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By The News-Gazette Copyright 2005 The News-Gazette CHAMPAIGN – IllinoisVentures will share in a $7.5 million investment by the state's $50 million Technology Development Fund, state Treasurer Judy Baar Topinka announced today. Also receiving investments from the state fund will be M.K. Capital, a venture capital partnership based in Skokie, and Beecken Petty O'Keefe & Co., a private equity fund. Topinka was scheduled to announce the investments today at the EnterpriseWorks building on the University of Illinois campus. The state treasurer said she expects to make $15 million to $18 million in venture capital commitments this year, with a total of $50 million invested over three years. Topinka said the three funds were selected based on the fund managers' track records in growing Illinois companies and jobs and in generating a positive return on investment. The treasurer's office invests the Technology Development Fund's assets with the assistance of Northern Trust, which reviews potential investments and makes recommendations to a review board. IllinoisVentures oversees the Illinois Emerging Technologies Fund, an early-stage venture capital fund that invests in companies commercializing technology coming out of the University of Illinois and other Illinois universities. The Illinois Emerging Technologies Fund has offices in Champaign and Chicago. It focuses on investment opportunities in information technology/software, life science and physical science. |
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