The Illinois General Assembly authorizes the Treasurer's Office to manage Technology Development Accounts. These accounts allow the Treasurer’s Office to use a portion of the State’s Investment Portfolio to provide capital to technology funds in Illinois that finance technology businesses seeking to locate, expand, or remain in Illinois.
The goal is two-fold: earn investment returns for the state and support technology and related jobs here in Illinois.
• Technology Development Account I
• Illinois Growth and Innovation Fund
Technology Development Account I
The first Technology Development Account (TDA I), launched in 2005, has experienced remarkable success. Not only has TDA I has accrued $27.8 million in investment earnings, but it has created an estimated 3,900 jobs (1,200 direct and 2,700 indirect). It also supported scores of growing technology companies in Illinois that you may have heard of such as SpotHero, Trunk Club and Sittercity.
Illinois Growth and Innovation Fund
In 2016, the Treasurer's Office announced the second technology account, the Illinois Growth and Innovation Fund (ILGIF). Beginning in 2016 and continuing over the following three years, ILGIF will invest $222 million from the State’s Investment Portfolio in venture capital firms with a track record of investing in Illinois technology companies. The investment is expected to create 11,700 jobs (3,600 direct and 8,100 indirect) in Illinois and attract more than $400 million in additional private-sector money, which will further spur interest in the Midwest tech scene that Illinois anchors.