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. No more than 2% of the Treasurer's State investment portfolio balances, as of November 1, 2015, may be invested in the Illinois Growth and Innovation Fund (ILGIF).
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, which is not part of the State's General Revenue Fund.
50 South Capital Advisors was selected as ILGIF's Program Administrator through a public bidding process. Marquette Associates serves as the External Investment Consultant, and the program is supported by the ILGIF Advisory Council.
- Deliver strong investment performance for Illinois
- Drive economic development for Illinois
- Foster a more connected, inclusive and engaged entrepreneurial community in Illinois