Government Affairs Agenda
IVCA supports an entrepreneurial spirit in Illinois' public policy that encourages economic and business development and rewards investment in job creation and job relocations. To that end, IVCA's government affairs objectives, developed by the IVCA Legislative Committee and adopted by the IVCA Board of Directors, seek to:
Educate government officials in Illinois about the positive effects venture capital and private equity investment in Illinois has on economic and job growth.
Encourage Illinois officials to promote and maintain a business environment that supports venture capital and private equity investment in Illinois through:
- Increased public pension investment in venture capital and private equity and, all things being equal, with Illinois-based firms.
- An expanded Technology Development Fund.
- Exploration of state initiatives to promote early stage (seed/angel) investment in Illinois companies.
- Removal of disincentives to private equity investing, which include:
- Advocating for pension fund reform to provide transparent, competitive, performance-based opportunities to access public pension fund investments
- Clarifying of restrictions on public pension funds' private equity investing to ensure that any and all restrictions are workable and allow the private equity community to comply
- Eliminating discriminatory taxes
- Clarifying the Freedom of Information Act
IVCA-PAC Co-Chair - Jim TenBroek, Growth Catalyst Partners
IVCA-PAC Co-Chair - Rocco Martino, OceanM19
IVCA-PAC - Vice Chair Lee Mitchell, Thoma Bravo
IVCA-PAC - Vice Chair Tony Palcheck, Zebra Ventures
IVCA-PAC Treasurer - Mark McDonnell, ARCH Venture Partners
Bret Maxwell, MK Capital
Ryan Phillips, WP Global Partners
Troy Phillips, BPOC
John Yeager, H.I.G. Whitehorse
Christie Pruyn, IVCA Executive Director
The IVCA-PAC instituted new policies in mid-March 2011in light of SEC Regulations to ensure compliance with "pay to play" rules on the federal, state and local levels of government.
The IVCA-PAC contributes only to candidates or members of the Illinois General Assembly. It no longer makes contributions to statewide officials (Governor, Lt. Governor, Comptroller, Attorney General or any other elected officials (or candidates for these elective offices) at the County or City levels of government as these positions frequently hold pension board positions.
As part of its compliance processes, the IVCA-PAC will maintain a "prohibited persons list" of offices and persons deemed to have, directly or indirectly, the legal authority to cause or can influence the awarding of an investment advisory contract. Currently in Illinois, the IVCA-PAC prohibited persons list includes the following five such offices and one additional elected official on the list:
At the State level:
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The Governor appoints pension fund board members (JB Pritzker).
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The Treasurer who serves on a pension fund board and invests the State's money (Michael Frerichs).
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The Comptroller (Susana Mendoza) serves on the Illinois State Board of Investments (ISBI).
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One member of the Illinois House (no one is currently filling this seat) serves on ISBI's Board.
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One member of the Illinois Senate (currently Senator Robert F. Martwick, Jr.) serves on ISBI's Board.
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Justice Debra B. Walker of the Illinois Appellate Court serves on ISBI's Board.
In addition to this prohibited list of officials, anyone in a firm who gives individually to candidates for elective office should be cautious and take steps to ensure no candidate receiving campaign contributions from them has influence over any public pension fund selection of investment advisors or the awarding of government contracts.
For example, firms which have or wish to have Chicago pension funds as limited partners are prohibited from contributing to the re-election campaign of Chicago City Treasurer Melissa Conyears - Ervin who serves on the Boards of:
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Municipal Employees' Annuity & Benefit Fund,
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Laborers' Retirement Board Employees' Annuity & Benefit Fund of Chicago,
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Policeman's Annuity & Benefit Fund of Chicago and
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Fireman's Annuity & Benefit Fund of Chicago.
The following at a county and city level also serve on the pension fund boards:
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DuPage County Treasurer Gwen Henry is on the IMRF Board
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Anna Valencia, Chicago City Clerk is a Trustee of the Fireman's Annuity & Benefit Fund of Chicago
It is the responsibility of the individual to determine whether or not his or her campaign contributions do not violate any federal, state or local pay to play rules. The SEC rules are the most restrictive and carry significant penalties for the firm if violated. The IVCA-PAC has taken steps to ensure full compliance with all relevant rules in this area.
IVCA is a state trade association which does not lobby on the federal level. However, many of our members are increasingly affected by federal legislation and regulation. To help keep them informed about key federal actions, IVCA is providing links to relevant national trade associations including:
Additional information links will also be provided when available.
The IVCA Scholar Program
Program Overview
The IVCA Scholar Program is designed to foster a more inclusive venture capital and private equity industry by increasing gender, racial, and ethnic diversity. It offers undergraduate students a unique opportunity to explore potential careers in these dynamic fields.
Selected Scholars will be placed with a venture capital or private equity firm for a 10-week immersive experience. Throughout the program, participants will also engage in educational and training sessions hosted by investment firms and professional service providers.
This intensive 10-week program provides meaningful exposure to the inner workings of the industry. Upon successful completion, students will receive a $10,000 scholarship.
Program Details
- Duration: June 8 to August 14, 2026
- Eligibility: Undergraduate students entering junior or senior year in Fall 2026
- Majors: All majors welcome; strong Excel skills required
- Placement: Scholars are matched with a venture capital or private equity firm
- Schedule: Firms will set specific in-office schedules with each student
- Weekly Sessions: Scholars must attend weekly industry information sessions (typically a half-day per week)
- Pre-Program Requirement: Completion of the Adventis Financial Modeling Certification (paid for by IVCA) before the program begins
- Location: In-person program; students must reside in the Chicago metro area during the internship
- Note: No housing or transportation provided
- Important: This is not a hiring-track internship
IVCA Member “friends and family” are not eligible.
Selection Criteria
Applicants must meet the following requirements:
- Be a U.S. citizen
- New in 2025: Students must be a permanent resident of Illinois OR attend an Illinois College/University AND be a permanent resident Indiana, Iowa, Michigan, Ohio or Wisconsin.
(A valid driver’s license is required to verify residency) - Have completed at least two years of undergraduate coursework
(Preference given to rising juniors) - Possess strong communication, analytical, and Excel skills
- Coursework in Finance or Accounting is preferred
- Identify as either:
- A person of color, as defined by the U.S. Census Bureau (e.g., Black or African American, Hispanic or Latino, American Indian or Alaska Native, Asian, Native Hawaiian or Other Pacific Islander), or
- A woman
Applicants will be notified of selection by mid-December 2025.
Application Deadline
Application is now closed.
Contact ivca.scholar@illinoisvc.org with questions.
The Program
This program offers a 10-week, deep dive into the industry with significant exposure at a venture capital or private equity firm.
The program seeks to engage underrepresented groups in their undergraduate education so that they can better their chances for a position in the industry through training and networking experience. Since its inception in 2007, 107 students have taken part in the program.
How will the IVCA Scholar Program benefit you? View video below.
As a student
The application process for the 2026 IVCA Scholar Program is now closed.
As a firm
As a firm, if you are considering participating as a host firm in our program, please contact ivca.scholar@illinoisvc.org.