Illinois BidBuy #27-420DCEO-STRTC-B-54021

Illinois seeks Investment Advisor for $114M SSBCI INVENT Venture Fund

Illinois Department of Commerce & Economic Opportunity (DCEO) is seeking an Investment Advisor to support the Illinois Innovation Venture Fund (INVENT), a $114 million direct equity venture capital program funded by the federal State Small Business Credit Initiative (SSBCI). - Government Buyer: - Illinois Department of Commerce & Economic Opportunity (DCEO) - Scope of Services: - Investment consulting and advisory services for the INVENT Venture Fund - Support for deal sourcing, application intake, due diligence, portfolio analysis and management, and reporting - Additional responsibilities include marketing, outreach, communications, compliance screening, investment memos, exit strategy support, and programmatic recommendations - Program Details: - $114 million fund targeting investments from $10,000 to $6 million in Illinois small businesses - Focus on capital disadvantaged, very small, and underserved businesses, as well as key growth sectors - Contract Term: - Initial term of four years, with possible renewals/extensions up to a total of ten years - Notable Requirements: - No specific OEMs or vendors named - Opportunity open to qualified investment advisory firms with venture capital and government/economic development experience - Emphasis on diversity, equity, and inclusion (DEI) criteria in evaluation - No product purchases; only professional advisory services requested

Description

The Illinois Department of Commerce & Economic Opportunity (DCEO) is issuing a Request for Proposals (RFP) for an Investment Advisor for the Illinois Innovation Venture Fund (INVENT), a $114 million direct equity venture capital program funded through the federal State Small Business Credit Initiative (SSBCI). The Investment Advisor will provide investment consulting and advisory services to support INVENT staff in implementing program objectives, including creating a balanced portfolio, providing access to underserved businesses, aligning investments with key growth sectors, partnering with investors, and establishing a sustainable program. The contract term is four years with a possible extension up to ten years. The response deadline is October 21, 2026.

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