27-420DCEO-STRTC-B-54021 | SSBCI INVENT Investment Advisor

The Illinois Department of Commerce and Economic Opportunity is seeking an Investment Advisor to provide consulting and advisory services for the Illinois Innovation Venture Fund (INVENT), a 114 million dollar direct equity venture capital program funded by the federal State Small Business Credit Initiative. The selected advisor will support the creation of a balanced portfolio for Illinois small businesses, increase access for capital disadvantaged and underserved communities, align investments with state economic growth sectors, and leverage private capital through partnerships. Key responsibilities include application intake management, investment due diligence, financial project analysis, the authoring of investment memos, and the development of marketing and outreach strategies. Eligible vendors must be venture and equity investment firms registered under the Investment Advisers Act of 1940 and maintain a minimum of 10 million dollars in assets under management. The contract features an initial term of four years, with a maximum total duration not to exceed ten years. Proposals are evaluated based on a technical scoring system of 500 points, which includes a 20 percent weighting for the Commitment to Diversity. Required submissions via the BidBuy portal include a technical response, vendor disclosure, and a commitment to diversity. Awarded vendors must maintain professional indemnity insurance and adhere to standard state payment terms of 30 days upon approval of a proper invoice.