2007 Annual Report

CONNECT 2007 ANNUAL REPORT

FOUNDING CHAIRMAN’S LETTER: CARL D. THOMA

It seems like only yesterday that we celebrated the debut of the Before the IVCA, our city and state lacked the informal network Illinois Venture Capital Association at a gala party, distributing the that fuses venture capitalists, emerging enterprises, academics poster “Dawn of America” that the late Chicago artist Ed Paschke and government ofﬁ cials. These networks are essential to create made especially for IVCA as well as chocolate gold coins bearing work and wealth – work for many new employees in our state the IVCA logo. It was the start of a new century. We sought to stir and wealth for those innovators and investors that forge and some excitement into the state’s private equity and venture capital launch successful start-ups. industry and the entrepreneurial community and, in the process, foster a great deal more networking. The IVCA has become that nurturing network as well as an organization regarded in the state legislature and in the That was seven years ago – and what a difference those ensuing media for getting things done. Just glance at our calendar years have made. We have grown from an organization with 28 of events. members to 129 members. We have become an active – some might say activist – trade association, lobbying arm and meeting Through this initial report of the IVCA, I think you will quickly place. We have widened our net, too, embracing academic members recognize that our voice is the voice of our members – and this and service providers essential to our industry and association, united voice grows stronger and more powerful every year. and forging close ties to the National Venture Capital Association.

Our thanks to the association’s early members, especially since two previous attempts to get a similar group going had failed for lack of interest. This time we poured a strong foundation, with Carl D. Thoma many from the private equity and venture capital community and Founding Chair the IVCA’s passionate staff devoting time and services to nurture the young organization.

Nationally, everyone recognizes the staggering successes of Yahoo!, Amazon.com, eBay and the like. In Illinois, they laud the rise of home-grown companies such as Morningstar, Archipelago, Ovation Phar- maceuticals and DeVry. What often gets CONNECT lost is the critical role that the private equity

and venture capital community plays not Founding Members: Frontenac Company OCA Venture Partners only in funding, but in providing advice, Adams Street Partners, LLC Hopewell Ventures Prairie Capital Apex Venture Partners KB Partners Prism Capital expertise and other invaluable assistance ARCH Development Partners, L.L.C. LaSalle Investments RoundTable Healthcare Partners ARCH Venture Partners to these rising stars in their formative stages. Mesirow Financial Private Equity Sterling Partners, LLC Baird Venture Partners MK Capital Svoboda, Collins L.L.C. CID Capital, Inc. Motorola Ventures Thoma Cressey Bravo, Inc. DFJ Portage Venture Partners New World Ventures Willis Stein & Partners Duchossois Technology Partners NewEllis Ventures Wind Point Partners First Analysis Northern Trust Global Advisors Design: Edelman Design Communications Editorial: Photography: Steve Ewert Photography Printing: The Fox Company Our Ofﬁ cers

Since May 2000, connect best describes what the Illinois Venture Capital Association accomplishes as it bonds Illinois’ vigorous private equity and venture capital professionals with entrepreneurs, government leaders, investors, the media and others with mutual interests in economic growth and innovation.

At critical junctures in a company’s development • Promoting investment in and by Illinois-based are where the IVCA’s members matter. On their private equity fi rms. behalf, the nonprofi t association has developed • Encouraging investment in Illinois-based a concerted voice to stimulate and enhance the companies. state’s $100 billion venture capital and private • Creating opportunities for local fi rms to share equity community. IVCA accomplishes this through best practices and learn about one another’s an ever-expanding education, legislative and ventures and investment opportunities. networking agenda. The IVCA’s mission is to foster the development and growth of Illinois’ • Collaborating with government entities to private equity and venture capital ecosystem by: remove disincentives to investing in Illinois.

• Increasing awareness and communicating the beneﬁ ts of the private equity industry both locally and nationally.

06 | IVCA 2007 Annual Report DEAR MEMBERS:

It is with great pleasure that we enclose the Illinois Venture While our organization has enjoyed tremendous success over the Capital Association’s (IVCA’s) ﬁ rst Annual Report that highlights past seven years and during 2007, we feel much more lies ahead some of our many recent accomplishments and articulates to accomplish in serving our various audiences – including other the goals for the upcoming year. private investors, entrepreneurs and innovators, local and state lawmakers, the limited partner community, the media, academia, The IVCA’s success reﬂ ects dedicated members and their tireless professional service providers and future investors, among others. efforts to continue to build the association’s reputation as the In 2008 we will continue to build the organization’s reputation as the best source of information on the positive impact that the private primary resource for private equity and venture capital in Illinois by: equity and venture capital community has on the Illinois and • Identifying the future leaders of our industry and actively national economies. recruiting them to become more active in the IVCA family

Our organization and members are making a difference. During • Offering opportunities for the limited partner community to get 2007, we have: to know Illinois VC/PE investment funds better Continued to build a strong relationship with Illinois legislators, • • Expanding the Midwest Venture Summit to include even more working to educate them about the merits of capital formation interesting companies and attract additional investors in Illinois and working with them to craft important legislation that Continuing the wide range of initiatives, events and programs does not unintentionally hurt our industry’s ability to generate • for which the IVCA is known. jobs, energize the economy and cultivate innovation.

• Created an internship scholarship program for minority We are excited that the IVCA is truly becoming a sounding board undergraduates to interest them in pursuing a venture capital and the ﬁ rst call that people make when they have questions about or private equity career. Three University of Illinois business private equity and venture capital. It has been a pleasure working majors spent 10 weeks last summer at three IVCA member with so many of you over the past year. We hope that you will ﬁ rms, each receiving $15,000, and the program will continue continue your efforts and involvement with the IVCA in 2008 and this summer. help to encourage new membership with your colleagues.

Buoyed the calendar of premier events related to private equity • Thanks for a great 2007 and for propelling the IVCA into what and venture capital with the Midwest Venture Summit showcasing we expect will be an equally stimulating and successful 2008 promising Midwest companies seeking capital; the annual IVCA and beyond. CFO Summit; the annual IVCA and National Venture Capital Association luncheon; a technology-commercialization forum featuring leading academic institutions; and the IVCA Annual Awards Dinner that honors recipients who represent the breadth and depth of our industry. Keith L. Crandell Chairman – 2006-2007 • Built up a library of IVCA Private Equity Profi les for Illinois venture capital and private equity investments that articulate the ways VC/PE fi rms support portfolio company growth beyond an infusion of cash. These profi les spotlight both proven success stories and emerging successes. This effort underscores the signifi cant research resources we are applying to become the place to go Daniel Rosenberg for information on the role the private equity and venture capital Chairman – 2008-2009 community plays in Illinois.

02 | IVCA 2007 Annual Report Annual Initiatives & Accomplishments

IVCA enhances the growth of Illinois’ $100 billion venture capital/ private equity community

ANNUAL INITIATIVES & ACCOMPLISHMENTS Connected. It’s the right word to describe the Illinois Venture Capital Association’s track record in 2007. As the leading voice for the state’s vibrant venture capital and private equity community, the IVCA recorded another year of strong growth and achievement. And our members continue to gain recognition for their role and the value they add to the state’s economic well-being.

IVCA’s progress in 2007 refl ects an energetic membership, an by noteworthy founders of their respective fi rms, John A. activist staff, a roster of industry issues that require a dialogue, Canning, Jr., Brian P. Simmons and Carl D. Thoma. local innovators seeking collaboration and fi rst-tier service • The annual Cubs Rooftop with Family and Friends outing providers with whom the IVCA forges important relationships. when 170 members and others watched a Cubs victory

During its seventh year, the association fi lled its calendar with The IVCA also created an internship scholarship program for stellar events for achieving connectedness. Among them: minority undergraduates and named the fi rst three recipients, 2007 Annual Awards Dinner, at which hundreds of IVCA • all from the University of Illinois. The $15,000 scholarships include members and guests honored Samuel B. Guren, of Guren a $5,000 tuition award and a 10-week paid internship with Capital Management LLC; Steven N. Kaplan of the an IVCA member fi rm. Intern Peter Alonso, who worked with University of Chicago Graduate School of Business; Thoma Cressey Bravo, has accepted a job with Morgan Stanley’s and John R. Willis, of Willis Stein & Partners investment banking division in Chicago, beginning next summer.

• The seventh annual IVCA CFO Summit that focused The other interns were junior Lesley Winbush, who interned on various tax, accounting and ﬁ nance issues as well with ARCH Venture Partners, and sophomore Ashton Clark, as advice on information technology and other topics. who interned with Baird Private Equity

The annual IVCA/NVCA Luncheon, where Jack Levin, • Also during the year, the IVCA continued its active the Kirkland & Ellis LLP legal expert on private equity and monitoring of legislative issues on the state and national venture capital investing, assessed new developments levels. It provided legislators input on issues that could in private equity and venture capital. potentially impact our membership.

• A Transitioning Fund Management panel discussion that showcased different approaches to managing succession

IVCA 2007 Annual Report | 03 Our Ofﬁ cers

ON THE At the 2007 Annual Awards Dinner, of activities for our members and Danny Rosenberg and John IMPORTANCE OF Chairman Keith Crandell underscored others interested in venture capital Willis, Treasurer Darren Snyder IVCA PEOPLE the importance of the people of the and private equity. and Secretary Ellen Carnahan. Illinois Venture Capital Association. Our 10 “Sponsoring Members” have And, of course, the IVCA All of our success is only possible each provided the IVCA with extraor- heartily thanks its outgoing because of the involvement of our dinary support for programs and chairman, Keith Crandell. members who help to develop and operations throughout the last year. sponsor events, serve on our committees and support us via in-kind services. Our ofﬁ cers and (Executive Director) Our event chairs and co-chairs have Maura O’Hara deserve a great deal helped us present a varied schedule of credit, too, for helping guide the organization. Thanks to Vice Chairmen

06 | IVCA 2007 Annual Report The IVCA People

IVCA membership climbed 13% between July 2006 and year-end 2007

THE IVCA PEOPLE Committed people – dozens of them – ensure that the Illinois Venture Capital Association accomplishes its mission to foster the development and growth of Illinois’ private equity and venture capital community. From its board and executive committees, to its working committees and its committed staff, the IVCA relies on these individuals to continue to grow and prosper. These are the people with a purpose:

IVCA Internship Scholarship Program Aids Intern Peter Alonso, who interned with Thoma Cressey Bravo, has Minority Undergraduates already accepted a job with Morgan Stanley in Chicago, beginning In 2007 the Illinois Venture Capital Association established an next summer. The other interns were junior Lesley Winbush, internship scholarship program for undergraduate business who interned with ARCH Venture Partners, and sophomore students and named the ﬁ rst three interns, who spent 10 weeks Ashton Clark, who interned with Baird Private Equity. The at three prestigious ﬁ rms last summer. program will continue this summer with additional IVCA scholars.

The program seeks to interest minority students in a venture John Hedeman, an assistant dean at the University of Illinois, capital or private equity career. “We realized minorities are screened the initial scholarship applications. Final applicants underrepresented in our business and we could and should do were interviewed by the hiring ﬁ rms; Dan O’Connell, director of something about it,” explains IVCA Executive Director Maura The Golder Center at the University of Illinois College of Business; O’Hara. Merrick Axel, a Thoma Cressey Bravo principal terms and the IVCA’s scholar committee: the program “a great opportunity for any young student to be a part of the inner workings of private equity and see the thinking that goes along with being an investor.”

IVCA Scholar Committee Ellen Carnahan Dan Howell Seyen Capital Mesirow Financial Private Equity Merrick Axel Thoma Cressey Bravo, Inc. Keith Crandell Dan O’Connell ARCH Venture Partners The Golder Center, University of Illinois College of Business

IVCA 2007 Annual Report | 05 Our Ofﬁ cers

In 2007, IVCA-PAC Inaugural Scholar distributed Program awarded $43,500 $15,000 in contributions to scholarships to 3 state ofﬁ ceholders U of I students

IVCA OFFICERS

Keith Crandell John Willis Danny Rosenberg Chairman: 2006-2007 Vice Chairman: 2006-2007 Vice Chairman: 2006-2007 Vice Chairman: 2008-2009 IVCA-PAC Chairman: 2004-2007 Chairman: 2008-2009 ARCH Venture Partners Willis Stein & Partners Sterling Partners, LLC Member since 2001 Member since 2001 Member since 2001

Darren Snyder Ellen Carnahan James TenBroek Treasurer: 2006-2009 Secretary: 2006-2007 Secretary: 2008-2009 Prairie Capital Vice Chairman: 2008-2009 Wind Point Partners Member since 2001 Seyen Capital Member since 2001 Member since 2001

06 | IVCA 2007 Annual Report OurCase Ofﬁ Study cers

IVCA Web-site trafﬁ c rose 570% from July 2006 to December 2007

In 1931, Herman DeVry, a Chicago-area Enter Keller, Taylor, and Frontenac of its courses and degree programs online. engineer and inventor established a school Dennis Keller and Ronald Taylor, two The number of locations, coupled with specializing in the growing technical fi elds former DeVry executives who had online options, gave DeVry University of electronics, motion pictures and radio. co-founded the Keller Graduate School a student population of 57,000 in the Aided by Frontenac, More than 75 years and several transitions of Management, viewed a DeVry purchase fall of 2007. DeVry Built a Higher- later, that school ranks among the nation’s as a prime investment opportunity. They Education Empire largest higher-education companies. approached the Frontenac Company DeVry supplemented its organic growth about leading a group in acquiring the through acquisitions of three other Originally the DeForest Training School, business. Chicago-based Frontenac favors educational companies: Becker Profes- it expanded quickly by offering more working with proven executives like Mr. sional Review, which provides professional classes and degree options in pioneering Keller and Mr. Taylor when it acquires education and exam review for accounting fi elds such as television. By 1966, the middle-market businesses. DeVry also and fi nance professionals; Ross University, school had changed its name to DeVry offered a large market opportunity and a Caribbean-based medical and veterinary Technical Institutes. That year, Bell & excellent growth prospects medical school; and Chamberlain College Howell Education Group purchased DeVry of Nursing. Together with DeVry University, and expanded it to 11 locations in eight These attributes and the belief DeVry these schools served more than 100,000 states and two Canadian provinces. could pare its overhead costs convinced students in 2007. DeVry went public in Frontenac to help fi nance the $147 million June 1991. A follow-up offering came in buyout. Frontenac Chairman and March 1993 and a secondary offering by DeVry illustrated the classic Managing Director Rodney L. Goldstein, venture capital holders in April 1997. a former nine-year DeVry director, says Nine years after the DeVry acquisition, case of a “corporate orphan” DeVry illustrated the classic case of a Frontenac left the fold of DeVry investors “corporate orphan” – an undermanaged – an undermanaged division of division of a larger company that could DeVry now employs more than 5,400 thrive independently. people worldwide, including 1,300 at its a larger company that could Oakbrook Terrace headquarters. Add After the acquisition, DeVry upgraded the thousands of students who attend thrive independently. its operating capabilities and expanded DeVry University and receive degrees into new programs and geographies. It in Illinois (85 percent of whom seek em- Over the years, Bell & Howell also quickly began to thrive as its new owners ployment in the state after graduation), increased DeVry’s degree and class improved its investment of resources. and it’s clear DeVry has a signifi cant offerings, adding business and telecom- At the time of the buyout, DeVry had impact on the state’s employment. munications management specialties. $150 million in annual revenues; 20 years Ultimately, though, fi nancial diffi culties later in 2007, it generated $933 million For the complete DeVry profi le, go to emerged and, in 1987, Bell & Howell and today its equity market capitalization www.illinoisVC.org. was ready to sell DeVry. exceeds $3.7 billion.

DeVry also has expanded geographically and now has nearly 90 locations in the U.S. and Canada. It reaches even more students via the Internet, offering many

06 | IVCA 2007 Annual Report IVCA 2007 Annual Report | 07 IVCA Executive Committee

2006-2007 IVCA EXECUTIVE COMMITTEE

Keith Bank Mark Glennon Danny Rosenberg Former Chairman Research Co-Chair Vice Chair, Events Co-Chair KB Partners Leo Capital Holdings Sterling Partners, LLC

Steve Beitler Bret Maxwell Adam Schecter Former Chairman Former Chairman Membership Chair Dunrath Capital MK Capital WHI Capital Partners

Ellen Carnahan Matt McCall Darren Snyder Secretary, Research Co-Chair Legislative Co-Chair Treasurer, Legislative Co-Chair Seyen Capital DFJ Portage Venture Partners Prairie Capital

Keith Crandell Maura O’Hara James TenBroek Chairman IVCA Executive Director Institutional Investor Co-Chair ARCH Venture Partners Illinois Venture Capital Association Wind Point Partners

James Dugan Laura Pearl Stephen Vivian Former Treasurer Institutional Investor Committee Institutional Investor Co-Chair OCA Venture Partners Ceres Venture Fund, L.P. Prism Capital

Robert Fealy Daniel Phelps John Willis PAC Treasurer Events Co-Chair Vice Chair, IVCA-PAC Chair Duchossois Technology Partners Opus Capital Ventures Willis Stein & Partners

Robert Finkel Benedict Rocchio Jeffrey Zilka Former Chairman Marketing Co-Chair Marketing Co-Chair Prism Capital Baird Venture Partners Edelman

08 | IVCA 2007 Annual Report CaseOur Ofﬁ Study cers

A desire by founder Nicole Loftus to Today, Zorch is able to offer its clients 2006, Ceres invested in Zorch’s initial stay in Chicago rather than move to products at a much lower price. While institutional round of fi nancing. Ms. Pearl, San Francisco explains why Zorch its gross margin is about 10 percent, the now a Zorch board member, has helped Zorch, With Ceres Venture International Inc. – the 28th fastest- company’s costs are lower as it leverages the company in other ways as well. She Fund, Brands Itself an growing small company in INC magazine’s manufacturers and their signifi cant put Ms. Loftus in touch with its banker, Up & Comer 2007 annual ranking – calls The Windy investment in infrastructure (such as American Chartered Bank, and offered City home. The branding agency helps sourcing and customer service). In her advice on choosing legal counsel. large companies buy branded merchandise addition, Zorch often is the exclusive and print by creating a customized online provider for a client. Today, Zorch employs 27 people, nearly store for each. Chicago, she says, is “a double the 14 employed at the time of the great place in terms of travel and logistics, Today, Zorch does just that for large Ceres fi nancing, and new hiring continues both for people and merchandise.” companies that, for the most part, spend as the company moves beyond promotional at least $2 million a year on merchandise. products. Among Zorch clients are AT&T, While at a major promotional-products Under the Zorch model, the company for which it is the company’s exclusive company, Ms. Loftus decided she could focuses on the brand and working with provider of branded products; Aon, BP provide better branding service to large customers to ensure that everything North America, Citigroup, JPMorgan companies so, in 2002, she quit her job. positively promotes the brand. Chase and Motorola. Her research indicated that ample opportunity existed for her in the industry Zorch lets the manufacturers do what As for the name “Zorch,” which means they do well, including customer service, “to propel something very quickly,” Ms. manufacturing and the like. This means Loftus worked with a naming agency. Zorch’s venture-capital partner that manufacturers are in direct contact Today, her clients use the word “Zorched” with the customers. Such direct customer to ask if their employees have gone is Ceres Venture Fund L.P., a contact is something the manufacturers through the company to make sure the really like and this makes them vocal brand is being used appropriately. women-owned venture capital fans of Zorch. For the complete version of this profi le, fund based in Evanston. Enter Ceres Venture Fund visit www.illinoisVC.org. Zorch’s venture-capital partner is Ceres Venture Fund L.P., a women-owned venture capital fund based in Evanston. and that the typical profi t margin for a It has a particular interest in fi nancing distributor allowed her leeway to offer women-led businesses. Zorch drew the better services at a lower price. interest of Ceres Managing Director Laura Pearl. In December

06 | IVCA 2007 Annual Report IVCA 2007 Annual Report | 09 IVCA Board of Directors

Venture Capital/ Private Equity deals in Illinois were 171 in 2006, up 3.5% from 2005

IVCA BOARD OF DIRECTORS

Merrick Axel James Dugan Alex Miller Thoma Cressey Bravo, Inc. OCA Venture Partners Svoboda, Collins L.L.C.

Keith Bank Robert Fealy Craig Overmyer KB Partners Duchossois Technology Partners Hopewell Ventures

Steve Beitler Robert Finkel Laura Pearl Dunrath Capital Prism Capital Ceres Venture Fund, L.P.

Tom Berman Walter Florence J.B. Pritzker Adams Street Partners, LLC Frontenac Company New World Ventures

Wayne Boulais Bob Geras Danny Rosenberg Apex Venture Partners LaSalle Investments Sterling Partners, LLC

Paul Carbone Mark Glennon Adam Schecter Baird Venture Partners Leo Capital Holdings WHI Capital Partners

Ellen Carnahan John Hoesley Darren Snyder Seyen Capital Prism Capital Prairie Capital

Thomas Churchwell Warren Holtsberg James TenBroek ARCH Development Partners, L.L.C. MVC Capital Wind Point Partners

Edward Condon, Jr Steven Kaplan David Tolmie NewEllis Ventures University of Chicago GSB The Edgewater Funds

David Cooney Bret Maxwell John Willis Beecken Petty O’Keefe & Company MK Capital Willis Stein & Partners

Keith Crandell Matthew McCall ARCH Venture Partners DFJ Portage Venture Partners

10 | IVCA 2007 Annual Report Our Ofﬁ cers

06 | IVCA 2007 Annual Report Our Sponsors

In the last 5 years, Venture Capital/ Private Equity ﬁ rms have invested $8.4 billion in 507 companies located in Illinois

TEN SPONSORING MEMBERS COLLABORATE WITH IVCA TO HELP IT SUCCEED Ten sponsoring members in 2007 have collaborated with the IVCA through generous contributions of their money, time and expertise. Without their support, the IVCA wouldn’t be as successful an organization as it is.

The leading independent global public relations ﬁ rm A niche alternative investment ﬁ rm with two funds, the Prism Opportunity Fund and the Prism Mezzanine Fund

A global leader in assurance, tax, transaction and advisory services Provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries

A 1,300-attorney law ﬁ rm representing global clients in complex corporate, restructuring, tax, litigation, dispute resolution and Sonnenschein Nath & Rosenthal LLP serves the arbitration, and intellectual property and technology matters legal needs of many of the world’s most admired businesses, nonproﬁ ts and notable individuals

A global network of professional ﬁ rms providing Audit, Tax, and Advisory services One of the world’s leading executive search consulting ﬁ rms

A leading international law ﬁ rm with more than 1,500 lawyers A 200-attorney business law ﬁ rm based in Chicago representing Fortune across the Americas, Europe, and Asia 500 companies and private businesses in Litigation, Business Transactions and Intellectual Property

12 | IVCA 2007 Annual Report Our Members

From July 2006 through 2007, IVCA newsletter ran 24 interviews with notable members of our community

IVCA MEMBER LIST All Investor Firms are shown in bold.

Adams Street Partners, LLC Illinois Municipal Retirement Fund The Plexus Groupe Allied Capital Illinois State Treasurer Prairie Capital American Capital Illinois Teacher’s Retirement System PricewaterhouseCoopers Apex Venture Partners IllinoisVENTURES, LLC Prism Capital ARCH Development Partners, L.L.C. JK&B Capital Quarles & Brady LLP ARCH Venture Partners Jones Day Randolph Street Partners I, LLC Baird Venture Partners JPMorgan/JPMorgan Private Bank Reed Smith LLP Baker & McKenzie Katten Muchin Rosenman LLP The Revere Group Beecken Petty O’Keefe & Co. Kaye Scholer LLC River Cities Capital Funds Bell, Boyd & Lloyd LLC KB Partners Robert W. Baird & Co. Blackman Kallick Bartelstein Kelley Drye & Warren LLP RoundTable Healthcare Partners Burke, Warren, MacKay & Serritella, P.C. Kinsale Capital Partners RSM McGladrey, Inc. CapX Partners Kirkland & Ellis LLP Russell Reynolds Associates Centerﬁ eld Capital Partners KMK & Associates Seneca Partners, Inc. Ceres Venture Fund, L.P. KPMG LLP Seyen Capital Chicagoland Entrepreneurial Center Kutchins, Robbins & Diamond, Ltd. SVB Silicon Valley Bank Charter One Bank Lake Capital Sonnenschein Nath & Rosenthal LLP Chrysalis Ventures LaSalle Capital Group Spencer Stuart Chubb Insurance LaSalle Investments State Universities Retirement System CIVC Partners Lazard Middle Market Sterling Partners, LLC Code Hennessy & Simmons, LLC Leo Capital Holdings Svoboda, Collins L.L.C. Conversus Asset Management Linden LLC Thoma Cressey Bravo, Inc. Credit Suisse Madison Dearborn Partners, LLC Thompson Flanagan & Co. Deloitte & Touche Martin Partners TriNet DFJ Portage Venture Partners Mayer Brown LLP UBS DN Partners McDermott, Will & Emery UIB Capital Duchossois Technology Partners McGuireWoods LLP Ungaretti & Harris Dunrath Capital Mesirow Financial Private Equity University of Chicago GSB Edelman MFC Capital Funding University of Illinois The Edgewater Funds Mid Oaks Investment LLC Vedder Price Kaufman and Kammholz, P.C. EmPower HR MK Capital Virchow, Krause & Company, LLP Ernst & Young LLP Motorola Ventures WestLB Mellon Asset Management Financial Investments Corporation MVC Capital (USA), LLC First Analysis Neal, Gerber & Eisenberg, LLP WHI Capital Partners First Trust Capital Partners New World Ventures Wildman, Harrold, Allen & Dixon LLP Frontenac Company NewEllis Ventures William Blair & Co. Golder Investment Management LLC Northern Trust Global Advisors Willis Stein & Partners Greenberg Traurig, LLP Northwestern University - The Larry Wind Point Partners Greyrock Capital Group and Carol Levy Institute for Winston & Strawn LLP GTCR Golder Rauner, L.L.C. Entrepreneurial Practice WP Global Partners The Hilco Organization OCA Venture Partners Wynnchurch Capital, Ltd. Hopewell Ventures Ocean Tomo Zebra Technologies Inc. Horwood, Marcus & Berk Chtd. Opus Capital Ventures Zen Investments IIT Jules F. Knapp Entrepreneurship Center Origin Ventures

IVCA 2007 Annual Report | 13 Our Ofﬁ cers

HIGHPOINTS IN 2000: After two earlier attempts failed, technology-based private equity funds; 2006: IVCA documents the history IVCA HISTORY the Illinois Venture Capital Association several IVCA board members were of venture capital and private equity was formed with 27 founding members. named to its investment review board. in Illinois with the completion and release of the Private Equity Tree. 2002: The IVCA creates its Political 2004: The fi rst Midwest Venture New IVCA web site is launched. Action Committee IVCA-PAC. Summit, co-sponsored by the IVCA, was held on April 29. 2007: The IVCA established an 2002: Mayor Daley attended the IVCA’s internship scholarship program for annual awards where the fi rst Richard 2005: The IVCA secured protection minority undergraduate business students J. Daley Medal was awarded to Martin under the state’s Freedom of Informa- and named the fi rst three interns. J. Koldyke of the Frontenac Company. tion Act of commercially sensitive information of private portfolio companies 2003: The Illinois legislature passed that receive private equity funding the Technology Development Fund that from public pension funds. allows the state treasurer to diversify the state’s portfolio to include Illinois

06 | IVCA 2007 Annual Report IVCA Committees

$1 million of venture capital sustains 10 highly skilled jobs, directly or indirectly

MINDING THE MISSION: IVCA COMMITTEES Each year the IVCA’s committees deliver the heart of the association’s activities and achievements. Nearly ﬁ ve dozen members comprise these active committees and help plan the annual schedule of programs and events.

Research Committee Seeks partner. The research committee expects the proﬁ les to illuminate the important role that venture capital and private equity ﬁ rms To Make IVCA the Resource play in nurturing and growing Illinois companies.

For Private Equity News Other reference data gathered by IVCA show the benefi ts of private equity in driving growth and innovation, with venture The Research Committee took major steps in 2007 to make capital serving as the economy’s innovation engine and private IVCA the place to go for information on the contributions that equity driving companies to work more effi ciently. the private equity and venture capital community make in Illinois. In a key initiative, the 10-member committee launched IVCA issues regular summaries and points of view on the state a continuing series of private equity profi les of Illinois venture of the industry in Illinois. It is developing an investment map capital and private equity investments. identifying all companies that have received venture capital and private equity funding in Illinois. It also has created a searchable The series highlights a dozen or so companies that are proven repository of data on its Web site, www.illinoisVC.org. or emerging success stories. Each profi le includes information on the company and the venture capital or private equity fi rm

Research Committee Members: Heidi Levin Co-Chairs: Tom Gladden Northern Trust Global Advisors Ellen Carnahan Adams Street Partners, LLC Garrick Rice Seyen Capital John Hoesley Sterling Partners LLC Mark Glennon Prism Capital Brad Schmarak Leo Capital Holdings Steve Kaplan Reed Smith LLP University of Chicago GSB Bruce Zivian Adam Koopersmith Bell, Boyd & Lloyd LLP New World Ventures

IVCA 2007 Annual Report | 15 IVCA Committees

IVCA Stays Atop Legislative a seminar on private equity and Illinois public investing attended by several legislators with oversight responsibility for public Issues to Give Private investing. Also in attendance were representatives from three Venture Sector a Voice state pension funds and Illinois Treasurer Alexi Giannoulias. In keeping with IVCA’s overall government affairs objective—to In 2007, IVCA was successful after more than a two-year effort educate Illinois government ofﬁ cials about the positive effects that in helping to have new legislation enacted that resolved the private equity investment in Illinois has on economic and job unintended consequences of a 2005 law, the Sudan Divestment growth – IVCA has maintained an active relationship building and Act, which had severely restricted the state’s underfunded educational program for several years in Springﬁ eld and Chicago. pensions’ ability to invest in venture capital and private equity.

IVCA and its members have held a series of individual meetings The new law should provide a workable compliance system with key elected ofﬁ cials. In December 2007, IVCA also hosted for pension funds and private equity/venture capital ﬁ rms that

Legislative Committee Connie Capone Mike Rosenthal Co-Chairs: formerly with JK&B Partners Sonnenschein Nath & Rosenthal LLP Matt McCall Penny Cate Saul Rudo DFJ Portage Venture Partners IVCA Katten Muchin Rosenman LLP Darren Snyder Keith Crandell Mark Tresnowski Prairie Capital ARCH Venture Partners Madison Dearborn Partners, LLC Members: Danny Rosenberg John Willis Wayne Boulais Sterling Partners, LLC Willis Stein & Partners Apex Venture Partners

TAXONOMY OF PRIVATE EQUITY From the Greek taxis meaning arrangement and nomos meaning law, taxonomy is the science of classiﬁ cation that offers a conceptual framework for discussion and analysis. Like any good taxonomy, this one of the private equity market is simple, easy to remember and easy to use.

Venture Capital

Cash Flow

Company Stage Product development, Key mgmt, in place, Product in development Product shipping, funds needed of Development market research initial marketing, or available, fi rst for working capital or plant expansion. pre-Sales institutional fi nancing Stable growth rate, likely to be profi table, cash fl ow positive.

Type of Seed Stage Start Up Financing Other Early Stage Expansion Stage Later Stage Financing*

Type of Investor Angel Venture Capital

16 | IVCA 2007 Annual Report IVCA Committees

will achieve the intent of the legislation without restricting Illinois efforts in 2007 developing the second version of the Limited pension funds from investing in private equity funds that do Partner (LP) Database in the IVCA’s content-management not invest in Sudan. system. Seventy-four LP ﬁ rms are included in the database, including 42 corporate pensions, 9 endowment/foundations, 6 IVCA also remained in active discussions with key lawmakers funds of funds, 16 public pensions and 88 contacts at LP ﬁ rms. regarding possible pension fund ethics reform to ensure that such legislation, if enacted, would not include unintended ob- The members also have pulled together information that stacles to continued pension fund investment in private equity. supports a greater allocation to private equity by the Illinois Public Pension Fund. It also hosted an event with the city Institutional Investor and county pension fund executive directors and trustees. Committee Revises Database Institutional Investor Committee members spent much of their

Institutional Investor Members: Laura Pearl Committee Kevin Callahan Ceres Venture Fund, L.P. Co-Chairs: Adams Street Partners, LLC Annie Terry Jim TenBroek Matt McCall Madison Dearborn Partners, LLC Wind Point Partners DFJ Portage Venture Partners Steven Vivian Andy McDonough Prism Capital Winston & Strawn LLP

Alex Miller Svoboda, Collins L.L.C.

Private Equity

Company to go public Company is LBOs, acquisitions, Mgmt acquiring a Operationally or in 6-12 months publicly traded. recapitalization product line or ﬁ nancially troubled business at any stage of development.

Bridge Financing Open Market Acquisition Mgmt/Leveraged Turnaround Buyout

Growth Equity Product development, market research

IVCA 2007 Annual Report | 17 IVCA Committees

In last 5 years, Illinois ranked 11th in venture capital/ private equity funds

MARKETING/PR COMMITTEE HELPS BOOST VALUE OF IVCA WEB SITE TO MEMBERS

For the past two years, the Marketing & Public Relations for investor or service provider information. In addition, the Committee has expended much of its efforts maximizing the the site incorporates Thomson Quarterly data in the “Private value of the IVCA Web site, www.illinoisVC.org, to members. Equity Monitor”, press releases from member ﬁ rms and other events of interest. Since the Web site’s July 2006 relaunch, trafﬁ c to the site has grown substantially in every major category. For instance, total The committee members also are working to create stronger sessions on the site climbed to 17,115 in October 2007 from ties with other IVCA committees such as Research. It is helping 7,336 a year earlier, representing a 133 percent increase, while that committee develop its case studies of successful Illinois page views rose nearly 70 percent. enterprises backed by private equity or venture capital funds. Further, the committee is maintaining the IVCA’s external More importantly, the Web site includes much more unique visibility, such as publicizing the IVCA Scholar program that IVCA information, including accessible data on Illinois equity places minority business students in IVCA member companies investors and institutional investors and the ability to search for summer internships.

Marketing/PR Committee Members: Jeffrey Moss Co-Chairs: Ryan Harris Sterling Partners, LLC Benedict Rocchio McDermott Will & Emery Troy Phillips Baird Venture Partners Christine Jacobs Beecken Petty O’Keefe & Company Jeff Zilka Edelman Edelman

18 | IVCA 2007 Annual Report IVCA Committees

Gala event: Since 2000, all 7 IVCA award dinners have sold out

IVCA-PAC ACTIVELY INVOLVED IN HELPING SUPPORT KEY CANDIDATES IN 2008 ELECTIONS

The Illinois Venture Capital Association’s Political Action A strong IVCA-PAC, based solely upon IVCA member support, Committee (IVCA-PAC) has identifi ed and will be contributing is essential to help elect those offi cials who share our industry’s to Illinois candidates in the 2008 elections who are likely to support pro-investment philosophy and who seek to provide a climate a climate in the state that will help strengthen the private equity in the state that fosters increased private equity investing. and venture capital industry in Illinois. This follows IVCA-PAC’s IVCA-PAC seeks to gain full participation by member investor mission to support the election of candidates to Illinois state, fi rms, starting with strong support by the IVCA-PAC Board and county and city offi ces who support the IVCA’s programs, the full IVCA Board of Directors. Much progress has been initiatives and philosophy – regardless of party affi liation. made, but more is needed.

Through strategic contributions to key candidates, IVCA-PAC IVCA Investor Members can contribute an unlimited amount has helped provide access to and build relationships with key to IVCA-PAC without restrictions as individuals, partnerships, elected ofﬁ cials. As part of this outreach effort, IVCA members corporations or LLC’s. Illinois law allows for unlimited contribu- and staff have worked to educate these ofﬁ cials about the private tions. Contributions to any PAC are a matter of public record. equity and venture capital community in Illinois and its impor- Membership dues cannot be used to fund IVCA-PAC. tant contributions to the state’s economy. Positive legislation that recognizes and supports strengthening private equity and venture capital investing in Illinois is vital to the continued health of the state’s private equity community.

IVCA-PAC Board Members: Matt McCall Chairman: Steve Beitler DFJ Portage Venture Partners John Willis Dunrath Capital J.B. Pritzker Willis Stein & Partners Keith Crandell New World Ventures Treasurer: ARCH Venture Partners Darren Snyder Bob Fealy Mark Glennon Prairie Capital Duchossois Technology Partners Leo Capital Holdings

IVCA 2007 Annual Report | 19 IVCA Committees

MEMBERSHIP COMMITTEE CONCENTRATES ON GROWING INVESTOR RANKS

The Membership Committee has focused its attention on Committee members maintain a list of prospective investor increasing the IVCA’s roster of investor members – and, as members, and they have asked other IVCA members to help a result, their ranks have risen nearly 20 percent. reach out to those prospects.

Investor members totaled 69 at year-end 2007, up from 58 on IVCA Membership Chart June 30, 2006, and 68 as of June 30, 2007. The latest number IVCA Membership Investors Others TOTAL exceeds the 65 investors who were members in December 2002, a previous high point. Investor membership dropped to 44 the June 2006 58 56 114 following year but has increased every year since. December 2007 69 60 129

Source: Illinois Venture Capital Association Total IVCA membership – including service providers, universities and honorary members – climbed to 129 by the end of December from 114 in June 2000 and 98 in December 2002, when the ranks of service providers were much slimmer than they are today.

Membership Committee Bob Fealy Dan Foreman Adam Schecter Duchossois Technology Partners Kinsale Capital Partners WHI Capital Partners Walter Florence Craig Overmyer Tom Churchwell Frontenac Company Hopewell Ventures ARCH Development Partners

20 | IVCA 2007 Annual Report OurCase Ofﬁ Study cers

Medical devices are life changing, but After going public, the company began international presence, Stericycle at the end of their lifecycle, they can to benefi t from its purchases. Both provides its various services to more pose risks in the pathogens and chemicals shareholder equity and revenues served than 375,000 customers, and provides Private Equity Partners Help they carry. To eliminate these threats, to fuel more acquisitions and technology more than 5,000 jobs. It continues to Stericycle Lead Its Field hospitals and clinics turn to Stericycle, advances. But Stericycle’s interest in focus on growth by bringing in new Inc., for help. the medical-waste divisions of Browning- customers and expanding systems. Ferris Industries and Allied Waste Founded in 1989, Stericycle ranks as Industries led it to connect with private It has a market capitalization of more North America’s largest provider of equity partners Bain Capital and Madison than $4 billion. In its most recent fi scal regulated waste management – collecting, Dearborn Partners year, sales exceeded $789 million—a transporting and treating regulated growth rate of 30 percent—and net income medical waste. To fi nance the acquisitions, Stericycle was $105 million—growth of more than issued new convertible stock representing 56 percent. It operates with more than In its fi rst four years, Stericycle – whose about 22 percent of the company, with $70 million in net cash. earliest investors included Marquette each fi rm receiving half the new stock. Ventures, a Chicago-area fi rm active In exchange, it received funds to help In less than 20 years, Stericycle has during the 1990s – prospered from organic fi nance its acquisitions. The deal closed completed quite a journey. From a small, growth. In 1993, however, it began to in August 1999 with Stericycle President independent medical waste company, to and Chief Executive Offi cer Mark Miller the continent’s largest, it has expanded calling it an “historic milestone.” beyond the country’s borders. In an In less than 20 years, Stericycle industry that shows no signs of slowing. Eight Years Later Its stock trades on the NASDAQ and has completed quite a journey With the addition of the two new both Bain and Madison Dearborn medical-waste operations, Stericycle continue to hold stock in it. from a small, independent continued to thrive. Today its service territory reaches beyond the United For the complete Stericycle profi le, medical waste company to States and into Canada, Mexico and go to www.illinoisVC.org. South America. It also has established the continent’s largest. itself in the United Kingdom, Ireland, Australia and Asia. focus on acquisitions. That took capital so, in 1996, Stericycle fi led for an initial Stericycle now encompasses 50 processing public offering. facilities and 96 transfer/collection sites in North America. Factoring in its

06 | IVCA 2007 Annual Report IVCA 2007 Annual Report | 21 Our Ofﬁ cers

2007 CALENDAR OF January 22, 2007 June 15, 2007 October 23, 2007 IVCA EVENTS Fair Value Accounting Luncheon Cubs Rooftop with Family LP Luncheon: Current Issues & Friends in Venture Capital and Private March 15, 2007 Equity Investing Transitioning Fund September 13, 2007 Management Luncheon Financial Technology Investing: December 3, 2007 Chicago’s Homegrown Successes 2007 Annual Awards Dinner May 9, 2007 Annual IVCA/NVCA Luncheon October 9, 2007 December 10, 2007 Sarbanes-Oxley Discussion Legislative Luncheon: June 15, 2007 with Rep. Mark Kirk Private Equity and Illinois Tech Transfer Series: How can Public Investments Angels & VCs Build Companies October 18, 2007 out of Research Institutions? 7th Annual CFO Summit

06 | IVCA 2007 Annual Report IVCA Events

Illinois Tech Devt. Fund can invest $75 million with Illinois private equity funds, up 50%

EVENTS COMMITTEE DELIVERS FEWER, MORE IMPACTFUL ACTIVITIES One thing that IVCA members can expect each year is a unique calendar of events. The 2007 datebook incorporated a rich variety of programs that included the 7th Annual CFO Summit, the 2007 Annual Awards Dinner, the annual IVCA/NVCA luncheon, several special events on key private equity topics and even a Cubs rooftop outing with friends and family.

Here are the 2007 highlights:

March 15: dictatorship” where he ultimately is in charge. Five years ago, Panel Discusses Transitioning he “started thinking about transition” and ultimately turned Fund Management over the investment process to current co-presidents Paul Finnegan and Sam Mencoff. Three different approaches to managing succession at private equity and venture capital fi rms and funds highlighted a March Simmons, who with his founding partners has not reached 15 panel discussion by three founding members of their fi rms. 50 years old, says his fi rm has created an organizational Panelists included industry leaders John A. Canning, Jr., Madison template because, “just because the people change, the Dearborn Partners; Carl D. Thoma, Thoma Cressey Bravo, Inc.; process doesn’t have to.” And Thoma, who established his and Brian P. Simmons, Code, Hennessy & Simmons. Bruce fi rm in 1980, said retiring partners “get to earn from the fund Ettelson, Kirkland & Ellis LLP, served as moderator. raised (while they were with the fi rm) as long as they spend time on boards” and manage the fi rm’s investment interests. The discussion covered several key issues in developing a transition plan for founding and senior partners to the fi rm’s All of the panelists noted that the issue is largely predicated next generation. Among the eight founding partners at Madison on fi rms self-policing themselves. “This is probably the last Dearborn, Canning said he has presided over a “benevolent fi nancial service that is unregulated,” said Canning.

IVCA 2007 Annual Report | 23 IVCA Events

May 9: of deals a publicly traded fund can make. He said this may At IVCA/NVCA Luncheon, lead to better investment opportunities for private ﬁ rms. Jack Levin Gives Overview NVCA President Mark Heesen also updated attendees on Nearly 180 IVCA members and investors attended the annual legislation that the national association has been following, IVCA/NVCA luncheon and heard Kirkland & Ellis LLP’s Jack and IVCA Executive Director Maura O’Hara, in opening Levin present a comprehensive overview of new developments remarks, noted that the IVCA online database includes in private equity, venture capital and fund formation. non-investor members and more than 75 pension funds.

Among other issues, Levin – who teaches at both Harvard and The event was sponsored by Kirkland & Ellis LLP and University of Chicago law schools on structuring entrepreneurial Virchow, Krause & Company, LLP. transactions – discussed the trend of private equity ﬁ rms selling shares of themselves and/or their funds to the public markets. June 15: While going public can lead to a windfall for existing fund IVCA Hosts Tech Transfer Discussion, managers, he noted that it could limit long-term incentives for Then It’s Off to Cubs Game other investment professionals involved with a fund. The ides of June certainly weren’t unlucky for IVCA members He said ﬁ rms going public are more likely to acquire other and others as the association hosted an educational program private funds and, ultimately, the pressure to monitor an about tech transfer and then joined other IVCA members, friends investment portfolio on a quarterly basis may limit the types and family at a Cubs rooftop venue for an afternoon of fun, sun and a Cubs victory.

24 | IVCA 2007 Annual Report IVCA Events

More than 40 IVCA members and others gathered for the IllinoisVENTURES’ Banta, who also serves as managing program on “Equity Investment in Research Spinouts.” Five principal of the Illinois Emerging Technology Fund, described panelists explained how their entities manage the technology- the historical origin of the Ofﬁ ces of Technology Management transfer process, with the discussion moderated by Armando at the University of Illinois at Urbana-Champaign as well as Pauker, Apex Venture Partners, who helped organize the event. the funding mechanisms.

The panelists were Larry Gilbert, director of technology transfer The University of Chicago’s Tiemeier said that since 1986, at the California Institute of Technology (Caltech); John Banta, the university has created 46 companies that have raised managing director of IllinoisVENTURES; David Tiemeier, deputy more than $615 million in capital combined. Ohio State director of UChicagoTech; Jean Schelhorn, associate vice University’s Schelhorn cited her mission to forge partnerships president of commercialization at The Ohio State University; and between private and public entities in her region. And ARCH Keith Crandell, co-founder and managing director of ARCH Venture Partners’ Crandell reminded attendees that ﬁ rms Venture Partners. should commit to ﬁ nding and rewarding the “best people” at universities, and he noted that, ultimately, it will take continued Caltech’s Gilbert called the process of technology transfer there public/private partnership to succeed. “a function of market pull rather than technology push,” and noted that since 1996, the university has cultivated more than For the Cubs game, nearly 170 IVCA members, friends and 80 startups. Its Grubstake Program, funded by alumni and family attended the afternoon of networking and fun and a trustees, provides up to $50,000 in grants to proof-of-concept Cubs victory over San Diego. HSBC sponsored the event. projects with commercial potential. In exchange, participating faculty must allocate half of royalties to the lab and the balance of royalties to sustain the fund.

IVCA 2007 Annual Report | 25 IVCA Events

Sept. 13: Devin Mathews, Baird Venture Partners, moderated the panel, IVCA, ITA Team Up to Host Financial whose members included Tom Sosnoff, founder of thinkorswim, Technology Investing Event Robert McCullen, CEO of TrustWave; Sam Mele, CEO of Firm58; and Ajay Singhvi, co-founder and chief technical of- The IVCA and the Illinois Information Technology Association fi cer of Arroweye Solutions. collaborated to present “Financial Technology Investing: Chicago’s Home-Grown Successes.” The event was sponsored Oct. 18: by William Blair & Co. and cohesiveIT. Annual IVCA CFO Summit Attracts The event looked at trends and emerging markets in fi nancial Nearly 100 to Full-Day Event technology private equity investing. The panel examined how The Seventh Annual IVCA CFO Summit drew nearly 100 people venture capital and private equity investors view the opportunities to the full-day event that included presentations and panels on and how local companies are using the Midwest’s combination myriad issues affecting chief fi nancial offi cers from both large of fi nancial markets expertise, technological acumen and and small fi rms. fi ntech-oriented angel capital to lead the charge.

Topics covered issues relevant to venture and buyout fi rms. Rob Metzger, William Blair & Co., presented a study that They included tax-and-accounting matters, fund-formation tracked the growth of the fi nancial technology sector. A panel structuring issues, a market-terms update, non-cash compen- of Chicago-area founders and chief executives of fi nancial- sation, and information-technology. technology companies then shared their insights and experiences with raising venture capital and private equity. Silicon Valley Bank was presenting sponsor and its Senior Relationship Manager Bob Blee hosted a dinner the night before for out-of-state fi rms and local CFOs. Committee

26 | IVCA 2007 Annual Report IVCA Events

members included CFOs John Abernethy, Dunrath Capital; Maura introduced the new IVCA chairman, Danny Rosenberg Amy Coleman, Quinten Road; Mark McDonnell, ARCH Venture of Sterling Partners, who introduced prior award recipients, Partners; Mike Keesey, Code Hennessy & Simmons; and Mary recognized the events’ platinum sponsors and thanked all of Kay Wik, Mesirow Financial Private Equity. the sponsors for their support throughout 2007.

Participating sponsors included Mayer Brown LLP, Mesirow Robert Finkel of Prism Capital read a short poem he wrote Financial Insurance Services and PricewaterhouseCoopers. entitled “Ode to Maura”, followed by Ellen Carnahan of Seyen Capital who presented Maura with an engraved crystal vase and

Dec. 3: a bouquet of ﬂ owers in recognition of her IVCA accomplishments. Another Stellar IVCA Awards Dinner Keith Crandell of ARCH Venture Partners, outgoing IVCA Chair,

The Grand Ballroom at the Four Seasons was the place for reviewed the year’s major accomplishments, citing a revised the who’s who of private equity and venture capital in Illinois law correcting the negative unintended consequences to the to rub elbows at the 2007 IVCA Awards Dinner on Dec. 3, private equity community in the Sudan legislation, work toward presented by Kirkland & Ellis LLP. educating Illinois legislators on the contributions private equity has made to the Illinois economy and the establishment of the Music from the motion picture “Star Wars” alerted some 500 IVCA Scholar program that provides internships to minority attendees that the evening was set to begin. IVCA Executive undergraduate business students. Director Maura O’Hara joked that she had received a call from Star Wars director George Lucas wondering if the IVCA could In awards presentations, Samuel B. Guren of Guren Capital squeeze him in at the sold-out event. Lucas was in Chicago Management LLC received the Stanley C. Golder Medal from for another event.

IVCA 2007 Annual Report | 27 Our Staff

David Golder of Golder Investment Management; Professor As for 2008, the events calendar already is shaping up and Steven N. Kaplan of the University of Chicago Graduate promises another year of rich and rewarding experiences, School of Business received the Richard J. Daley Medal from including a new “IVCA Toolkit Series.” These programs will Kirkland & Ellis LLP senior partner Jack Levin; and John R. provide participants with tools to help them manage the Willis of Willis Stein & Partners was given the Fellows Medal portfolio company due-diligence process more effectively from Keith Crandell. and support company management post-investment. In addition, this year’s Midwest Venture Summit will be held While the award presentations ended promptly at 8:10 p.m., over two days, March 17-18. as is the event’s custom, many guests lingered at the dessert reception for hours.

OUR STAFF

Maura O’Hara Kathy Pyne Penny Cate Maura has been Executive Director of Kathy is the IVCA’s Association Penny is IVCA’s Government Affairs IVCA since 2003. She oversees all aspects Coordinator and is responsible for representative. Since 2004, Penny has of the Association and represents IVCA events, member communications and led IVCA’s legislative efforts and develops in the community. database management. Kathy joined strategies for IVCA’s Legislative Committee IVCA in 2005. and IVCA-PAC.

28 | IVCA 2007 Annual Report Founding Chair’s Letter

FOUNDING CHAIRMAN’S LETTER: CARL D. THOMA