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 Managementn Professional Advisor News Buyer Beware – When Unclaimed Property Comes with The Deal - Andersen Earn 1.5 CPE credit in Taxes - BDO Talks Transactions: Key M&A Tax Planning Considerations Ropes & Gray Advised TPG in Acquisition of Learfield Vedder Represents TeachTown, a Portfolio Company of L Squared Capital Partners, in its Sale to Everway Ropes & Gray Advised H.I.G. Capital in Investment in Inventus Power Vedder Represents The Edgewater Funds in its Investment in AFT Industries, Inc. Ropes & Gray Advised Underwriters in Arxis’ $1.3 Billion IPO Alessandro Capogrosso Featured in FundsPeople Discussing Global Sponsors Looking at Italy Through the Lens of Public Market Opportunities Ropes & Gray Advised Neuberger and GIC as Lead Investors in Onex Partners’ $1.6 Billion Continuation Vehicle Ropes & Gray Shortlisted for Private Capital Team of the Year at The Lawyer Awards Ropes & Gray Advised American Industrial Partners in Carve-out of Honeywell’s Warehouse and Workflow Solutions Business Ropes & Gray Advised Bluegem Capital Partners on the Combination of Australian Bodycare and Ecooking Ropes & Gray Advised HarbourVest Partners as Co-Lead Investor in New Mountain Capital’s $2.4 Billion Continuation Vehicle Ropes & Gray Advised Charlesbank and Bridgepointe in Strategic Growth Investment Ropes & Gray Advised Capacity Sports Group in its Acquisitions of YSC Sports, United Sports Training Centers, and Sideline Sports 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. 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

The IVCA Foundation is pleased to share that sponsorship opportunities are now open for the 2026 IVCA Invitational, our premier annual fundraising event in support of the IVCA Scholars Program. The Invitational brings together leaders across Illinois’s venture capital, private equity, and innovation ecosystem for a memorable day of connection and community with proceeds supporting initiatives that expand access to careers in private capital and strengthen the future talent pipeline. Foundation sponsors play a vital role in: Supporting high‑potential students pursuing careers in venture capital and private equity Investing in long‑term workforce development for the industry Advancing a more accessible and inclusive innovation economy in Illinois We are grateful to the many firms and individuals who have supported the Invitational in past years, and we welcome both returning and new sponsors to join us in 2026. Event details are available HERE ! Full sponsorship details are available here : 🔗 https://illinoisvc.org/sponsorship-opportunities-now-open-2026-ivca-invitational/ If you have questions or would like to discuss sponsorship options, please don’t hesitate to reach out to Christie Pruyn, cpruyn@illinoisvc.org or Peggy Castanoli, pcastanoli@illinoisvc.org .

Illinois Venture Capital Association

Another valuable IVCA Education Session is coming up on May 28th, 2026. The topic will be “Fundraising Market Conditions & Best Practices,” moderated by Jim Dugan of OCA Ventures, with the panel being Chris Maduri of Eaton Partners, Rishi Chhabria of The Vistria Group and Jim TenBroek of Growth Catalyst Partners. Jim Dugan is the Founding Managing Partner of OCA Ventures, focusing on investments in Fintech, InsurTech, EduTech, marketplaces and data analytics across many verticals. Mr. Dugan currently serves the boards of various portfolio companies, including Ocient, Alembic, MPP, The MOM Project, Prisidio, ArcherEDU, SpotHero, SnapSheet, Impossible Objects, Roq.ad, and Falcon Insurance Group. Mr. Dugan has over 30 years of corporate finance, capital markets, and Venture Capital investment experience. In addition, Jim Dugan serves on various non-profit Boards such as USOPF, NU Wave, 1871, Illinois Institute of Technology, and HCHS HardShip Endowment Fund, among others. Mr. Dugan is a longtime member of the IVCA through OCA Ventures, and was the 2013 recipient of the IVCA Fellows Award, as well as the 2024 recipient of The Stanley C. Golder Award. As a preview to the IVCA Education Session “Fundraising Market Conditions & Best Practices,” the IVCA interviewed moderator Jim Dugan. IVCA: You are sitting on a panel with a lot of experience and expertise. What points of view can audience participants expect from this panel? Jim Dugan: The theme of the panel, ‘Fundraising Alts’ during highly volatile markets, feels very appropriate and timely given the current market conditions. Some characteristics to consider … All time high market indices, yet bimodal distribution of Magnificent Seven, everything AI and Defense Tech versus rest of market following three years of low DPI from Venture Capital and Private Equity. Yet the large unfunded capital commitments to those funds are such that LPs may be lean on resources to feel comfortable making larger new fund commitments, especially with non-bank debt funds / private credit markets under assault for underlying credit worthiness, in addition to ongoing war and geopolitical threats. All together, it’s a precarious time which presents both risk and opportunity, thus we feel an ideal topic for IVCA members. IVCA: What is generally happening in the world economies and within the environments of the firms themselves, in your perspective, that has generated more cautious investing from LPs and GPs? Dugan: Note what I mentioned above, and in addition that fund managers also are grappling with the natural growth and succession of firms which tend to happen more or less at the end of each major economic cycle … so GPs who embrace next generation professionals and invest in their tutelage should be positioned well for next cycle. IVCA: As the whole of the economic engine is facing the implications of Artificial Intelligence, how theoretically could that affect general fundraising? Dugan: AI is impacting every major facet and functional area of investing, including identifying new qualified investors who may not have surfaced through prior traditional relationship building. Examples of the functional impact of AI includes processing information flow, adhering to compliance and managing LPA docs, in addition of course to the AI investing strategies themselves. We are excited to discuss during the panel the examples of AI implementation related to fundraising and deal sourcing. IVCA: Finally, in your long association with the Illinois Venture Capital Association, how have these Education events generated both camaraderie and new thought? Dugan: Among the many tremendous benefits to IVCA membership are these panels, and the opportunity to share with your community, brainstorm, and contemplate your own strategy and tactics. On some days we collaborate and on other days we compete, yet we all swim in the same ocean of opportunity. The occasion to network is an important component for our alts investment industry’s continued growth and evolution. The IVCA Education Session “Fundraising Market Conditions & Best Practices” will take place on May 28th starting at 1pm at The Conference Center at UBS Tower, One North Wacker Drive in Chicago. For details and to register, click here .

In today’s deal environment, most private equity investors are well-versed in identifying financial, tax, and legal risks—but unclaimed property often remains a blind spot. Unclaimed property generally refers to intangible assets – such as unclaimed checks, customer credits, or unredeemed gift cards – that a company holds on behalf of others and is required by state law to report and remit after a defined period of inactivity. Because unclaimed property represents a significant and recurring source of state revenue – and is often governed by strict record-keeping and reporting rules – states have made enforcement a priority. As a result, unclaimed property routinely attracts aggressive audits and inquiries, and overlooked exposures tied to ordinary balance‑sheet items can emerge late in a transaction, materially affecting purchase price, indemnities, and post‑close obligations for both buyers and sellers. This article highlights why unclaimed property poses frequent and often underestimated transaction risk. It summarizes the legal framework and enforcement environment driving state scrutiny, explains how unclaimed property liabilities arise and transfer in M&A transactions, and outlines practical diligence and mitigation strategies for buyers and sellers to manage exposure and avoid deal‑stage surprises. Read the full article HERE !

Association News IVCA Feature: New Member Profile of Sheppard Law Firm Join us on May 28th for Fundraising Market Conditions & Best Practices Sponsorship Opportunity — May 28 IVCA Education Session IVCA Foundation News Make the Cut - Become a Sponsor Legislative News "Illinois Bills on Private Equity Making Moves in the Capital" - IVCA Provides Updates for State Legislative Issues – 04/29/2026 IVCA Events May 28, 2026 – IVCA Education Session: Fundraising Market Conditions & Best Practices 2026 IVCA Invitational Golf Event Other Events of Interest July 20 – 26, 2026 – TECHICAGO Week 2026 July 29, 2026 - 2026 ILGIF Summit - Save the Date! Industry News Mergermarket Deal Focus Spotlights autoLOTO, Features Arras and Schlagenhauf Baird Capital Exceeds Target, Closes Third Global Fund at $450M Benford Capital Partners Completes Sale of Brothers International Food Holdings to SK Capital Concentric Equity Partners Welcomes Aleks Spellman as Vice President, Deepening Waste Industry Expertise and Strategic Partnership with Summer Street Capital GTCR Completes Acquisition of Fiduciary Trust Company, Doris Meister joins as Executive Chair H.I.G. WhiteHorse Provides Financing to Globe Groupe H.I.G. Capital Announces the Sale of Celerion Synctera acquires compliance startup Jump Capital Port Co Cable Monroe Capital Supports Growth of Royal Interpack Group Monroe Capital Supports Frontenac’s Recapitalization of Honk Technologies From Hypersonics to Formula1: Why We Invested in Intalus – Origin Ventures The Edgewater Funds Announces Investment in AFT Industries, Inc. ESKARIAM secures a €50 million strategic senior credit facility from U.S.-based Victory Park Capital to lead the damages claims market in Spain Professional Advisor News Buyer Beware – When Unclaimed Property Comes with The Deal - Andersen Earn 1.5 CPE credit in Taxes - BDO Talks Transactions: Key M&A Tax Planning Considerations Ropes & Gray Advised TPG in Acquisition of Learfield Vedder Represents TeachTown, a Portfolio Company of L Squared Capital Partners, in its Sale to Everway Ropes & Gray Advised H.I.G. Capital in Investment in Inventus Power Vedder Represents The Edgewater Funds in its Investment in AFT Industries, Inc. Ropes & Gray Advised Underwriters in Arxis’ $1.3 Billion IPO Alessandro Capogrosso Featured in FundsPeople Discussing Global Sponsors Looking at Italy Through the Lens of Public Market Opportunities Ropes & Gray Advised Neuberger and GIC as Lead Investors in Onex Partners’ $1.6 Billion Continuation Vehicle Ropes & Gray Shortlisted for Private Capital Team of the Year at The Lawyer Awards Ropes & Gray Advised American Industrial Partners in Carve-out of Honeywell’s Warehouse and Workflow Solutions Business Ropes & Gray Advised Bluegem Capital Partners on the Combination of Australian Bodycare and Ecooking Ropes & Gray Advised HarbourVest Partners as Co-Lead Investor in New Mountain Capital’s $2.4 Billion Continuation Vehicle Ropes & Gray Advised Charlesbank and Bridgepointe in Strategic Growth Investment Ropes & Gray Advised Capacity Sports Group in its Acquisitions of YSC Sports, United Sports Training Centers, and Sideline Sports 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. NextGen Growth Partners – Director, BD 7wire Ventures – Principal Role in Chicago Decasonic – AI Operations Manager TechNexus Venture Collaborative – Sr. Accountant

IVCA is offering one exclusive sponsorship opportunity for its May 28 member‑only education session, Fundraising Market Conditions & Best Practices. This opportunity is well‑suited for firms that work closely with GPs navigating fundraising strategy and LP relationships. The sponsorship includes welcoming remarks, recognition across IVCA communications, and visibility with a senior‑level GP audience. Interested firms should contact Christie Pruyn for additional details.

Throughout 2026, new member participants in the Illinois Venture Capital Association (IVCA) will keep it expanding. These new members also will give the current membership new opportunities for networking … in addition to optimizing support and partnerships … which leads to guidance and new ideas for Venture Capital, Private Equity and the support industries. The latest new member is the global law firm Sheppard (recently rebranded from Sheppard Mullin), “a full-service law firm with more than 1,200 lawyers dedicated to helping clients at every stage of the business cycle,” including Private Equity. The following is a Q&A profile with Sheppard , which explores the firm’s background and their expectations for interacting with the IVCA. New Member: Sheppard Representatives: Eileen Hirsch, Business Development and Marketing Manager IVCA: What is a brief history of and background of Sheppard ? Sheppard: Sheppard is a full-service, Am Law 50 law firm with an international platform and a long-standing focus on serving innovative companies, investors, and financial sponsors. Over decades, the firm has built multidisciplinary strength across corporate, tax, employment, executive compensation, IP, real estate, finance, and complex litigation; capabilities that matter across the full lifecycle of Private Equity and venture-backed businesses. We advise clients from formation and early growth through financings, acquisitions, strategic partnerships, and exits, and we support fund sponsors across structuring, governance, portfolio operations, and regulatory matters. Our approach is practical and business-minded … we aim to be responsive, solutions-oriented partners who help clients execute transactions efficiently while managing risk. IVCA: Why did the firm decide to join the Illinois Venture Capital Association? Sheppard: We joined IVCA because it is the leading voice and convening organization for Illinois’ Venture Capital and Private Equity community. The Midwest continues to produce high-quality companies and durable investment opportunities, and we see IVCA as an important forum for connecting sponsors, founders, and service providers who are building those businesses. Membership reflects our commitment to the region and to being an active participant, not just a legal resource, in the ecosystem. IVCA: As a large and multiple disciplined firm, what advantages does that give your Private Equity (PE) practice? Sheppard: Private Equity work is rarely confined to one discipline. Diligence findings often implicate tax, employment, benefits, IP, real estate, privacy/cyber, and regulatory issues, and those issues can affect both pricing and structure. Our multidisciplinary firm can address those work streams in parallel and help keep the deal process efficient and consistent. The advantage is also post-close, as portfolio companies frequently face operational and compliance questions where responsive, coordinated legal support can protect value. Our objective is to be practical and integrated, helping clients move quickly without losing sight of the issues that tend to matter later. IVCA: What distinguishes the Chicago office as a representative for the midwestern ethos of commerce and PE in the Windy City and beyond? Sheppard: Chicago is a sophisticated deal market that tends to value pragmatism, discipline, and long-term commercial relationships. Our Chicago team reflects that approach. We focus on clear advice, efficient execution, and a grounded understanding of how sponsors and management teams operate. We also appreciate the regional footprint. Many Midwest businesses are operationally complex and built for durability, which influences diligence, integration planning, and growth strategy. At the same time, we can draw on our international, firm-wide resources when transactions or portfolio issues require additional depth, including regulatory or cross-market considerations. IVCA: What are the key issues currently in PE law that the firm keeps up to date in the ever changing landscape of governmental and regulatory hurdles? Sheppard: We’re focused on the issues that create real friction for sponsor … heightened regulatory scrutiny, which includes SEC expectations; antitrust and competition considerations, especially in add-on and roll-up strategies; tax developments that affect structure and returns; and the employment/benefits and classification issues that can materially impact portfolio companies. We’re also spending more time on privacy/cyber risk allocation and incident readiness, because those can turn into fast-moving value events. IVCA: In the complex and multi-investor contract based world of PE law, what factors in litigation do you think are most preventable and why Sheppard: Many disputes arise less from ‘bad facts’ than from ambiguity, misalignment, or incomplete process. The most preventable drivers typically include unclear governance and decision rights … especially around consents, vetoes, and board control); imprecise economic terms like waterfalls, earn outs, indemnities and adjustment mechanics; inadequate disclosure and diligence documentation; inconsistent communications that later become ‘the record’; and weak post-close integration around compliance, financial controls, or employment matters. These are preventable because they can be addressed with disciplined drafting, careful diligence scoping, clear closing deliverables, and early alignment between sponsors and management teams on expectations and escalation pathways. Investing a bit more upfront in clarity and process often saves significant time and cost later. IVCA: What does Sheppard hope to achieve in their interaction with the VC/PE community within the IVCA? Sheppard: We hope to be an engaged, long-term contributor to the IVCA community. That means building relationships with sponsors, founders, and service providers; sharing practical insights on market terms, regulatory developments, and risk management; and supporting IVCA programming that strengthens the Midwest’s innovation and investment ecosystem. We also want to learn by staying close to what investors and portfolio companies are seeing which helps us provide more effective, commercial advice. For the website of Sheppard, click here . The Upcoming IVCA Education Session … Fundraising Market Conditions & Best Practices … will take place at he Conference Center at the UBS Tower, One North Wacker Drive in Chicago, on May 28th, 2026, starting at 1:00pm. For details and to register, click here .