Association News IVCA Profiles: Advocacy Partner David Stricklin of Stricklin & Associates IVCA Foundation News 5 Weeks Out: Secure Your Spot at the IVCA Invitational Legislative News IVCA Provides Updates for State Legislative Issues 06/10/2026 - IVCA FACES HEADWINDS IN 2026 SESSION IVCA Events July 13, 2026 - 2026 IVCA Invitational Golf Event October 22, 2026 - IVCA CFO Summit Other Events of Interest June 16, 2026 - Venture Summit [West] July 20 - 26, 2026 - TECHICAGO Week 2026 July 29, 2026 - 2026 ILGIF Summit - Save the Date! Industry News 5th Century Partners Announces Final Close of Fund II Above Target at $276 Million Two VC University Opportunities Benford Capital Partners Recapitalizes CGRS Alliance Clinical Network and Atlas Clinical Research Announce Strategic Merger First Analysis portfolio company Dina has been acquired by Integrated Home Care Services Frontenac Ranked 5th in HEC Paris-Dow Jones Small Cap Buyout Performance Report Frontenac Port Co MCE Acquires Tripp Electric Motors, LLC H.I.G. WhiteHorse Provides Financing to Novacel Vinyl Equity raises $20M for transfer agent software; $20M Series A Funding Led by Jump Capital May River Capital Announces Four Promotions Signaling Continued Firm Momentum McNally Capital-Backed Foundral Acquires A. Hattersley & Sons Periscope Equity Port Co Reservoir Communications Group Acquires Applied Patient Experience (“AppliedPX”) to Integrate Patient-Focused Evidence & Engagement Across Core Offers Prospect Partners’ Brett Holcomb Featured on BluWave’s Karma School of Business Podcast Runway Growth Capital and PitchBook Release 2025-2026 Venture Debt Review: Venture Debt Hits Record $68.8 Billion Goshe Energy Storage Secures $40 Million Strategic Financing Facility from S2G Investments Alongside Energizing its First 100 MW Asset S2G Investments Report Reveals Capital Concentration and Correlated Risk Across Energy Transition Private Markets Kneat Enters into Definitive Agreement to be Acquired by Thoma Bravo in an All-Cash Transaction, Valuing Kneat at Approximately C$650 Million Thoma Bravo Port Co Coupa Acquires Tonkean to Accelerate Agentic Intake and Orchestration for Global Trade WWEX Group and Thoma Bravo Port Co Auctane Complete Merger Water Street Port Co Pillr Health Acquires Cooper Strategy Scratch Financial, Inc. announces purchase facility with Victory Park Capital to expand technology platform that offers financing options for veterinary care Wynnchurch Capital Exits Labrie Environmental Group Professional Advisor News Ropes & Gray Advised Wynnchurch Capital on Sale of Labrie Environmental Private Funds CFO: Fees & Expenses Survey 2026 Sidley Represents Private Equity at GS Alternatives in acquisition of FGI Worldwide Ropes & Gray Represents Carlyle AlpInvest in Littlejohn & Co. Continuation Vehicle Troutman Pepper Locke Advises Nautic Partners on Sale of HES Facilities Management to GI Partners Sidley Represents Nourish in US$100M Series C financing Ropes & Gray Advised Swoop in Acquisition of Nimble Domtar Completes Sale of EAM to Saothair Capital Partners With Guidance From Troutman Pepper Locke Sidley Represents Post Oak Energy on sale of Switchgrass Ropes & Gray Advised Arca Space Capital on the Acquisition of Rogelfrut Troutman Pepper Locke Represents the Valcourt Group in Continuation Vehicle Transaction With Littlejohn & Co. Sidley Represents Restive Ventures in Fund Formation Troutman Pepper Locke Represents Tecum Capital, Genesis Park, and SharpVue Capital in Procare Strategic Partnership Sidley Represents Peach finance in acquisition by SoFi Ropes & Gray Advised American Industrial Partners in Completing the Sale of Molycop to Tega Industries in Consortium with Apollo Funds Sidley Represents Equity Group Investments on its exit of its investment in CBX Peter Rosen Joins Ropes & Gray in New York, Strengthening Market-Leading Global Secondaries Practice Blackstone Life Sciences Enters Financing Collaboration with Apogee Therapeutics for up to $1.3 Billion Ropes & Gray Advised Littlejohn & Co. in Milrose Consultants Acquisition Ropes & Gray Advised CIVC Partners in Strategic Investment in Nationwide Legal Ropes & Gray Advises ABC Company on Investment in Tensotend and CSC Allestimenti Ropes & Gray Advised Investor Advent International in Coralogix’s $200 Million Series F Fund Ropes & Gray Advised GI Partners in Majority Investment in HES Facilities Management Job Postings Please view the full details for each Job Posting listed below, on our website HERE . Once at Job Postings please scroll down the pages to view the jobs. They are listed chronologically as received, most current first. Hyde Park Angels - HPA Venture Operations Manager NextGen Growth Partners – Director, BD 7wire Ventures – Principal Role in Chicago Decasonic – AI Operations Manager TechNexus Venture Collaborative – Sr. Accountant

Two opportunities from VC University we've been asked to share: Cohort 23 Scholarship Application (Deadline: 6/10) The scholarship application is now open for Cohort 23 of VC University. Scholarships cover full tuition and include office hours, a 3-month mentorship program, and more . Audience encouraged to apply: U.S.-based, early-career and aspiring VCs from underrepresented backgrounds ( more details ) Learn more and apply by Wednesday, June 10. Easy Ways to Share: Share this tweet or LinkedIn post Use this sample content for social media, newsletters, or slack Cohort 22 Mentorship: VC Volunteers Needed (Deadline: 6/26) We're also seeking VCs to volunteer as mentors in Cohort 22. Mentors meet with a scholarship recipient for 1 virtual hour/month, from August - October (3-4 hours in total). Audience encouraged to volunteer: U.S.-based VC investors across all sectors and experience levels Learn more and sign up by Friday, June 26.

IVCA FACES HEADWINDS IN 2026 SESSION Illinois lawmakers in the Spring 2026 Session approved in part or in whole several legislative measures to restrict, control, or otherwise manage private equity investments in the state. This is part of a national trend which IVCA members must be increasingly aware of going forward. In this edition of the newsletter, we’re providing links and quotes to press releases and news articles which will give you some context of how Private Equity is increasingly under pressure from policy makers. As always, if you would like further information or want to discuss any of these issues in greater detail, please contact IVCA Executive Director Christie Pruyn and we will respond immediately. RESTOCK THE BLOCK ACT HB 2783 passed the Senate and is now pending further action in the House to accept the changes to the bill which were made in the Senate. https://www.illinoissenatedemocrats.com/caucus-news/82-senator-rachel-ventura-news/6986-ventura-pushes-back-on-corporate-home-buying-passes-bill-to-protect-illinois-housing-supply State Senator Rachel Ventura’s measure to curb the growing influence of private equity and large institutional investors in Illinois’ housing market passed the Senate Monday. “As working families struggle to find affordable homes and rising demand continues to drive up prices, we have a responsibility to preserve our existing housing supply for people, not large corporate investors,” said Ventura (D-Joliet). “Unchecked investor activity is pricing Illinoisans out of their own neighborhoods, and we need clear guardrails to restore balance.” House Bill 2783 would establish a graduated annual fee on institutional investors that acquire more than 10 residential properties, beginning at 10% of a property’s value and increasing for every additional 10 properties owned. The fee would be capped at 50% and be directed into the Illinois Affordable Housing Trust Fund to support public housing development, rental assistance, and pathways to homeownership. The legislation also would require residential properties be listed on the open market for at least 90 days before institutional investors can make a purchase. Violations of the waiting period could result in fines of up to $250,000. Interesting to note this issue has also been addressed at the federal level from the White House Executive Order on PE in Housing and in legislation introduced in Congress HB 5000 passed both chambers and now goes to the governor for consideration. This bill was an initiative of the Illinois Attorney General. https://www.senatorguzman.com/news/press-releases/guzman-effort-to-combat-private-equity-in-health-care-has-passed-the-senate Chicago has faced the growing trend of health deserts because of private equity’s involvement in health care. According to the Private Equity Stakeholder Project , closures of West Suburban Medical Center, Weiss Memorial Hospital and Westlake Hospital were all attributable to ownership by private equity company Pipeline Health. Pipeline employed strategies to boost profit by monetizing hospital assets that led to a weakening of the hospitals. This follows a broader national trend of private equity’s involvement in hospital ownership. According to the Private Equity Hospital Tracker , 488 hospitals in the US are currently owned by private equity firms. This represents almost 23% of all for-profit hospitals. Firms that are engaged in this practice include equity giants such as Apollo Global Management, Bain Capital, and Equity Group Investment–which is based in Chicago–among others. The results have been disastrous for underserved communities with safety net hospitals being stripped for profit. https://www.oakpark.com/2026/06/04/private-equity-healthcare-oversite-laws-advance-in-light-of-west-sub-closure/ Two pieces of legislation aimed to provide additional oversight to private equity involvement in healthcare have made it to Gov. JB Pritzker’s desk. The new acts include HB5000, which strengthens oversight and transparency requirements around healthcare transactions and ownership changes, and HB 4728 legislation establishing new guardrails around private equity ownership of intellectual and developmental disability service providers, according to the Private Equity Stakeholder Project. The legislation comes in the wake of West Suburban Medical Center’s closure in March, with the Oak Park safety-net hospital previously brought to the brink bankruptcy by former owner Pipeline Health, a private equity-backed operator. HB 957 passed the Senate and is now pending further action in the House to accept the changes made in the Senate. https://www.illinoissenatedemocrats.com/caucus-news/74-senator-mike-simmons-news/6979-simmons-passes-right-of-first-refusal-for-tenants-through-the-senate To help communities preserve naturally occurring affordable, accessible housing and protect residents from displacement, State Senator Mike Simmons passed HB 957 which will provide tenants with the right-of-first refusal to purchase a residential building for themselves should the owner put the building up for sale or try to initiate a sale. Specifically, a 90-day notice would be required to tenants from the property owner before accepting or listing a building sale. “With rising costs of living and the influence of private equity, residents across Illinois are feeling the strain, and this measure gives them tools to keep their homes,” said Simmons (D-Chicago). “This legislation balances the need to expand and preserve housing with strong protections for property owners through the right of first refusal, fair valuation requirements, and a transparent acquisition process.” HB 5487 is an initiative of the Illinois Trial Lawyers Association. The bill passed both chambers and now goes to the governor for consideration. https://www.senatorhastings.com/news/press-releases/503-hastings-looks-to-close-private-equity-loophole-influencing-law-firms State Senator Michael E. Hastings passed legislation that would safeguard the professional independence of attorneys and protect clients from undue influence by private equity investors, hedge funds and investor‑backed management services organizations. “Private equity companies are starting to get creative with how they influence law firms,” said Hastings (D-Frankfort). “It is time for Illinois to act decisively and shut down this loophole that is being abused.”

There’s always something brewing in the Illinois capital of Springfield, as the state legislators work for new laws that determine the government’s relationship with commerce, which includes the membership of the IVCA. The long-time advocacy partner and public affairs consultant for the IVCA is David Stricklin. Stricklin is the president of Stricklin & Associates, which is a bipartisan public affairs consulting firm that advocates for client interests in Springfield, as well as Chicago and D.C. Stricklin prides themselves on having a deep expertise in strategic communication that offers tailored solutions that navigates the complexities of public affairs challenges. As the second quarter rolls along, David Stricklin was interviewed for an update regarding Springfield and the IVCA. IVCA: There are always things brewing in Springfield. What does the IVCA have on the fire, and what results are possible from that percolation? David Stricklin: Policy makers are clearly focused on and some are clearly skeptical regarding the role of Private Equity in areas such as health care, housing and even law firms … this was a very busy session! This is an essential time for IVCA members to be sure they know the legislators who represent the districts where they live and to make a concentrated effort to establish a line of communication with those legislators. Reach out to our Executive Director Christie Pruyn and we can help make that happen. IVCA: Procedurally, what is your basic process for creating interest in legislative issues that are beneficial for the membership of the IVCA? Stricklin: We try to give legislators a concrete example of what the policy change would mean to a company in their district or an industry within the State of Illinois. Facts and figures with a personal story attached is an effective approach. IVCA: Of course Governor Pritzker is not only an advocate of VC/PE issues, but a valued historical member of the IVCA. What advantage does that give an agenda for the association? Stricklin: It’s very valuable for people in the Capitol to know the Governor was on the ground floor of our organization. It confers immediate relevance and credibility. IVCA: How does keeping an ear to the ground for legislative news and lawmaker transitions provide a compass for what direction to go with IVCA issues? Stricklin: IVCA members are universally some of the most generous people I’ve ever encountered to help explain to me – and to policy makers – what the consequences of a particular policy might be. Any General Assembly in any state is full of people with ideas and how to who want to make a difference in their communicates. That leads to some ideas which sound good in theory but won’t work in practice. IVCA members have over and over helped walk me through when an idea won’t work and to do it in a way that’s constructive and positive. IVCA: What sections of the great State of Illinois have the most tenuous grasp of IVCA issues, and what type of information or proof-of-results allows them to get a grasp on VC/PE as an economic engine? Stricklin: We often share with legislators the number of companies in their districts with a PE investment and it is almost always a surprise. Nothing beats telling the story of a local business which has grown employment and improved its position in the market thanks to the partnership with one of our members. IVCA: Finally, what is your best pitch for encouraging the membership of the Illinois Venture Capital Association to contact your office with questions, information, or advice? Stricklin: Call Christie and we will respond right away. We want to hear what is holding back progress in the companies you’re working with, because can often help find a direct route to resolve the issue or shorten the time frame for an answer. Our members are some of the most successful in the business and have experience and wisdom which benefit me in every conversation and every interaction. For the website of Stricklin and Associates, click here . The 2026 IVCA Golf Invitational is July 13th at the Olympia Fields Country Club. For details, click here . 

The 2026 IVCA Invitational is just five weeks away, and firms across Illinois’s private equity and venture capital community are stepping in to secure their place. Sponsorships and foursomes are filling quickly as we approach one of the industry’s most anticipated events of the year at Olympia Fields Country Club. We are in the final stretch for sponsors and GP foursomes. Thank You to Our 2026 Sponsors We are proud to recognize early support from: Champion Level RSM Winston & Taylor Supporter Wintrust Sponsor Finance Mentors EY, Twin Brook, OceanM19, Katten, Monroe Capital, BakerHostetler, Vokal, Kirkland, Old Second Bank, McDermott Will & Schulte, BMO, Eaton Partners, Lockton, Arbor/TPC, OCA Ventures, Plante Moran, Kayne Anderson, PPC, Houlihan Lokey, BCG, Goldman Sachs, Antares, Alvarez & Marsal, Deloitte Why Participate The Invitational brings together more than 200 leaders from across the investment community for a day of high-value connection and competition. Connect with GPs, LPs, and industry leaders Strengthen your firm’s presence in the Illinois market Support the IVCA Scholars Program and future talent pipeline Limited Availability Foursomes are limited and expected to sell out in advance of the event. Select sponsorship opportunities are nearing capacity. Get Involved 🔗 Event Details & Registration: https://2026-ivca-invitational.eventlify.com/ 🔗 Sponsorship Opportunities: To secure your foursome or discuss sponsorship options, contact: Peggy Castanoli – pcastanoli@illinoisvc.org

Association News IVCA Education Session Preview: Moderator Jim Dugan on ‘Fundraising Market Conditions & Best Practices’ Lunch and Learn! May 28th - Fundraising Market Conditions & Best Practices IVCA Foundation News Don’t Miss the Shot – Partner with Us! 2026 IVCA Invitational Legislative News IVCA Provides Updates for State Legislative Issues – 05/13/2026 IVCA Events May 28, 2026 - IVCA Education Session: Fundraising Market Conditions & Best Practices July 13, 2026 - 2026 IVCA Invitational Golf Event October 22, 2026 - IVCA CFO Summit Other Events of Interest June 16, 2026 - Venture Summit [West] July 20 - 26, 2026 - TECHICAGO Week 2026 July 29, 2026 - 2026 ILGIF Summit - Save the Date! Industry News Baird Capital Closes Oversubscribed Continuation Fund to Fuel Growth of Blue Matter Benford Capital Partners Welcomes Evan Lakins Frontenac Port Co Integrated Openings Solutions Acquires Commercial Door and Hardware, Entering the Arkansas Market and Western South Central Region High Street Capital Sells NeoSystems ESG Backed by healthcare technology investor Hughes & Company, Curvo and BroadJump Announce Merger Designed to Transform Healthcare Supply Chain Join the HPA Team: We’re Hiring a Venture Operations Manager! M25 - Why We Invested in Stock Monroe Capital Supports First Reserve’s Strategic Growth Investment in Lindsey Systems Runway Growth Capital Promotes Avisha Khubani to Chief Credit Officer and Adds JD Tamas as Managing Director S2G Investments Closes $1 Billion Solutions Fund I to Scale Growth-Stage Companies Across Food & Agriculture, Energy, and Oceans Thoma Bravo Port Co Coupa Acquires Rossum to Accelerate End-to-End Autonomous Spend Management Professional Advisor News Earn 1.5 CPE credit in Taxes - BDO Talks Transactions: Key M&A Tax Planning Considerations Troutman Pepper Locke Represents Del Monte Capital in Platform Investment in DLG Infrastructure Services Sidley Represents Siris Capital in Its US$4.2 Billion Sale of Equiniti to Bullish Ropes & Gray Advised Bain Capital in Growth Investment in Power Home Remodeling Troutman Pepper Locke Represents The Valcourt Group in Acquisition of Omega Waterproofing Sidley Represents Archimed in US$1.1 Billion Acquisition of Esperion Therapeutics Ropes & Gray Advised Genstar and PlayMetrics in Acquisition of SportsEngine Troutman Pepper Locke Advises Blue Heron Capital on Investment in Virtual Rheumatology Provider Remission Medical Sidley Represents Apollo on Its Strategic Investment in vVARDIS Ropes & Gray Advised THL Partners in Close of $6.35 Billion “Fund X” Delaware Court of Chancery Holds That Conditioning Merger Consideration on Execution of a Release Agreement Breaches the Certificate of Incorporation Sidley Represents ModMed in Its Acquisition of Bonsai Health Ecovyst Enters Agreement to Acquire Calabrian Sulfur Dioxide & Sulfur Derivatives Business A Merger of the Minds: The Role of Knowledge Management in AI Adoption Sidley Represents Churchill Downs Incorporated in Its Acquisition of Preakness IP Rights Ropes & Gray Advised THL Partners Portfolio Software Company AMI in Sale to Lattice Semiconductor for $1.65 Billion Investment Management Update – Q1 2026 Sidley Represents Orion Resource Partners in Combination of Sweetwater Royalties With Uranium Royalty Ropes & Gray Advised Long Path Partners on Take-Private Acquisition of Idox plc Troutman Pepper Locke Advises Climate Investment on Series B Financing in Membrane Technology & Research Blackstone Life Sciences Invests $250 Million in Anagram Therapeutics to Advance Therapy for Pancreatic Insufficiency Ropes & Gray Advised GI Partners in Acquisition of Cell Solutions Businesses and CDMO From Charles River Laboratories, Forming Rose BioSolutions Ropes & Gray Named a Winner in Mergers & Acquisitions Mid-Market Deals of the Year for 2026 Ropes & Gray Represents Empire Today® in Recapitalization Ropes & Gray Represented Advent and Bain in Investment in DeployCo, a Joint Venture with OpenAI Carried Away Series – What’s Changing in GP Economics Job Postings Please view the full details for each Job Posting listed below, on our website HERE . Once at Job Postings please scroll down the pages to view the jobs. They are listed chronologically as received, most current first. Hyde Park Angels - HPA Venture Operations Manager NextGen Growth Partners – Director, BD 7wire Ventures – Principal Role in Chicago Decasonic – AI Operations Manager TechNexus Venture Collaborative – Sr. Accountant

IVCA Illinois Legislative Report David Stricklin , IVCA Legislative Liaison , Stricklin & Associates

A bill to expressly target Private Equity in residential housing was sent to the Senate Executive Committee on Monday and was heard in committee Tuesday. SB 331 with amendment 1 places a fee on entities purchasing more than 10 residential homes, with the proceeds directed to a fund to help create affordable housing. The bill passed out of Senate Executive Committee and is now poised to be heard in the Senate floor. IVCA is working with the Illinois Realtors among others to oppose the bill which while well-intentioned is not going to result in an increased supply of affordable housing. View the status of the bill a t ILGA.gov

Momentum is building for the 2026 IVCA Invitational, with strong support from firms across Illinois’ private equity and venture capital community. Held on July 13 at Olympia Fields Country Club, the Invitational brings together more than 200 industry leaders for a day of connection and purpose, raising funds for the IVCA Scholars Program, which creates access points into the industry for emerging talent.  We are grateful to the growing group of sponsors who have already committed to this year’s event, representing a cross-section of leading firms investing in the future of our ecosystem. Final Sponsorship Opportunities With several major sponsorship levels now filled, a limited number of distinctive opportunities remain, including: Golf Clinic Sponsorship (exclusive) A highly curated, small-group experience paired with brand visibility at the practice range Contest Sponsorships (limited availability) On-course activations that offer strong visibility and engagement throughout the day These opportunities are designed for firms looking to engage in a more targeted and memorable way. Now Welcoming GP Foursomes In addition, we have opened a limited number of foursomes to qualified General Partners, offering another way to participate in the event while supporting the Foundation’s mission. Join Us Sponsorship of the IVCA Invitational is more than event participation, it is an investment in building a stronger, more accessible pipeline of talent for our industry. 👉 [View sponsorship opportunities / event page ]