The state of Illinois is getting back in the venture-capital business for the first time in several years.
Treasurer Michael Frerichs says he'll start investing more than $220 million of state treasury money with venture funds across the state.
The Legislature first authorized the state to invest up to 1 percent of its funds in venture capital in 2002, which resulted in over $65 million that ultimately flowed to startups such as Diagnostic Photonics, SpotHero and Sittercity. (The original legislation was co-sponsored by then-state senator Barack Obama.)
Image: Michael Frerichs - http://www.chicagobusiness.com
