Illinois Coalition Board Members Key to Treasurer's New Venture Technology Fund
Posted on August 5th, 2004

Illinois State Treasurer Judy Barr Topinka announced the External Investment Advisor and Advisory Board for the Illinois Venture Technology Fund, thanking Illinois Coalition board members Kirk Dillard and David Baker for their respective roles. Senator Dillard sponsored enabling legislation in the Illinois Senate and Mr. Baker, Vice President for External Affairs at the Illinois Institute of Technology, will serve on the fund's 13-member Advisory Board.

Responding to at least two studies showing the development of technology companies is handicapped in Illinois due to a lack of seed-stage capital, Treasurer Topinka announced that $50 million from the Illinois treasury will be invested in funds through a 3-year process to be managed by the Northern Trust. Regarding risk, she emphasized that no direct investments (i.e., in companies) will be made, all investments will be approved by the advisory board, the total amount is less than 1% of the treasury's balance, and investments will be limited to 10% of any participating fund. Contributions will be made to Illinois-based funds or funds with a significant presence here.

Stating that the ultimate purpose of the fund is to reverse the alarming "brain drain" of technology professionals from Illinois, Treasurer Topinka said the program will "provide monies to Illinois-based private equity firms to increase the funding available to businesses that would otherwise be forced to leave the state."