IN THE NEWS

Association News IVCA Feature: New Member Profile of FM Capital Nominations Are Now Open for the 2026 IVCA Awards CFO Summit Sponsorship Opportunity for your firm! VC and PE Investor Finance Professionals! Join us on October 22 for 2026 IVCA CFO Summit! IVCA Scholars Complete Another Successful Summer Program Legislative News IVCA Provides Updates for State Legislative Issues 08/19/2026 IVCA Events October 22, 2026 - IVCA CFO Summit December 7, 2026 - IVCA Awards Dinner - SAVE THE DATE! Other Events of Interest September 17, 2026 - McDermott's Chicago Private Equity Bootcamp - SAVE THE DATE! Industry News The Edgewater Funds Announces Investment in Parker Manufacturing Group Monroe Capital Supports Air Transport Components’ Acquisition of Aero Controls, Inc. Wind Point Partners To Acquire ECI McNally Capital Makes Majority Investment in TENICA, a Leading Provider of National Security and Intelligence Solutions H.I.G. Capital Completes Acquisition of Phoenix ME Thoma Bravo Completes Acquisition of Kneat HPA Backs AI-Native Production Intelligence Platform Revolutionizing Continuous-Flow Manufacturing Monroe Capital Supports Summit Professional Education’s Acquisition of Kids Bowel & Bladder Accelerant Enters into Definitive Agreement to be Acquired by Thoma Bravo Shore Capital Partners Announces Sale of Texas MedClinic to HCA Healthcare Command Alkon Announces Acquisition by Francisco Partners from Thoma Bravo Runway Growth Capital Appoints Michael Rovner as Co-Chief Executive Officer and Co-Chief Investment Officer Wynnchurch-Backed Trimlite Acquires Barnett Millworks Private Credit: Asset-Backed Finance Explained | Victory Park Capital Wynnchurch Capital Port Co M2S Group Surpasses $1 Billion in Annual Revenue with Acquisition of Heartland Label Printers Frontenac Port Co Motion & Control Enterprises Acquires Salentine Pump & Equipment Professional Advisor News Ropes & Gray Advised McNally Capital in Majority Investment in TENICA Global Solutions Sidley Represents Castle Creek Capital in Tri-County Financial Group’s US$204.6 Million Merger with HBT Financial Carried Away Series — Management Fees and Self-Employment Taxes – Structuring for Tax Efficiency After Sirius Solutions and Soroban Ropes & Gray Represented Ripple Fiber in Acquisition by Eaton Fiber Sidley Represents Goldman Sachs Alternatives in Acquisition of Tosca From Apax Funds BDO PRIVATE EQUITY PERSPECTIVES PODCAST EPISODE 57B: No Shortcuts: The Case for Patient Sourcing and Earned Partnerships– PART B Ropes & Gray Advised New Mountain Capital in Acquisition of Jensen Hughes Sidley Represents MarineMax in Its US$1.5 Billion Sale to Blackstone Infrastructure Portfolio Company, Safe Harbor Fifth Circuit Narrows, but Preserves, Taxpayer-Favorable Ruling on Limited Partner Exception to Self-Employment Tax on Rehearing Three Ropes & Gray Partners Named Notable Leaders in Accounting, Consulting & Law by Crain’s New York Business Sidley Represents Northcote Equity in Investment in Lockhart Capital Management Ropes & Gray Advised NEOS Investments in Sale to Goldman Sachs Sidley Represents Acteon in the Sale of Menck to Cadeler Ropes & Gray Advised Altamont Capital Partners in Accelerant Take-Private Acquisition by Thoma Bravo Sidley Represents Sapiom in US$35 Million Series A Financing 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. NEW! NextGen Growth Partners - Senior Analyst, Investments Hyde Park Angels - HPA Venture Operations Manager Decasonic – AI Operations Manager TechNexus Venture Collaborative – Sr. Accountant

This summer, 12 undergraduate students participated in the IVCA Scholar Program, completing a 10-week experience designed to provide direct exposure to Illinois’ private equity and venture capital industry. This year’s cohort represented some of the nation’s top universities, including the University of Chicago, University of Illinois, University of Michigan, University of North Carolina, University of Notre Dame, Northwestern University, and Yale University , bringing a wide range of perspectives, experiences, and academic backgrounds to the program. The scholars were hosted by an exceptional group of IVCA member firms, including Avathon Capital, BPOC, Exposition Ventures, Frontenac, Growth Catalyst Partners, OCA Ventures, PPC, Prairie Capital, RoundTable Healthcare Partners, The Vistria Group, Victory Park Capital, and Water Street Healthcare Partners . Through these placements, scholars gained valuable hands-on experience and insight into the day-to-day work of private equity and venture capital investing. In addition to their firm placements, scholars participated in educational sessions, professional development opportunities and networking events designed to deepen their industry knowledge and connect them with leaders across the Illinois’ investment ecosystem. A highlight of the summer was the opportunity for the scholars to visit offices throughout the Chicago investment community. IVCA extends its sincere appreciation to 50 South Capital, Avathon Capital, Baker Tilly, BPOC, Deerpath Capital, Frontenac, Growth Catalyst Partners, ParkerGale, Plante Moran, PPC, Prairie Capital, RoundTable Healthcare Partners, The Vistria Group, Thoma Bravo, Vokal, and Water Street Healthcare Partners for opening their doors, sharing insights about their organizations, and providing scholars with a firsthand look at the diverse career paths available across private equity, venture capital, and advisory services. Since its inception, more than 100 students have participated in the IVCA Scholars Program, with alumni going on to pursue successful careers across the investment ecosystem. The continued enthusiasm and support of our member firms remain critical to the program’s success and its mission of developing the next generation of industry leaders. Congratulations to our 12 scholars on completing a remarkable summer. We thank all our host firms, office visit partners, mentors, and volunteers for helping create an impactful experience that will shape these students’ careers for years to come.

ILLINOIS VENTURE CAPITAL ASSOCIATION ILLINOIS LEGISLATIVE REPORT David Stricklin / Stricklin & Associates Wednesday, August 19, 2026  STATE FAIR TAKES CENTER STAGE FOR POLITICS IN THE PRAIRIE STATE Illinois elected officials running for re-election or building a network for a run at higher office are among the participants at the annual political days at the Illinois State Fair in Springfield yesterday, today, and tomorrow. Democrats hold sway currently as they occupy all the Constitutional offices, the Senate, the House, and both U.S. Senate seats. Today is Governor’s (Democrat) Day, tomorrow is Republican Day. Throw in candidates running for Mayor of Chicago, even though it’s technically a non-partisan election, and it’s a throwback to the days of stemwinders and old fashioned retail politics. * WGN | Campaign season kicks off at the Illinois State Fair : Major players in campaign and government will descend on Springfield this week to rally support ahead of the November general election. Democrats will gather Wednesday morning for their annual brunch with the Illinois County Chairs’ Association. Sen. Elizabeth Warren from Massachusetts will headline the events. Party leaders are also expected to honor Sen. Dick Durbin, who is retiring in January after a political career that spans four decades. Illinois Republicans also made sure to concentrate on the fallout from the resignation of former Rep. Harry Benton on sexual harassment charges and the adequacy of the steps taken by Illinois House Speaker Chris Welch before, during, and after the Benton case. After this week the political circuit moves downstate for the Du Quoin State Fair, the second of two fairs operated by the State of Illinois. AFTER LABOR DAY Looking ahead to what confronts policy makers after the political circuit has concluded, big issues include regulating data centers, which has become a polarizing issue in many states including Illinois. Unique to Illinois, the resolution of where the Chicago Bears will call home and increased funding for the Chicago Public Schools are among the thorny issues which will require attention leading up to the Veto Session in November.

IVCA CFO Summit The Premier Gathering for Private Equity, Venture Capital & Family Office Finance Leaders Presented in Partnership with EY Hosted by Northern Trust Sponsorship available! EXHIBITing SPONSOR $3,000 ✅ Tabletop exhibit space at the Summit ✅ Two (2) event registrations ✅ Logo placement in event materials & signage ✅ Full access to structured networking ✅ Two-minute recognition from the podium ✅ We limit the number of sponsors per category so every partner gets real visibility not lost in a crowd of logos. Once a category is full, it's full Sponsorship categories are limited to maximize visibility for every partner. Join our Current Sponsors: Presenting Sponsor: EY Hosting Sponsor: Northern Trust Content Sponsor: Kirkland & Ellis LLP Exhibiting / Content Sponsor: Alter Domus Questions? Let's find the right fit for your firm. Kathy Pyne • kpyne@illinoisvc.org IVCA CFO Summit • Presented in Partnership with EY • Hosted by Northern Trust

Join us for the 2026 IVCA CFO Summit! Join us on : Thursday, October 22, 2026 8:00am - 5:00pm Join us at: Our new location with our Host Sponsor, Northern Trust at: Northern Trust Building 6th Floor - Assembly Room 50 South LaSalle Street Chicago, IL 60603 Join us by: Registering! IVCA Members: Registration is FREE! Log in at www.illinoisvc.org to register, or email Kathy Pyne at kpyne@illinoisvc.org to confirm your attendance. Non-Members: Registration is $795. Please contact Kathy Pyne at kpyne@illinoisvc.org and indicate whether you would like to: Receive an invoice for payment by check or ACH Pay by credit card (note: a 3-4.5% processing fee applies to credit card payments) Join us thanks to: Our Presenting Sponsor: EY Our Hosting Sponsor : Northern Trust Our Content Sponsor: Kirkland & Ellis LLP Our Exhibitng/Content Sponsor : Alter Domus

Nominations Now Open  Help Us Recognize the Best of Illinois Private Equity & Venture Capital The 2026 IVCA Awards honor outstanding individuals, firms, and portfolio companies across six categories and will be celebrated at the IVCA Awards Dinner. Each year, IVCA honors the leaders, firms, and portfolio companies driving innovation, investment, and economic impact across Illinois. Help us identify this year's most deserving honorees across all six award categories below. 2026 Award Categories Stanley C. Golder Award Recognizes individuals who have made profound, lasting contributions to Illinois' private equity industry — exceptional leadership, investment excellence, integrity, and enduring impact. Download Nomination Form → Richard J. Daley Award Honors an individual who has provided extraordinary support to Illinois' private equity and venture capital industry through advocacy or public policy leadership. Download Nomination Form → Stephen S. Beitler Award Honors individuals whose contributions have significantly advanced both the PE/VC profession and the Illinois Venture Capital Association itself. Download Nomination Form → Rising Star Award Recognizes an emerging PE/VC firm on its first, second, or third fund demonstrating exceptional promise, performance, and leadership in Illinois. Download Nomination Form → VC Portfolio Company of the Year Recognizes an exceptional venture-backed company achieving significant growth, innovation, and business success — market leadership, job creation, and standout outcomes. Download Nomination Form → PE Portfolio Company of the Year Honors a private equity-backed company demonstrating outstanding performance, operational excellence, and value creation for employees, customers, and stakeholders. Download Nomination Form → Know someone — or some company — that belongs in the spotlight? Nomination Interest Deadline: Friday, August 28, 2026 View All Award Details Request a Form Award recipients will be selected by IVCA leadership and industry representatives and announced prior to the Awards Dinner. Help us celebrate the leaders, firms, and companies shaping Illinois' private equity and venture capital community this year. Questions? Contact Kathy Pyne at kpyne@illinoisvc.org or 312-241-1620.

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 FM Capital, “a venture firm focused on transforming transportation. (They) partner with entrepreneurs to advance cleaner, safer, and more efficient movement of people and goods – while also reimagining the customer and dealer experience in vehicle sales and service.” The following is a Q&A profile with FM Capital , which explores the firm’s background and their expectations for interacting with the IVCA. New Member: FM Capital Representative: Joel Zimbrick, Associate IVCA: What is a brief history of and background of FM Capital ? FM Capital: FM Capital was founded in 2012. The firm’s roots go back to Managing Partner Chase Fraser’s experience building MarketQuiz, an automotive dealership technology company that was acquired in 2009, and to the automotive network of dealer and entrepreneur Red McCombs, with whom Chase launched what was then Fraser McCombs Capital. Over time, our investment mandate expanded from automotive retail technology into the broader transportation ecosystem. Today, FM Capital manages more than $500 million and invests in early-to mid-stage companies – transforming how people and goods move – as well as how vehicles are sold, financed, serviced and operated. Our team combines venture investing with operating backgrounds in dealerships, vehicle manufacturers, mobility businesses and technology companies. IVCA: Why did the firm decide to join the Illinois Venture Capital Association? FM Capital: We saw IVCA as a strong combination of community, education and advocacy. Investors frequently tout the benefits their networks provide, but IVCA goes beyond networking by giving members a meaningful connection to the policy environment affecting private capital and the companies we back, and a channel to advocate in those domains. For FM Capital, that creates several forms of value … staying current on legislative developments, learning from other firms, meeting potential co-investors/strategic partners, and participating in a sophisticated community outside our immediate network. Just as importantly, we hope we can contribute our own experience investing in automotive, mobility, logistics and transportation technology to the broader IVCA membership. IVCA: The firm focuses on transportation. With, for example, driverless vehicles becoming more expansive, and shipping complexities facilitating alternative growth, what areas within the transportation sector is the firm focusing on both in the portfolio and pending deals? FM Capital: We think of transportation as an ecosystem. Our focus spans several major themes – autonomy and robotics; vehicle connectivity and fleet management; AI and software; automotive retail, finance and service; freight and logistics; and the transition toward cleaner vehicles, energy systems and infrastructure. You can see those themes throughout the portfolio. Gatik is applying autonomy to middle-mile freight; companies such as Tekion, myKaarma, WarrCloud and RevolutionParts are modernizing dealership and vehicle-service workflows; Factorial is developing next-generation battery technology. Our other investments address vehicle data, privacy, charging, fleet optimization and the broader energy transition. Without getting ahead of unannounced transactions, our current pipeline continues to concentrate on the same pillars … auto commerce, autonomy and sensors, connectivity and fleet management, and electrification. Increasingly, AI cuts horizontally across all of them. We are particularly interested in technologies that can solve a measurable industry problem today while becoming infrastructure for a much larger transportation system tomorrow. IVCA: The firm also has altruistic goals in investing, as transportation is a a leading cause of climate change. How does this philosophy play into decision making regarding investments? FM Capital: We do not view impact as a separate mandate or as a concession to financial returns. In transportation, many of the industry's biggest inefficiencies are also its biggest investment opportunities. If technology can reduce wasted miles, energy consumption, idling or congestion; make vehicles and roads safer; improve utilization; or make mobility more accessible, there can be significant social and environmental benefits as the business scales, not in spite of it. Our mission explicitly identifies cleaner air, reduced emissions, safer roads and more efficient and equitable access to mobility as outcomes of getting transportation innovation right. That does not replace traditional investment discipline. A company still needs a strong team, differentiated technology, a large addressable market, compelling economics and a credible path to scale. But when those fundamentals align with a product that makes transportation cleaner, safer or substantially more efficient, we see that as a particularly powerful combination. IVCA: One of your portfolio companies THE SAVINGS GROUP, which is actually a platform for evolving the multi-tiered aspects of automobile financing. What intrigued the firm about this way to simplify paperwork in that sector, and how is it manifested in THE SAVINGS GROUP? FM Capital: What initially intrigued us about THE SAVINGS GROUP was not simply the opportunity to digitize paperwork. It was the opportunity to redesign a highly fragmented lending process. The original platform could take a consumer’s information and evaluate it against the underwriting criteria of multiple lenders, particularly credit unions, rather than forcing the borrower through a serial process of applying to lenders one at a time. The workflow connected the lead form, decision engine, loan-term customization and document upload, in addition to electronic verification, document execution and customer service. The goal was to match a consumer with an attractive loan in real time while acquisition cost for the lender. That was central to our original investment thesis. What also mattered was the team. The founders were automotive lending practitioners who understood underwriting, loan portfolios and servicing before building the technology. They were solving a problem they had experienced firsthand rather than approaching auto finance as outsiders. THE SAVINGS GROUP today is the scaled expression of that idea. Through AUTOPAY, RateGenius and Tresl, the platform connects borrowers and financial institutions across vehicle purchases, refinancing and lease buyouts. Lenders maintain control of their underwriting guidelines and funding decisions while the platform handles much of the validation, compliance, administration and borrower experience. IVCA: In your website mission statement, the firms notes proprietary sourcing for delivering high-quality deal flow. What does that statement mean in the step-by-step process of the deal? FM Capital: ‘Proprietary’ does not mean secret. It means that we try to create our own signal rather than depend primarily on whatever happens to arrive in our inbox. The process generally begins identifying an industry pain point or technology shift and mapping the companies addressing it. We rely on our strategic network, which includes entrepreneurs, portfolio executives and industry participants across dealers, OEMs, suppliers, fleets, insurers, software providers and other transportation businesses to identify strong companies, often before a formal fundraising process begins. FM’s Fund IV investor base itself spans dealers, distributors, OEMs, suppliers, insurers and other industry participants, which gives the firm an unusually broad source of market intelligence. From there, that same network becomes part of diligence. We can speak with prospective customers and industry experts, validate the severity of the problem, pressure-test the product and understand how the company fits into real-world transportation workflows. We then underwrite the management team, technology, market, economics, competitive position and financing terms. And sourcing does not end when the investment closes. The network can then be used to help portfolio companies find customers, strategic partners, talent and industry expertise. That combination of sector-focused sourcing and hands-on portfolio engagement is an important part of what we mean when we describe FM Capital’s model. IVCA: What does FM Capital hope to achieve in their interaction with the VC/PE community within the IVCA? FM Capital: Our objective is to be an active participant. We want to build relationships with investors with different perspectives, exchange ideas on company building, governance, capital markets and portfolio management, and develop relationships that can lead to collaboration. We also value IVCA’s policy work because both investors and portfolio companies operate in an environment increasingly shaped by regulation, technology policy and public-sector decisions. At the same time, FM Capital has spent more than a decade building specialized knowledge and relationships across transportation. We hope to bring that sector perspective to IVCA, particularly as autonomy, AI, energy, logistics and advanced manufacturing increasingly intersect with investments being made by firms that may not traditionally think of themselves as “transportation investors.” Ultimately, the best industry associations create a network in which everybody has something to learn and something to contribute. That is how we hope to participate in IVCA. For the website of FM Capital click here . The 2026 IVCA CFO Summit is now open for registration and is FREE to all IVCA members, and will take place on October 22nd, 2026. Click on CFO for more information and instructions to register.

Six categories. One evening of celebration. Nominate an Illinois PE/VC leader, firm, or portfolio company today. Illinois Venture Capital Association 2026 IVCA Awards Dinner | Nominations Now Open Help Us Recognize the Best of Illinois Private Equity & Venture Capital The 2026 IVCA Awards honor outstanding individuals, firms, and portfolio companies across six categories and will be celebrated at the IVCA Awards Dinner. Each year, IVCA honors the leaders, firms, and portfolio companies driving innovation, investment, and economic impact across Illinois. Help us identify this year's most deserving honorees across all six award categories below. 2026 Award Categories Stanley C. Golder Award Recognizes individuals who have made profound, lasting contributions to Illinois' private equity industry — exceptional leadership, investment excellence, integrity, and enduring impact. Download Nomination Form → Richard J. Daley Award Honors an individual who has provided extraordinary support to Illinois' private equity and venture capital industry through advocacy or public policy leadership. Download Nomination Form → Stephen S. Beitler Award Honors individuals whose contributions have significantly advanced both the PE/VC profession and the Illinois Venture Capital Association itself. Download Nomination Form → Rising Star Award Recognizes an emerging PE/VC firm on its first, second, or third fund demonstrating exceptional promise, performance, and leadership in Illinois. Download Nomination Form → VC Portfolio Company of the Year Recognizes an exceptional venture-backed company achieving significant growth, innovation, and business success — market leadership, job creation, and standout outcomes. Download Nomination Form → PE Portfolio Company of the Year Honors a private equity-backed company demonstrating outstanding performance, operational excellence, and value creation for employees, customers, and stakeholders. Download Nomination Form → Know someone — or some company — that belongs in the spotlight? Nomination Interest Deadline - Friday, August 28, 2026 View All Award Details Request a Form Award recipients will be selected by IVCA leadership and industry representatives and announced prior to the Awards Dinner. Help us celebrate the leaders, firms, and companies shaping Illinois' private equity and venture capital community this year. Questions? Contact Kathy Pyne at kpyne@illinoisvc.org or 312-241-1620.  ILLINOIS VENTURE CAPITAL ASSOCIATION illinoisvc.org

Association News IVCA Feature: Profiles of the 2026 IVCA Scholars Participants, Part Two VC and PE Investor Finance Professionals! Join us on October 22 for 2026 IVCA CFO Summit! Nominations Now Open for the 2026 IVCA Awards IVCA Foundation News 2026 IVCA Invitational Brings Together Illinois's Investment Community Legislative News IVCA Provides Updates for State Legislative Issues 08/05/2026 IVCA Events October 22, 2026 - IVCA CFO Summit December 7, 2026 - IVCA Awards Dinner - SAVE THE DATE! Other Events of Interest September 17, 2026 - McDermott's Chicago Private Equity Bootcamp - SAVE THE DATE! Industry News Baird Capital Realizes Investment in AEGIS PGIM Acquires Remaining Interest in Deerpath Frontenac Announces Recapitalization of NutriScience, Inc. GTCR Closes Inaugural Capital Solutions Fund HPA Backs AI-Native Production Intelligence Platform Revolutionizing Continuous-Flow Manufacturing Linden Capital Partners Welcomes Elizabeth Ko as Structured Capital Partner May River Capital Port Co, Security Engineered Machinery, partners with Garner Products to expand portfolio of data destruction, e-recycling, and materials recovery solutions for demanding applications McNally Capital Makes Majority Investment in TENICA, a Leading Provider of National Security and Intelligence Solutions Monroe Capital Supports Summit Professional Education’s Acquisition of Kids Bowel & Bladder Monroe Capital Supports AE Industrial Partners’ Investment in Powder Alloy Corporation GP Survey Results and Small Buyout Market Trends – RCP Advisors Command Alkon Announces Acquisition by Francisco Partners from Thoma Bravo Thoma Bravo Completes Acquisition of padoa Wind Point Partners To Acquire ECI Wynnchuch Capital Port Co Trimlite Acquires Barnett Millworkss Professional Advisor News Sidley Represents Bixby Wealth Solutions on Strategic Minority Investment in F.L. Putnam Ropes & Gray Advised Ares Management in Connection with the Financing of Charterhouse Capital Partners’ Acquisition of Batibig Sidley Advises Kinderhook Industries in Investment in American Aero Vedder Represents Deerfield Group, a Portfolio Company of The Edgewater Funds, in Receipt of Strategic Majority Investment from Martis Capital American Industrial Partners Completes Carve-Out Acquisition of Honeywell’s Warehouse and Workflow Solutions Business Intelligrated Ropes & Gray Advised Valeas Capital Partners on Strategic Investment in My Pension Expert Sidley Represents Private Equity at Goldman Sachs Alternatives in its Acquisition of AEGIS Hedging Solutions Ropes & Gray Advised BV Investment Partners in Thomas & Company Investment Sidley Represents CAIS in US$170 Million Series D Financing Sidley Represents Jane Street in Investments in Etched Sidley Represents Elio in US$21 Million Series A Financing 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