Association News Building the Next Generation: Inside the Evolution of the IVCA Scholars Program Limited Investor Foursomes Remaining: IVCA Invitational Announcing the 2026 IVCA Scholars Cohort IVCA Foundation News New to Golf? Start Here — Then Join the IVCA Invitational Legislative News IVCA Provides Updates for State Legislative Issues 06/24/2026 IVCA Events July 13, 2026 - 2026 IVCA Invitational Golf Event October 22, 2026 - IVCA CFO Summit December 7, 2026 - IVCA Awards Dinner - SAVE THE DATE! Other Events of Interest July 20 - 26, 2026 - TECHICAGO Week 2026 July 29, 2026 - 2026 ILGIF Summit - Save the Date! September 17, 2026 - McDermott's Chicago Private Equity Bootcamp - SAVE THE DATE! Industry News ARCH-backed SonoThera secures Series B funding to advance safer gene therapies Frontenac Named to Private Equity CXO’s 2026 List of Top 50 Private Equity Firms for Executives H.I.G. Capital Completes Sale of Celerion, Highlighting a Period of Robust Exit Activity H.I.G. Capital Announces Sale of Investment in The Bluebird Group High Street Capital Expands Investment Team Jump Capital Leads $20M investment in Vinyl Equity for transfer agent software Stephano Slack Announces Strategic Growth Investment from Madison Dearborn Partners Monroe Capital Supports Sands Point Risk’s Acquisition of Launch Environmental Underwriters RCP Advisors Featured on Capital Allocators’ Investment Management Operations Podcas t Professional Advisor News Law firm Sidley Austin agrees to anchor new 45-story Related project Carried Away Series — Trickle-Down Carry Sidley Represents Digital Asset Holdings, Inc. in US$355 Million Series F Financing AI Defensibility — What It Means, Why It Matters, and How Diligence and Deal Documents Are Catching Up Sidley Represents Wafra in US$1.9 Billion Acquisition of Navitas Sidley Represents Apono in Its Acquisition by 1Password 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 Decasonic – AI Operations Manager TechNexus Venture Collaborative – Sr. Accountant

LEGISLATURE FINISHED FOR THE SUMMER – UNLESS The Illinois General Assembly is on recess between now and November when lawmakers return to Springfield for the Veto Session. That is unless there is a special session called to deal with the Chicago Bears and where the team will ultimately call home; Chicago, Arlington Heights, or somewhere in the swamps of Indiana. Chicago Bears still looking to piece together stadium legislation in Illinois, Gov. JB Pritzker says. Tribune … The Chicago Bears are looking to piece together legislation in Illinois that might pass the General Assembly in Springfield, Gov. JB Pritzker said Tuesday, as the team continues to weigh whether to stay or move across the border to Indiana. Pritzker said his office has been a player in the ongoing Illinois negotiations with the NFL franchise, which has been considering elements of two bills that each passed one chamber of the Illinois General Assembly this spring. The state still needs the Bears to put together specific provisions of a bill, Pritzker said. Once the team is able to put together a proposal, he said, “they need to begin conversations with members of the legislature that they weren’t able to win over before, and again, we’ve been advising and trying to help out wherever we could.” Governor Pritzker has signed the FY27 state budget which begins July 1 and the accompanying bills which keep state government in operation. DATA CENTERS IN THE VISE Not long-ago data centers were welcome additions to the state’s economic development plans with a tax credit program and community competition to host a location. Today data centers poll with the public about as poorly as anything can and policy makers are eager to slow or stop their proliferation. In Illinois the construction trade unions which build things such as data centers are faced off against a host of opponents who argue the facilities use too much water and energy and make too much noise. This issue will be the subject of considerable conversation over the summer and fall leading up to a possible solution in November. * Crain’s | Pritzker wants legislators to take up data centers in the fall : Opponents have questioned whether Pritzker has the authority to administratively suspend or slow the applications for the incentives under a program that dates back to 2019. “We’re going to address the issue, I hope, in the veto session,” Pritzker said at a press conference today. “We have authority to decide what process we’re going to use in order to go through those tax credits.

How IVCA is strengthening Illinois’ private equity and venture capital talent pipeline Christie Pruyn, Executive Director, IVCA How has the IVCA Scholars Program evolved under your leadership, and what have you implemented based on feedback from scholars and participating firms? What we have really focused on over the last couple of years is evolving the program so it aligns directly with IVCA’s broader strategic plan, specifically building a strong, sustainable talent pipeline in Illinois and across the Midwest. One of the biggest shifts has been tightening our geographic focus. While we have always had a national applicant pool, we are now prioritizing Illinois and Midwest students because our goal is very clear. We want to build and retain talent in this market for our member firms. We have also continued to build more structure into the program. That includes stronger onboarding, clearer expectations for both host firms and scholars, and adding more formal learning components so scholars are set up to contribute with confidence and get the most out of the experience. On the scholar side, we have placed a greater emphasis on connection and community. We launched a LinkedIn group for the current cohort and alumni, which is already becoming a hub for mentorship, job opportunities, and ongoing engagement with IVCA. More broadly, we have matured how we measure success. We now have consistent surveys and KPIs for both scholars and firms, which gives us a much clearer picture of program impact and helps guide how we continue to evolve. What have you observed as the expectations scholars have coming into the program versus what they get out of it? Most scholars come in expecting a fairly traditional internship, learning technical skills, getting exposure to a firm, and building their resume. What they do not expect is how much access they get to the broader ecosystem. They are meeting professionals across private equity and venture, hearing directly from partners and operators, and building relationships not just at their firm, but across the entire cohort. That network piece is often the biggest surprise and ultimately one of the most valuable outcomes. They leave with a much clearer understanding of the industry and where they might fit within it. As you have built the program year over year, what has been most rewarding to you as a facilitator? Honestly, it is the level of engagement from both sides. Our member firms are incredibly invested. They are not just offering an internship. They are mentoring, providing real exposure, and thinking long term about how these students fit into the industry. On the scholar side, the drive is remarkable. Many are stepping into environments that are completely new, and you can see their confidence grow over the course of the program. What is especially rewarding now is seeing this become something bigger than a single summer. With the alumni network, ongoing programming, and stronger ties back to IVCA, this is really becoming a pipeline, not just a program. How does the IVCA Scholars Program fit into IVCA’s long term vision for the Illinois investment ecosystem? This has become a core pillar of IVCA’s strategic plan. At a high level, this is about building and retaining talent in Illinois and the Midwest. Our member firms need a strong pipeline, and this is one of the most direct ways we can support that. What is different now is that we are not just delivering a program. We are building infrastructure around it. We are tracking outcomes, we have introduced consistent surveys, and we are using that data to continue strengthening the model. Scholars are rating the program extremely highly, and more than 90 percent say it increased their interest in pursuing a career in private equity or venture capital. Just as important is the role of the IVCA Foundation. The Foundation’s support allows us to expand the program thoughtfully, not just in size, but in quality, programming, and long term impact. Because I oversee both organizations, there is strong alignment between strategy, fundraising, and execution. I am really proud of how this has evolved. It is not just a program anymore, it is part of a long term effort to strengthen the Illinois investment ecosystem. Where do you see the program going over the next few years? We are still early in what this can become. The focus now is on continuing to build depth, stronger engagement with member firms, more structured programming throughout the year, and continuing to grow the alumni network into a real community. We are also thinking more intentionally about creating multiple entry points into the industry. Not every student is ready for the same level of experience at the same time, so building a continuum of opportunities is a natural next step.  Longer term, the goal is for this to be a go to pipeline for talent in Illinois, where firms know they can find strong candidates and where students see a clear path into private equity and venture. If we get that right, the impact goes well beyond IVCA. It strengthens the competitiveness of this entire market.

A limited number of investor-only foursomes remain for the IVCA Invitational at Olympia Fields. Join fellow investors for a premier day of golf in a private setting, followed by the Awards and Reception with the broader IVCA community. This is one of our most valuable opportunities to connect across the Illinois private equity and venture capital ecosystem while supporting the IVCA Foundation. 👉 View Details Interested in Sponsoring or Joining? Only a limited number of sponsorship and foursomes remain. Contact Peggy Castanoli at pcastanoli@illinoisVC.org to secure.

We are excited to introduce the 2026 IVCA Scholars cohort. This year’s class reflects the continued evolution of the program and our focus on building a strong Illinois and Midwest talent pipeline for private equity and venture capital. Supported by the IVCA Foundation and made possible through the commitment of our member firms, these scholars will gain meaningful industry exposure while building connections across the IVCA network. View the Class of 2026 HERE ! 

Never played golf? This is for you. The IVCA Invitational Golf Clinic is designed specifically for first-timers. It is a structured, beginner-friendly introduction to the game at Olympia Fields, followed by the IVCA Invitational Awards and Reception. If you have ever wanted to learn to golf, this is a great opportunity to do it in a welcoming environment while connecting directly with leaders across Illinois’ private equity and venture community. Details: Date: Monday, July 13, 2026 Time: 2:00 PM Golf Clinic | 5:00 PM Awards and Reception Location: Olympia Fields Country Club Cost: $200 per attendee (clinic and reception included) What’s Included: Beginner instruction from pro coaches covering driving, putting, and chipping. Clubs provided Access to Olympia Fields Country Club for this private IVCA event Entry to the IVCA Invitational Awards and Reception 👉 Register Now

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.”