The Illinois Growth and Innovation Fund (ILGIF), an impact investment fund, will invest in ways that attract, assist and retain quality technology businesses in Illinois.  On August 29, 2018, Illinois Treasurer Michael Frerichs announced an increase to the amount of investment capital available in ILGIF, increasing the total to over $700 million in investment capital from the State's existing investment portfolio to be invested with Illinois venture capital, growth equity and private debt investment firms.


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. Illinois Treasurer Michael Frerichs, however, used the TDA II authority to establish and launch the $222 million ILGIF investment fund and began making investments in 2016.

In August 2018, the Illinois General Assembly amended the Technology Development Act (30 ILCS 265), authorizing the Illinois Treasurer to segregate up to five percent (5%) of the State’s investment portfolio to primarily invest with venture capital, growth equity and private debt firms located in Illinois with a goal of investing in technology businesses seeking to locate, expand or remain in Illinois.


  1. Deliver strong investment performance for Illinois

  2. Drive economic development for Illinois

  3. Foster a more connected, inclusive and engaged entrepreneurial and venture community in Illinois

  4. Support diversity and inclusion to enable worthy fund managers and grow promising technology companies

  5. Integrate sustainability factors to increase expected financial returns and minimize projected risk


Through the Technology Development Account IIa, also known as the Illinois Growth and Innovation Fund, the Illinois Treasurer primarily makes targeted investments with venture and growth equity 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 aims to invest more than $700 million creating an estimated 60,000 jobs.  


ILGIF seeks to optimize transparency, governance best practices, and alignment of interests when investing. They are essential to effective governance and investment outcomes.