IVCA Member Alert: Illinois Treasurer Launches new $220 million Fund
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IVCA Member Alert:  Illinois Treasurer Launches new $220 million Fund

January 26, 2016

Today Illinois Treasurer Michael Frerichs launched the $220 million Illinois Growth & Innovation Fund (“the Fund”). As many IVCA members know, this new fund is the successor fund to TDA (Technology Development Account) which invested in Venture Capital and Private Equity funds located in Illinois. IVCA worked with then Treasurer Judy Barr Topinka to launch the $75 million TDA in 2003.

IVCA, which represents private investors in private companies, is pleased that we were able to work with Treasurer Frerichs and his team to get this program launched. The Treasurer’s team worked diligently to understand the impact and benefits of TDA I and to structure this new fund to earn the best return for taxpayers while investing in private company growth.

The Illinois Growth and Innovation Fund will be managed by 50 South Capital, led by Bob Morgan and Brad Dorchinecz. Treasurer Frerichs indicated that he hopes to invest in funds over 3 years. Distributions will be reinvested in the Fund. 50 South Capital expects to announce a date soon for a “town hall” meeting for those seeking to learn more about the investment strategy and process.

Please join us in congratulating Treasurer Frerichs and his team - especially Rodrigo Garcia, Chief Investment Officer and Jay Rowell, Deputy Treasurer - for their hard work on a successful launch of this program to strengthen Illinois’ economy.