

Zengines Announces Major New Software Release After Closing $9M Round of Financing; Hyde Park Venture Partner Leads Deal

Prompt Security Raises $18M to Secure Generative AI Tools

Wynnchurch Capital Named to Inc.’s 2024 List of Founder-Friendly Investors

Professional Advisor News

H.I.G. Capital and Thoma Bravo to Acquire CompTIA

Sidley Represents ZMC in Its Acquisition of Pure Wafer

Good Springs Capital LP Invests in Tectonic Engineering

Sidley Represents Ryan Specialty in Its Acquisition of Innovisk

Ropes & Gray’s Women’s Forum Expands into Singapore with Inaugural Event

Sidley Represents nCino in Its Acquisition of FullCircl

The Hershey Company Acquires Sour Strips Candy

Sidley Represents BigHat Biosciences in Licensing Collaboration With Synaffix B.V. on the Development of an AI-Powered Antibody Design Platform

GHO Capital Partners and Ampersand Capital Acquire Avid Bioservices for $1.1 Billion

Sidley Represents Nektar Therapeutics in Its Sale of Its Manufacturing Facility and Reagent Supply Business

Ropes & Gray Advises Apollo Therapeutics on Exclusive Ex-China License for Clinical-Stage FGF21/GLP-1 Dual Receptor Agonist

Sidley Advises Outbuild in Its US$11 Million Series A Financing

Kate Withers Discusses Rising PE Activity in the Tech Sector in The Wall Street Journal

Ropes & Gray Again Wins Pharma and Health Care Corporate Practice of the Year

Taylor Hart to Moderate Panel at PEI Infrastructure Investor Forum

Ropes & Gray Ranked as a Leading Firm by Best Lawyers

Job Postings

NEW! 50 South Capital – Associate Analyst, Alternative Investment Research

N ew! Kinzie Capital Partners – Vice President Investment Team

New! Modern e Ventures – Associate/Sr. Associate , Investment Team

N ew! Moderne Ventures – Principal/Partner , Investment Team

N ew! Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Sandbox Industries – Vice President position (Clinical Innovation)

Onward Capital – Vice President position

IVCA Feature: Top Quotes from Past IVCA Award Honorees

IVCA Provides Updates for State Legislative Issues – 11/20/2024

Wed, 20 Nov 2024 20:37:00 GMT

Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, November 20, 2024

IVCA WORK ON QIP CONTINUES

The IVCA is in ongoing discussions with the Illinois Department of Revenue and other stakeholders regarding the decision by the department to deny a Foreign Tax Credit to some taxpayers as the result of the expanded partnership definition passed in 2023. A proposed solution is being developed which may be up for consideration at the beginning of 2025 in the legislature’s “Lame Duck” session:

Beginning with tax years ending on or after December 31, 2024, this subsection shall be applied without regard to subsection (c-5) of Section 305.

We will keep you posted. If your tax professional or legal counsel would like more information, please have them contact IVCA Executive Director Christie Pruyn.

STATUS QUO

Despite millions of dollars spent the Illinois General Assembly returned every incumbent from both parties who wished to return. There is a north suburban race which has narrowed to a 47-vote margin in favor of incumbent Republican Representative Marty McLaughlin. That one may be headed to a recount.

QUIET VETO SESSION

Illinois legislators are in Springfield today and tomorrow for the Veto Session. The election outcome which dampened the spirits of Illinois Democrats may have something to do with that. The legislative chambers are taking up a few bills which have deadlines or are otherwise necessary but there are no big issues being addressed. There is discussion of taking up measures in the “Lame Duck” session at the end of the year to “Trump-proof” as Democrats describe it policies in place in Illinois which may be under scrutiny in the 47 ^th presidential administration.

SPEAKER TRIAL ROUNDUP

TRANSCRIPTS AND WIRETAPS

MAGIC LOBBYISTS LIST

IVCA Feature: Top Quotes from Past IVCA Award Honorees

Wed, 20 Nov 2024 20:32:00 GMT

It’s Awards Season, and the IVCA has announced the 2024 recipients for the Stanley C. Golder Award, the Richard J. Daley Award and the newly designated Stephen S. Beitler Award (formerly the Fellows Medal) … for the Annual IVCA Awards Dinner on Monday, December 9th.

With that anticipatory information about to be announced, the IVCA reached back into their archives for the top quotes from past Award honorees.

“I always start with how lucky I was to have my father as a role model, who raised my two sisters and me with the three core family values of work ethic, stewardship and social responsibility. I try to bring these values to everything I do, and believe there is no greater joy than helping others succeed.

Chicago has been wonderful to me and my family and I believe that we must do all that we can to make sure that all of our citizens have access to the same educational and other opportunities that we had. Whether it’s my work with our foundation in North Lawndale and North Chicago, Navy Pier, Rush or the Commercial Club, trying to help reduce the wealth gap is at the forefront of my thinking and how I spend my time.”

~ Jennifer Steans President and CEO of Financial Investments Corporation (FIC) and Recipient of the 2023 IVCA Richard J. Daley Award

“Hiring people is hard and it takes time. When employers are already pressed for time, it is easy to reach out to an existing network or review resumes that indicate a well-known career path. But, what if we look beyond the resume to the unique experiences, skills and perspectives a person can bring to an organization. There are new entrepreneurs pioneering this approach … and hopefully the VC and PE industries will have the foresight to adopt these new methodologies.

This award is a result of all the people in the IVCA and the larger Chicago community that have worked together over the years to launch and nurture entrepreneurs and elevate the Chicago entrepreneurial ecosystem. I feel honored to be part of this group that has catalyzed innovation.”

~ Linda Darragh, Kellogg School of Management at Northwestern University Emerita and Recipient of the 2021 Richard J. Daley Award

The Pandemic: “I hope it will encourage two behaviors: first, understanding how fast change can happen when it has to happen and when it’s important, which can also be called leadership; and second, understanding that we are all one community in health and we need to take care of each other and provide minimum levels of care to every person in America. That will keep us all safer and is also the right thing to do.”

~ Glen Tullman of 7WireVentures, Recipient of the 2020 IVCA Stanley C. Golder Award

“It is clear to me that the grizzled veterans of the industry, of which Stanley was one, pioneered the practices and advocated the regulatory structures that contributed to the tremendous industry success across the country.

When I was starting out as an underling in the profession I took all that foundational structure as an article of faith. I have since learned how constant vigilance and education is required to ensure that the industry can continue to fuel innovation and economic growth. The IVCA plays a critical role actively educating and advocating for the VC and PE industries in Illinois, in essence continuing the work of Stanley Golder and others.”

~ Keith L. Crandell, Recipient of the 2019 IVCA Stanley C. Golder Award

“Most of my business philosophies and approaches are derived from my grandfather… Paul Galvin founder of Motorola Inc., and also my father Bob Galvin, who was the second-generation CEO. I am attracted to ideas that most people disregard as not in favor of, or as too risky… I seek out ideas that find themselves or are positioned as ‘minority opinions.’ Or we create something that when we first describe it, most people respond ‘that will never work.’”

~ Christopher B. Galvin, Recipient of the 2018 IVCA Richard J. Daley Award

“I think that the Chicago investment community – which I am extremely excited and optimistic about – has really come into its own in the last decade. If there is one distinguishing feature that is descriptive of the community, and also uniquely a part of the character of our great city as well, it is the amazing extent to which we see various investor groups working together and collaboratively here, rather than purely as adversaries and competitors.

I’ve seen more instances of cooperation where three or four firms will all participate in a given deal. I think that is a healthy way to make more resources and connections, far beyond mere cash available, to both startups and growth businesses, and to also grow the pool of investment and funding opportunities for everyone here.”

~ Howard Tullman, CEO Start-Up Incubator ‘1871 ’, Recipient of the 2017 IVCA Richard J. Daley Award

“The growth of the local entrepreneurial ecosystem is making it easier for women to access more resources. Programs like WiSTEM [Women in Science, Technology, Engineering, Mathematics] at Chicago’s ‘1871’ Tech and Entrepreneur Center; the New Venture Challenge; incubators like Techstars, Healthbox and Impact Engine; and co-location facilities like 1871, MATTER [Healthcare incubator] and the Polsky Exchange increase the access to resources for women entrepreneurs.

Also encouraging is the growth of women in STEM and MBA programs…This, coupled with more female role models in entrepreneurship and business leadership, should encourage more women to pursue entrepreneurial opportunities.”

~ Ellen Rudnick, Senior Advisor & Adjunct Professor of Entrepreneurship at Chicago Booth, Recipient of the IVCA Richard J. Daley Award for 2016

“I think Chicago has come a long way in developing an entrepreneurial ecosystem. – the ecosystem and the support infrastructure it implies are critical to sustainability. What is going on at ‘1871’ – the new biotech incubator – and now ‘The Garage at Northwestern,’ are all examples of building an entrepreneurial community. There have been so many success stories coming out of Chicago in recent years that there remains no doubt that it is for real. Many, but not all, of the success stories are based on business model innovation rather than technology innovation.”

~ Peter Barris, Managing General Partner of New Enterprise Associates, the 2015 recipient of the Stanley C. Golder Award

“My contributions to our community don’t compare to the magnitude of Mayor Richard J. Daley. However, I invest time and financial resources to build companies in Chicago, as well as non-profits focused on education and the arts. So, there are some interesting parallels that make me feel very connected to the leaders that came before us.

I was very blessed to be able to grow up learning my family business. The deep respect I have for entrepreneurs was nurtured by my experiences at Quill Corporation. From the time I was very young, I’ve had appreciation and admiration for everything that entrepreneurs accomplish. My father and uncles set the standard by which I judge myself, and the founders with whom I have the privilege to collaborate.”

~ Steven Miller, Partner and Co-Founder of Origin Ventures, 2014 Recipient of The Richard J. Daley Award

“There’s a concept in Judaism known as tikkun olam, which literally means ‘repairing the world.’ The concept is that the perfection of the world has been shattered, and each of us has a responsibility to repair it by engaging in the fight for social justice. The New Testament also says something I firmly believe – ‘To whom much is given, much is expected.’

Is it too cliché to say that my parents were my role models? Well, they were. Even though they both passed away when I was young, I remember that they led by example. Both my parents were responsible for making Hyatt the fastest growing hotel chain, but as busy as they were, they made themselves even busier by leading charitable and political causes like museums, hospitals and civil rights organizations. They felt that to be responsible citizens, we all need to engage with the world and especially with helping those who most need it. So my work with young children in poverty and the Holocaust Museum is really just an extension of my parents’ commitment.”

~ Governor J.B. Pritzker, State of Illinois, the 2009 Recipient of The Richard J. Daley Award

For all information regarding the 2024 IVCA Annual Awards Dinner, taking place December 9th at the Four Seasons Hotel in Chicago … click here .

Only 2 days left to purchase an Awards Dinner Sponsorship! Tables and tickets are now available for purchase!

Wed, 20 Nov 2024 20:29:00 GMT

November 20, 2024

If you’re interested in a sponsorship for the 2024 IVCA Awards Dinner you must confirm with Kathy Pyne by Friday, November 22nd!

This year’s IVCA Awards Dinner is scheduled for Monday, December 9, 2024 at the Four Seasons Hotel Chicago, 120 E Delaware Place, Chicago.

Please join us to celebrate this year’s Awardees:

Stanley C. Golder Award : James “Jim” Dugan , OCA Ventures
Richard J. Daley Award : Mitchell Petersen , Heizer Center, Kellogg School of Management, Northwestern University
Stephen S. Beitler Award : James “Jim” Macdonald , First Analysis
New IVCA Promoting Diversity Foundation Award : Walter Florence , Frontenac

Tables and tickets are available. Prices are:

Table of 10 – IVCA member – $5,500
Table of 10 – non-member – $6,500
Individual ticket IVCA member – $650
individual ticket non-member – $750

Please contact Kathy Pyne at kpyne@illinoisvc.org if you are interested in purchasing a table or ticket. You may also purchase tickets HERE !

Sponsorships available are:

Gold Sponsorship: $8,500 with marketing Benefits include:

One reserved table (seats 10)
Recognition on event signage
Recognition in the evening’s A/V presentation
Recognition on website
Half-page ad in event program

(All signage will be provided by IVCA to ensure consistent event branding.)

Platinum Sponsor: $12,500 . Benefits include:

One table at the Dinner (each table seats 10 people)
Recognition on event signage as Platinum Sponsor
Recognition in the evening’s A/V presentation as Platinum Sponsor
Recognition on website as Platinum Sponsor
Full-page ad in event program

(All signage will be provided by IVCA to ensure consistent event branding.)

Dessert Reception Sponsor: $10,000 . Benefits include:

One table at the Dinner (each table seats 10 people)
Recognition on IVCA-provided event signage as Dessert Reception Sponsor
Recognition on evening’s A/V presentation as Dessert Reception Sponsor
Recognition on website as Dessert Reception Sponsor
Full-page ad in event program
Your firm’s logo will run exclusively on the monitors during the Dessert reception
IVCA-provided table tents with your firm’s logo will be placed on high tops and bar(s) at Dessert reception

(All signage will be provided by IVCA to ensure consistent event branding.)

Fun fact: The Four Seasons will also add your firm’s logo onto some of the desserts!
BONUS! This level of sponsorship automatically classifies your firm as a “Sponsoring Member” of IVCA. Benefits of this sponsorship are:
- Five (5) rather than two (2) Designated IVCA members
- Attribution on the Home Page of our website www.illinoisvc.org

If you are interested in any of these sponsorships, please reach out to Kathy Pyne at kpyne@illinoisvc.org .

The post Only 2 days left to purchase an Awards Dinner Sponsorship! Tables and tickets are now available for purchase! appeared first on IVCA - Illinois Venture Capital Association .

IVCA Newsletter – November 6, 2024

Thu, 07 Nov 2024 14:03:00 GMT

Association News

Sponsorships, tables and tickets are now available for 2024 IVCA Awards Dinner!

Empowering Diversity: Partner with the 2025 IVCA Scholar Program

Legislative News

IVCA Provides Updates for State Legislative Issues – 11/6/2024

IVCA Events

December 9, 2024 – IVCA Annual Awards Dinner presented by Kirkland & Ellis, LLP

Other Events of Interest

December 10, 2024 – BDO’s Annual Private Equity Fund CFO Roundtable

Industry News

Runway Growth Capital Announces Combination with BC Partners Credit

H.I.G. Capital and Thoma Bravo to Acquire CompTIA Brand and Products

Periscope Equity Port Co eHouse Acquires Pointer Creative to Enhance Shopify Creative, UX/UI, Design and Development Capabilities

Thoma Bravo Port Co Proofpoint Signs Definitive Agreement to Acquire Normalyze

Water Street Port Co Viant Expands Medical Device Solutions

Moderne Portfolio Company LiveEasy Acquired by AppFolio

Cressey & Company Named Again to Inc.’s 2024 List of Founder-Friendly Investors

Frontenac Named to Inc.’s 2024 List of Founder-Friendly Investors

Monroe Capital Named to Inc.’s 2024 List of Founder-Friendly Investors

Runway Growth Capital Named to Inc.’s 2024 Founder-Friendly Investors List

Thoma Bravo Named to Inc.’s 2024 List of Founder-Friendly Investors

Victory Park Capital joins Inc. Magazine’s 2024 Founder-Friendly Investors List

Professional Advisor News

Ropes & Gray Advises CVC Capital Partners and System C on Acquisition of CIS Oncology

Sidley Represents Coastal Waste & Recycling in Acquisition of Southwest Waste

Ropes & Gray Names New Partners

Sidley Represents Ares Management in Joint Venture With CAL Automotive in Purchase of up to US$1.5 Billion of New Vehicle Leases

Ropes & Gray Advises EQT on Acquisition of Leading International Schools Organisation Nord Anglia Education

Sidley Advises Armis Security on a US$200 Million Series D Funding

Ropes & Gray Represents Mariner in Minority Stake Sale to Neuberger Berman

Sidley Represents Ocuphire Pharma in its All-Stock Acquisition of Opus Genetics

Sverica Capital Management Makes Strategic Investment in Electronic Source Company

Sidley Represents Lovell Minnick Partners in Its Growth Investment in Cohen & Company

Audax Private Equity Closes Acquisition of Avantor’s Clinical Services Business

Sidley Represents Monumental Sports & Entertainment in Deal With the District of Columbia To Transform Capital One Arena

Lawdragon Recognizes 10 Attorneys as Leading Dealmakers

Bluecat Networks Acquires LiveAction

1440 Foods Completes Acquisition of Chef Robert Irvine’s FITCRUNCH and Bakery Barn

Job Postings

NEW! 50 South Capital – Associate Analyst, Alternative Investment Research

N ew! Kinzie Capital Partners – Vice President Investment Team

New! Modern e Ventures – Associate/Sr. Associate , Investment Team

N ew! Moderne Ventures – Principal/Partner , Investment Team

N ew! Moderne Ventures – Associate , Capital Formation & Investor Relations

IL DCEO – Venture Capital Program Investment Manager

Sandbox Industries – Vice President position (Clinical Innovation)

Onward Capital – Vice President position