Overview
Established by Illinois Treasurer Michael W. Frerichs, the Illinois Growth and Innovation Fund (ILGIF) is an evergreen, $1 billion impact investment fund that will invest in ways to attract, assist and retain quality technology-enabled businesses in Illinois. We do this by making targeted investments with venture capital (VC), growth equity and private venture debt firms with a nexus to the State of Illinois.
Vision
The Illinois Growth and Innovation Fund aims to invest more than $1 billion on a continuing and recurring basis creating an estimated 60,000 jobs per investment cycle.
MISSION
Through the Illinois Growth and Innovation Fund, the Illinois Treasurer makes targeted investments with venture capital, growth equity, and private venture debt funds that invest in technology-enabled businesses and are either based in Illinois or possess a significant workforce in Illinois. Tech-enabled businesses can be situated in industries such as, but not limited to: agricultural tech, bio tech, consumer tech, financial services tech, green tech, health care tech, logistics tech, manufacturing tech, and services tech.
ILGIF GOALS
Deliver strong investment performance for Illinois
Drive economic development for Illinois
Foster a more connected, inclusive and engaged entrepreneurial and venture community in Illinois
Support equity, diversity and inclusion to enable worthy fund managers and grow promising technology-enabled companies
Integrate sustainability/ESG factors to increase expected financial returns and minimize projected risk
Values
ILGIF seeks to optimize transparency, governance best practices, and alignment of interests when investing. They are essential to effective governance and investment outcomes.
HISTORY
Legally named the Technology Development Account I (TDA I), lawmakers in 2002 authorized the initial round of $74 million in investments to Illinois venture capital firms. TDA I created approximately 6,300 jobs and generated more than $150 million in private investment.
Lawmakers in 2011 authorized a second round of TDA funding, called TDA II. However, the treasury did not act on the authorization for a number of years.
However, in 2015, Illinois Treasurer Michael W. Frerichs used the TDA II legislative authority to establish and launch the $222 million Illinois Growth and Innovation Fund and began making investments in mid-2016.
In 2018, Illinois Treasurer Michael W. Frerichs announced an increase to the amount of investment capital available in ILGIF, increasing the total to approximately $1 billion in available investment capital over 10 years from the State's existing investment portfolio. Furthermore, ILGIF was structured as an evergreen fund designed to allocate capital on a continuing and recurring basis, in perpetuity, to be invested with Illinois venture capital, growth equity and private venture debt investment firms.