Illinois State Venture Capital
State Treasurer Trying to Attract Venture Capital to Illinois
The state of Illinois is trying to attract more venture capital investment. The push for venture capital is led by the state treasurer and may be partly a response to Wisconsin and New Jersey’s recent attempts to attract business away from Illinois. A new bill is designed to allow the state treasurer to invest 2% of the state’s portfolio into venture capital funds. Those funds will then invest in local start-ups and tech companies.
As Wisconsin and New Jersey governors work to lure Illinois businesses away, new legislation backed by the state treasurer would work to attract new startup technology companies and retain existing firms.
Senate Bill 107 would authorize the state treasurer to invest up to 2 percent of the state’s portfolio into venture capital funds, which then would invest money into Illinois-based technology companies.
Similar legislation has been introduced in the past and failed to gain enough support from lawmakers. But now, the state’s treasurer is pushing to get the new plan approved.
“It is actually legislation that we’ve been trying to get passed for the past three years, and we’re thrilled that Treasurer [Dan] Rutherford has come out so strongly in support of it,” said Maura O’Hara, executive director of the Illinois Venture Capital Association, which represents about 120 venture capital and private equity firms.
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