Initiatives

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. 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/Legislative Board

Guidance from IVCA-PAC on Political Contributions

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:

• The Governor appoints pension fund board members (JB Pritzker).

• The Treasurer who serves on a pension fund board and invests the State’s money (Michael Frerichs).

• The Comptroller (Susana Mendoza) serves on the Illinois State Board of Investments (ISBI).

• One member of the Illinois House (no one is currently filling this seat) serves on ISBI’s Board.

• One member of the Illinois Senate (currently Senator Robert F. Martwick, Jr.) serves on ISBI’s Board.

• 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:

• Municipal Employees’ Annuity & Benefit Fund,

• Laborers’ Retirement Board Employees’ Annuity & Benefit Fund of Chicago,

• Policeman’s Annuity & Benefit Fund of Chicago and

• Fireman’s Annuity & Benefit Fund of Chicago.

The following at a county and city level also serve on the pension fund boards:

• DuPage County Treasurer Gwen Henry is on the IMRF Board

• 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:

IVCA Scholar Program

The IVCA Scholar Program aims to foster an inclusive industry by promoting gender, racial, and ethnic diversity in venture capital and private equity. Undergraduate students are placed with a venture capital or private equity firm for 10 weeks. During this time, they participate in informational and networking sessions at various investment firms and professional services providers (accounting, investment banking, etc.). The program offers a deep dive into the industry, providing significant exposure to private equity or venture capital. Upon completion, students receive a $10,000 scholarship.

2025 applications are now open! We invite rising 3rd and 4th-year students of any major to apply. Applicants must attend an Illinois college or university or be permanent residents of Illinois. Strong Excel skills are required.

Program Details:

• The program runs for 10 weeks, June 9 – August 15, 2025.
• Candidates should be rising 3rd year & rising 4th year students.
• Students of any major are invited to apply but are expected to have excellent Excel skills.
• Firms schedule specific in-office expectations with the student.
• Scholars are expected to participate in all scheduled events and visits.
• Firm responsibilities will vary by student experience and firm requirements.
• No housing or transportation will be provided.
• Internships, firm visits and social events will be planned in Chicago or surrounding areas.
• Scholars are expected to successfully complete an online financial modeling course with
  certification (paid for by IVCA) prior to starting the program. Students will be enrolled in the
  class upon acceptance to the IVCA Scholar Program.
  

Selection criteria:

• Students must attend a university in Illinois or be a permanent resident of Illinois.
• Have strong Communication, Analytical and Excel skills.
• Some Finance and Accounting coursework preferred.
• Has completed at least 2 years of undergraduate coursework.
• Is a U.S. Citizen.
• Is considered as a person of color according to US Census Bureau (E.g. Black or African American, Hispanic or Latino, American Indian or Alaska Native, Asian, and Native Hawaiian or Other Pacific Islander) OR is a woman.

There is a two-step application process:

Google Form: Fill out the online application form to collect your contact details and general information.  

PDF Submission: Email ivca.scholar@illinoisvc.org your application as one document that includes all required five elements:  

1. Student’s contact information (home and school); preferred email, phone numbers.  
2. Resume or CV.  
3. Unofficial transcript or a list of classes (through the current term) and grades in each completed class.  
4. Description of student’s general Excel skills and experiences with financial modeling, market analysis using specific examples.  
5. Essay (500 words or fewer) describing the applicant’s interest in venture capital and/or private equity and how it ties into their career plans.

Note: The steps listed above must be followed and completed or the application will not be considered. Questions can be directed to ivca.scholar@illinoisvc.org.

Applications are due by October 31, 2024.

A PDF of the application instructions can be found HERE. 

How will the IVCA Scholar Program benefit you? View video below.

IVCA Diversity Program Series

The IVCA actively supports DEI initiatives to foster a more inclusive and equitable environment, recognizing the challenges but emphasizing the critical importance of achieving equity in the financial industry. To further these efforts, IVCA conducted a webinar series on “Inclusion in Action.”

Recordings

IVCA Webcast: Inclusion in Action Series, Part 1 – Why Inclusion Efforts Aren’t Working in Workplaces Today and What You Can Do About It.
Missed it and would like to see the recording? Click HERE

IVCA Webcast: Inclusion in Action Series, Part 2 – How to be an Upstander When You See Bias in Action.
Missed it and would like to see the recording? Click HERE

IVCA Inclusion in Action, Part 3 – How To Be Authentic at Work, Especially in Uncertain Times.
Missed it and would like to see the recording? Click HERE

IVCA Inclusion in Action, Part 4 – Strategies for Survival: Cultivating Mentors and Allies for Success
Missed it and would like to see the recording? Click HERE