SSBCI INVENT Investment Advisor

The Illinois Department of Commerce & Economic Opportunity is requesting proposals for an Investment Advisor to provide consulting and advisory services supporting the Illinois Innovation Venture Fund (INVENT), a $114 million direct equity venture capital program funded through the federal State Small Business Credit Initiative (SSBCI), with proposals due October 21, 2026 and questions due October 7, 2026.

The vendor will work on an on-demand, work-request basis across the full investment lifecycle, including portfolio creation, deal sourcing, due diligence, portfolio management, application intake, eligibility screening, investment evaluation, and exit strategy development. The estimated scope involves 25 to 40 investment transactions annually, though work volume is not guaranteed. The vendor must be registered as an investment adviser under the Investment Advisers Act of 1940 and demonstrate at least two years of venture capital experience with minimum assets under management of $10 million.

The contract commences upon execution for an initial term of four years, with a maximum total term not exceeding ten years. Pricing shall be submitted as fully loaded blended hourly rates for each contract year; estimated rather than firm contract pricing; and expenses require prior agency approval. The state will not include sales tax in vendor invoices, though taxes incurred by the vendor while purchasing goods or services on behalf of DCEO may be reimbursed if deemed appropriate.

Evaluation comprises three scored components totaling 922 points: technical requirements (640 points), commitment to diversity (128 points), and pricing (154 points). Commitment to diversity accounts for 20 percent of technical score and includes subcontracting with women, minority, and disability-owned businesses; DEI spending and time commitments; organizational DEI policies; and diversity in staffing. This is not a small business set-aside. Federal funding from the U.S. Department of the Treasury supports the program; the specific percentage of federally funded supplies and services will be disclosed upon notice of intent to award. The SSBCI program is expected to continue through January 30, 2028, though investments and loans may extend beyond that date. A pre-submission conference recording from the previous posting of this solicitation is available. All vendors must complete the Vendor Disclosure form (or provide valid Illinois Procurement Gateway registration) and submit required Commitment to Diversity documentation as quote attachments with their technical and pricing proposals.