# Illinois Growth and Innovation Fund (ILGIF)

Illinois Growth and Innovation Fund (ILGIF) is an Operating Fund based in Springfield, United States.

## Overview

- **Organization type:** Operating Fund
- **Headquarters:** Springfield, United States
- **Region:** North America
- **Address:** Springfield, IL, United States
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** https://www.ilgif.com

## Regulatory record

- **Reports private funds:** No

## About

Founded in 2016 by Illinois State Treasurer Michael W. Frerichs, the Illinois Growth and Innovation Fund (ILGIF) was created as a state-sponsored venture capital vehicle designed to invest in Illinois-based companies. The fund emerged from the state's broader economic development program to keep high-growth firms from leaving the region for coastal capital. ILGIF receives capital allocations from the Illinois state treasury, drawing from public funds managed by the treasurer's office. ILGIF deploys capital across venture stages, from early-stage through growth equity, with a focus on technology, healthcare, and advanced manufacturing. While specific holdings are not routinely disclosed, the fund's strategy emphasizes direct investments in Illinois companies, with some co-investments alongside established venture firms. Eric Lefkofsky, co-founder of Groupon and Tempus, has participated in ILGIF events; Lee Shapiro, managing partner at 7wireVentures, has also engaged via fireside chats. The fund operates from Springfield, Illinois, with its investment team structured within the state treasurer's office. The Wedge Innovation Center, a mixed-use development in Alton, Illinois, appears as a related asset. As of 2023, ILGIF hosted its annual summit, with keynote speakers and panels on regional innovation. What distinguishes ILGIF from typical venture funds is its structure as a state-sponsored operating fund, accountable to taxpayers rather than private limited partners. This may enable it to hold longer investment horizons and accept lower return thresholds in exchange for economic development outcomes.

## Sectors

- Venture Capital

## People

- Michael W. Frerichs — Founder
- Eric Lefkofsky — Business Partner
- Lee Shapiro — Business Partner

## Questions

### What types of investments does ILGIF make?

The fund focuses on venture capital investments in Illinois-based companies, spanning early-stage to growth-stage. Key sectors include technology, healthcare, and advanced manufacturing, with an emphasis on job creation and retention.

### Where does the underlying capital come from?

The capital comes from public funds managed by the Illinois State Treasurer, including state pension and investment accounts. Details on the exact allocations are not publicly disclosed.

### How does ILGIF source deal flow?

Deal flow originates through the Treasurer's network, partnerships with Illinois universities, venture firms, and economic development organizations. Events like the ILGIF Summit help surface local opportunities.

### What is ILGIF's known posture on co-investments alongside external GPs?

ILGIF co-invests alongside private venture firms when it aligns with its mandate of supporting Illinois companies. The fund does not market its co-investment program externally.

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Last updated: 2026-06-03T20:00:00.000Z

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