ILGIF will invest in ways that attract, assist and retain quality technology businesses in Illinois. On January 26, 2016, Illinois Treasurer Michael Frerichs announced the formation of ILGIF with $222,314,058 in committed capital from the State's existing investment portfolio.
In August 2002, the Illinois General Assembly passed the Technology Development Act (30 ILCS 265), allowing the Treasurer to segregate up to 1% of the State’s investment portfolio in order to invest in venture capital firms located in Illinois with a goal of investing in technology businesses seeking to locate, expand or remain in Illinois.
In July 2011, the Act was amended to establish a second Technology Development Account, or TDA II (30 ILCS 265/11). TDA II (i.e., the Illinois Growth and Innovation Fund) permits the Treasurer to segregate an additional portion of the State’s investment portfolio.
- Deliver strong investment performance for Illinois
- Drive economic development for Illinois
- Foster a more connected, inclusive and engaged entrepreneurial community in Illinois
Through the Technology Development Account II, also known as the Illinois Growth and Innovation Fund (ILGIF), the State of Illinois makes targeted investments in technology funds that invest in businesses based in Illinois or with a significant workforce.
ILGIF aims to invest more than $222 million during the next three years creating an estimated 18,000 jobs.
Supporting Inclusion - ILGIF gives clear direction to ensure that fund managers and technology businesses owned by minorities, women, military Veterans, or persons with disability are recommended for receipt of ILGIF capital.