illinois venture capital association quarterly private equity

Illinois Venture Capital Association Quarterly Private Equity Monitor

Q4 2008

Section I: Taxonomy

Section II: Venture Capital Investment Statistics

Section III: Buyout Related Capital Investment Statistics

Section IV: Venture and Buyout Related Capital Investment Statistics

Data pulled: 01/21/2009. Source is Thomson Reuters VentureXpert unless otherwise noted.

2

Section I: Taxonomy

Illinois Venture Capital Association Quarterly Private Equity Monitor

Q4 2008

Later/Growth

Stage Venture

Company Stage of

Development

Type ofFinancing

Cash Flow

Type ofInvestor

Operationally or

financially

troubled.

BuyoutsAngel Venture Capital

Product

development,

market

research

Key mgmt.

in place,

initial marketing,

pre-Sales

Product in

development or

available, first

institutional

financing

Product shipping,

funds needed for

working capital or

plant expansion

Stable growth

rate, likely to be

profitable, cash

flow positive.

Company to go

public in 6-12

months.

Company is

publicly traded.

LBOs,

acquisitions,

recapitalization

Mgmt acquiring a

product line or

business at any

stage of

development.

+ or -

“Venture Capital” “Private Equity” or “Buyouts”

Growth Equity

Seed & Startup & Early

Stage VentureGrowth Equity & Buyouts (Private Equity)

Later/Growth

Stage Venture

Company Stage of

Development

Type ofFinancing

Cash Flow

Type ofInvestor

Operationally or

financially

troubled.

BuyoutsAngel Venture Capital

Product

development,

market

research

Key mgmt.

in place,

initial marketing,

pre-Sales

Product in

development or

available, first

institutional

financing

Product shipping,

funds needed for

working capital or

plant expansion

Stable growth

rate, likely to be

profitable, cash

flow positive.

Company to go

public in 6-12

months.

Company is

publicly traded.

LBOs,

acquisitions,

recapitalization

Mgmt acquiring a

product line or

business at any

stage of

development.

+ or -

“Venture Capital” “Private Equity” or “Buyouts”

Growth Equity

Seed & Startup & Early

Stage VentureGrowth Equity & Buyouts (Private Equity)

Diagram 2: Taxonomy of Private Equity

3


Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008

Table 1

Note: Company totals may not match other tables in this report because quarterly data may include deals with multiple rounds of financing. Yearly totals in the table above are calculated from quarterly data.

Quarterly

$511.090$55,439.45,3142008

$600.1105$41,890.75,2342007

$472.277$35,867.24,5752006

$484.872$30,056.73,9372005

$415.563$29,122.33,7972004

Yearly

$97.222 $10,920.81,1584Q '08

$195.430 $10,388.91,3613Q '08

$139.720 $23,931.21,4492Q '08

$78.718 $10,198.51,3461Q '08

$178.029 $13,240.11,4194Q '07

$124.220$9,618.81,143Qtr Avg

$2,483.7407$192,376.322,857Total '04-'08

Total Capital

(USD Mil)Number of Companies

Total Capital


Venture Capital - IllinoisVenture Capital - Nation

Quarterly

$511.090$55,439.45,3142008

$600.1105$41,890.75,2342007

$472.277$35,867.24,5752006

$484.872$30,056.73,9372005

$415.563$29,122.33,7972004

Yearly

$97.222 $10,920.81,1584Q '08

$195.430 $10,388.91,3613Q '08

$139.720 $23,931.21,4492Q '08

$78.718 $10,198.51,3461Q '08

$178.029 $13,240.11,4194Q '07

$124.220$9,618.81,143Qtr Avg

$2,483.7407$192,376.322,857Total '04-'08

Total Capital


Total Capital


Venture Capital - IllinoisVenture Capital - Nation

4



Table 2a

Table 2b

$97.222Illinois 15

$170.715North Carolina 10

$187.337Colorado 9

$210.434Maryland 8

$353.861Pennsylvania 7

$387.211Tennessee 6

$635.947Texas 5

$676.775New York 4

$850.2122Massachusetts 3

$2,911.7390California 2

$3,279.549Washington 1

Investments (USD Mil) Number of Companies Fund Location Rank

Venture Capital Investments

State Rankings – Q4 '08

$97.222Illinois 15

$170.715North Carolina 10

$187.337Colorado 9

$210.434Maryland 8

$353.861Pennsylvania 7

$387.211Tennessee 6

$635.947Texas 5

$676.775New York 4

$850.2122Massachusetts 3

$2,911.7390California 2

$3,279.549Washington 1




$511.075Illinois 16

$981.1191 Pennsylvania 10

$1,026.191 Georgia 9

$1,054.5127 New Jersey 8

$1,141.4122 Colorado 7

$2,081.2258 New York 6

$3,369.8210 Texas 5

$3,728.3442 Massachusetts 4

$7,393.461 Ohio 3

$11,332.6161 Washington 2

$16,238.91,574 California 1



State Rankings – Total 2008

$511.075Illinois 16


$1,026.191 Georgia 9

$1,054.5127 New Jersey 8

$1,141.4122 Colorado 7

$2,081.2258 New York 6

$3,369.8210 Texas 5


$7,393.461 Ohio 3

$11,332.6161 Washington 2

$16,238.91,574 California 1




5



Table 3a

Note: Company total may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois).

2%2%$1.71 Minnesota 10

100%100%$97.347 TOTAL

21%6%$5.410 Other

2%2%$1.81 Michigan 9

2%2%$2.31 Virginia 8

4%3%$2.52 Non-US 7

6%3%$2.73 Texas 6

6%10%$9.83 New York 5

23%13%$12.411 Illinois 4

15%14%$14.07 California 3

6%18%$17.53 Undisclosed 2

11%28%$27.25 Massachusetts 1

% of All Companies

% of Total

Investment

Amount

Invested

(USD Mil)Number of CompaniesFund LocationRank

Venture Capital

Geographic Sources of Funding For Illinois Companies Q4 '08

2%2%$1.71 Minnesota 10

100%100%$97.347 TOTAL

21%6%$5.410 Other

2%2%$1.81 Michigan 9

2%2%$2.31 Virginia 8

4%3%$2.52 Non-US 7

6%3%$2.73 Texas 6

6%10%$9.83 New York 5

23%13%$12.411 Illinois 4

15%14%$14.07 California 3

6%18%$17.53 Undisclosed 2

11%28%$27.25 Massachusetts 1

% of All Companies

% of Total

Investment

Amount

Invested


Venture Capital


6



Table 3b

Note: Company total may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois).

1.0%0.1%$0.21 Georgia 22

1.0%0.1%$0.21 Pennsylvania 23

1.0%--1 Alabama 24

1.0%0.3%$0.91 New Jersey 21

2.0%0.3%$1.12 Connecticut 20

1.0%0.5%$1.71 Rhode Island 19

2.0%0.6%$2.02 Wisconsin 18

2.0%0.6%$2.32 Minnesota 17

2.0%0.7%$2.52 Indiana 16

1.0%1.0%$3.71 D. of Columbia 15

3.1%1.3%$4.53 Colorado 14

3.1%1.5%$5.33 Michigan 13

2.0%1.5%$5.52 Ontario, (CA) 12

100%100%$358.298 TOTAL

2.0%2.1%$7.42 Ohio 11

5.1%2.5%$9.15 Non-US 10

5.1%3.1%$11.05 Texas 9

1.0%3.1%$11.01 Florida 8

1.0%3.1%$11.01 Virginia 7

5.1%3.8%$13.65 New York 6

3.1%10.4%$37.33 Maryland 5

19.4%18.3%$65.619 California 4

27.6%19.0%$68.027 Illinois 3

9.2%26.3%$94.39 Massachusetts 2

5.1%42.7%$153.15 Undisclosed 1

% of All Companies

% of Total

Investment

Amount

Invested


Venture Capital

Geographic Sources of Funding For Illinois Companies Total 2008

1.0%0.1%$0.21 Georgia 22

1.0%0.1%$0.21 Pennsylvania 23

1.0%--1 Alabama 24

1.0%0.3%$0.91 New Jersey 21

2.0%0.3%$1.12 Connecticut 20

1.0%0.5%$1.71 Rhode Island 19

2.0%0.6%$2.02 Wisconsin 18

2.0%0.6%$2.32 Minnesota 17

2.0%0.7%$2.52 Indiana 16

1.0%1.0%$3.71 D. of Columbia 15

3.1%1.3%$4.53 Colorado 14

3.1%1.5%$5.33 Michigan 13

2.0%1.5%$5.52 Ontario, (CA) 12

100%100%$358.298 TOTAL

2.0%2.1%$7.42 Ohio 11

5.1%2.5%$9.15 Non-US 10

5.1%3.1%$11.05 Texas 9

1.0%3.1%$11.01 Florida 8

1.0%3.1%$11.01 Virginia 7

5.1%3.8%$13.65 New York 6

3.1%10.4%$37.33 Maryland 5

19.4%18.3%$65.619 California 4

27.6%19.0%$68.027 Illinois 3


5.1%42.7%$153.15 Undisclosed 1

% of All Companies

% of Total

Investment

Amount

Invested


Venture Capital


7



Table 4a

Note: IT (Information Technology) industries include the following: communications equipment, computer hardware and software, internet, computers and semiconductor companies. Healthcare industries include the following: biotechnology, medical diagnostics, therapeutics, medical products, medical and health services and pharmaceuticals. “Other” industries include the following: consumer related, industrial/energy, transportation, financial services, manufacturing, agricultures, forestry, fishing, construction, utilities and others..

Quarterly

$174.834 $71.821 $264.435 2008

$120.044 $258.025 $222.136 2007

$190.824 $145.919 $135.634 2006

$165.416 $67.612 $251.844 2005

$187.712 $50.616 $177.235 2004

Yearly

$52.59$17.56$27.274Q '08

$61.89$46.09$87.5123Q '08

$8.26$7.04$124.5102Q '08

$52.310$1.32 $25.161Q '08

$60.714$103.56$13.794Q '07

$41.97$31.35$52.69Qtr Avg

$838.7130 $593.993 $1,051.1184 Total '04-'08

Capital Invested

(USD Mil)

Number of

Companies

Capital Invested

(USD Mil)

Number of

Companies

Capital Invested

(USD Mil)

Number of

Companies

OtherHealthcareIT

Venture Capital Invested in Illinois by Industry

Quarterly

$174.834 $71.821 $264.435 2008

$120.044 $258.025 $222.136 2007

$190.824 $145.919 $135.634 2006

$165.416 $67.612 $251.844 2005

$187.712 $50.616 $177.235 2004

Yearly

$52.59$17.56$27.274Q '08

$61.89$46.09$87.5123Q '08

$8.26$7.04$124.5102Q '08

$52.310$1.32 $25.161Q '08

$60.714$103.56$13.794Q '07

$41.97$31.35$52.69Qtr Avg

$838.7130 $593.993 $1,051.1184 Total '04-'08

Capital Invested

(USD Mil)

Number of

Companies

Capital Invested

(USD Mil)

Number of

Companies

Capital Invested

(USD Mil)

Number of

Companies

OtherHealthcareIT

Venture Capital Invested in Illinois by Industry

8



Chart 1

Venture Capital Invested in Illinois

by Industry

$13.7$25.1

$124.5

$87.5

$27.2

$103.5

$1.3

$7.0

$46.0

$17.5

$60.7

$52.3

$8.2

$61.8

$52.5

$0

$50

$100

$150

$200

4Q '07 1Q '08 2Q '08 3Q '08 4Q '08

US

$ M

illio

n

IT Dollars Healthcare Dollars Other Dollars

96

1012

7

6

2

4

9

6

14

10

6

9

9

0

10

20

30

4Q '07 1Q '08 2Q '08 3Q '08 4Q '08

Num

ber

of

Com

panie

s F

unded

IT Companies Healthcare Companies Other Companies

9



Table 4b

Note: Results in the table may be either higher or lower than totals in prior IVCA Monitors because of reclassification of results in the Thomson-Reuter Venture Expert database. Green company investments include, but are not limited to, investments in companies involved in the following industries: batteries, power supplies, alternative energy sources, coal, energy conservation, pollution and recycling, biotech processes for pollution, toxic waste control and oil recovery.

Quarterly

$96.3$80.61242008

$7.5$7.9732007

$32.2$21.01552006

$7.0$2.0632005

$8.3$4.0512004

Yearly

$12.7$46.3224Q '08

$31.2$0.0303Q '08

$32.0$14.8412Q '08

$20.5$19.5311Q '08

$0.4$0.0304Q '07

$151.3$115.54516Total '04 - '08

Illinois Firms' Investment in

U.S. "Green” Companies

(USD Mil)

Investment in Illinois

"Green" Companies

(USD Mil)

Illinois Firms Making

"Green" Venture Capital

Investments

Illinois "Green" Companies

receiving Venture Capital

Investments

"Green" Venture Capital Investments

Quarterly

$96.3$80.61242008

$7.5$7.9732007

$32.2$21.01552006

$7.0$2.0632005

$8.3$4.0512004

Yearly

$12.7$46.3224Q '08

$31.2$0.0303Q '08

$32.0$14.8412Q '08

$20.5$19.5311Q '08

$0.4$0.0304Q '07

$151.3$115.54516Total '04 - '08

Illinois Firms' Investment in

U.S. "Green” Companies

(USD Mil)

Investment in Illinois

"Green" Companies

(USD Mil)

Illinois Firms Making

"Green" Venture Capital

Investments

Illinois "Green" Companies

receiving Venture Capital

Investments

"Green" Venture Capital Investments

10



Table 4b1

Table 4b2

Note: Investor firms listed are only those located in Illinois. Deals may have included other investor firms outside of Illinois and therefore may not match other tables.

Blackstone Group, L.P.,Khosla Ventures, Globespan

Capital Partners (FKA: JAFCO America Ventures),

GreatPoint Ventures, Advanced Technology Ventures

(AKA: ATV)

$40.0Coskata, Inc.

Investor FirmsInvestment (USD Mil)Company Name

VC Investments in Illinois "Green" Companies - Q4 '08

Blackstone Group, L.P.,Khosla Ventures, Globespan

Capital Partners (FKA: JAFCO America Ventures),

GreatPoint Ventures, Advanced Technology Ventures

(AKA: ATV)

$40.0Coskata, Inc.


VC Investments in Illinois "Green" Companies - Q4 '08

Illinois Ventures LLC$1.0TetraVitae Bioscience, Inc.

CIVC Partners LP (FKA: Continental Illinois Venture Corp.)$11.7Jinko Solar Energy Company, Ltd.


Illinois Firms Making VC Investments in "Green" Companies – Q4 '08

Illinois Ventures LLC$1.0TetraVitae Bioscience, Inc.

CIVC Partners LP (FKA: Continental Illinois Venture Corp.)$11.7Jinko Solar Energy Company, Ltd.


Illinois Firms Making VC Investments in "Green" Companies – Q4 '08

11



Table 5 (part 1 of 3)

$40.0TPG; Texas Pacific Group GrowthElevance Renewable Sciences, Inc.28

$25.0SAP Ventures; Intel CapitalEndeca Technologies, Inc.29

$9.0Undisclosed Venture Firm,Foundation Capital,GRP Partners (AKA: Global

Retail Partners)

EnvestnetPMC, Inc. (AKA: Envestment

Group, The)

30

$34.5Sevin Rosen Funds (AKA: Sevin Rosen Management Co.),Columbia Capital

LLC,Centennial Ventures,Palomar Ventures,CenterPoint Venture Partners

ExteNet Systems, Inc. (FKA: ClearLinx

Network Corporation)

31

$1.0Illinois Ventures LLC,Undisclosed Venture FirmFashion Latte32

$1.6-Fave Media Inc.33

$15.0KB Partners, LLC; Caterpillar Inc. (NYSE:CAT); Husqvarna AB (OM:HUSQ

B); BAE Systems Land and Armaments; Stark Investments LP; Illinois

Development Finance Authority; Heartland Capital Network; Khosla

Ventures; The Quercus Trust; Infield Capital

Firefly Energy Inc.34

$1.9RPM Ventures (FKA: Waypoint Ventures),Illinois Ventures LLC,Undisclosed

Firm

Eden Park Illumination, Inc.27

$1.0Illinois Ventures LLC,Undisclosed Venture FirmDiagnostic Photonics, Inc.26

$3.0-crowdSPRING, LLC25

$0.2Synetro Capital, LLC (FKA: eBlast Ventures, LLC)CrossCheck Compliance, Inc.24

$2.5-Coveo Solutions, Inc.23

$59.5Blackstone Group, L.P.,General Motors Investment Management

Co.,Khosla Ventures,Globespan Capital Partners (FKA: JAFCO America

Ventures),GreatPoint Ventures,Undisclosed Firm,Advanced Technology

Ventures (AKA: ATV)

Coskata, Inc.22

$8.0Linden LLCCorpak MedSystems, Inc. (FKA: Viasys

MedSystems, Inc.)

21

$60.0Individuals,Undisclosed FirmCole Taylor Bank20

$1.9New Enterprise Associates,Alsop Louie Partners,Batterson Venture

Partners (AKA: BVP)

Cleversafe, Inc.19

$2.7Thomas, McNerney & Partners LLC ,Undisclosed Venture FirmClarus Therapeutics, Inc.18

$12.4Burrill Venture Capital; Venture Investors, LLC; Foragen Technologies

Management Inc.; IllinoisVENTURES, LLC; Unilever Technology Ventures;

Quantitative Financial Strategies, Inc.; Malaysian Technology Development

Corporation Sdn Bhd

Chromatin, Inc.17

--Catylist Inc.16

-Focus Equity Partners, LLCBusiness Only Broadband, LLC15

$0.1OCA Venture Partners ,TGap Ventures LLC,Ceres Venture FundBrill Street + Company, Inc.14

$38.0United States Department of The TreasuryBridgeview Bancorp, Inc.13

-Archer-Daniels-Midland Co. (NYSE:ADM)BioBlend Renewable Resources LLC12

$1.4Illinois Ventures LLC,Undisclosed Venture FirmAutonomic Materials, Inc.11

$1.0Illinois Ventures LLC,Undisclosed Venture FirmAthena Advertising10

$9.3Baird Capital Partners,Adams Street Partners LLC (FKA: Brinson Private

Equity),Baird Venture Partners,Och-Ziff Capital Management Group (AKA:

OZ Advisors, LLC)

Arroweye Solutions, Inc.9

$4.2Mosaic Venture PartnersArgo Tea, Inc.8

$3.0Draper Fisher Jurvetson (FKA: Draper Associates),Undisclosed Venture

Firm

Analyte Media, Inc. (FKA: Ajuga Media)7

$5.4Carmel VenturesAmadesa, Inc.6

--Advance Case Loans LLC5

$3.5Adams Street Partners LLC (FKA: Brinson Private Equity)Adams Harris, Inc.4

$4.0Intel CapitalAccertify, Inc.3

-Undisclosed FirmAC HoldCo, LLC2

-Marquette Venture Partners4th Floor Investment Group LLC1

Sum Inv.

(USD Mil) Firm Name Company Name

Venture Capital Investments by Illinois Firms in Illinois Companies - 2008

$40.0TPG; Texas Pacific Group GrowthElevance Renewable Sciences, Inc.28

$25.0SAP Ventures; Intel CapitalEndeca Technologies, Inc.29

$9.0Undisclosed Venture Firm,Foundation Capital,GRP Partners (AKA: Global

Retail Partners)

EnvestnetPMC, Inc. (AKA: Envestment

Group, The)

30

$34.5Sevin Rosen Funds (AKA: Sevin Rosen Management Co.),Columbia Capital

LLC,Centennial Ventures,Palomar Ventures,CenterPoint Venture Partners

ExteNet Systems, Inc. (FKA: ClearLinx

Network Corporation)

31

$1.0Illinois Ventures LLC,Undisclosed Venture FirmFashion Latte32

$1.6-Fave Media Inc.33

$15.0KB Partners, LLC; Caterpillar Inc. (NYSE:CAT); Husqvarna AB (OM:HUSQ

B); BAE Systems Land and Armaments; Stark Investments LP; Illinois

Development Finance Authority; Heartland Capital Network; Khosla

Ventures; The Quercus Trust; Infield Capital

Firefly Energy Inc.34

$1.9RPM Ventures (FKA: Waypoint Ventures),Illinois Ventures LLC,Undisclosed

Firm

Eden Park Illumination, Inc.27

$1.0Illinois Ventures LLC,Undisclosed Venture FirmDiagnostic Photonics, Inc.26

$3.0-crowdSPRING, LLC25

$0.2Synetro Capital, LLC (FKA: eBlast Ventures, LLC)CrossCheck Compliance, Inc.24

$2.5-Coveo Solutions, Inc.23

$59.5Blackstone Group, L.P.,General Motors Investment Management

Co.,Khosla Ventures,Globespan Capital Partners (FKA: JAFCO America

Ventures),GreatPoint Ventures,Undisclosed Firm,Advanced Technology

Ventures (AKA: ATV)

Coskata, Inc.22


MedSystems, Inc.)

21

$60.0Individuals,Undisclosed FirmCole Taylor Bank20

$1.9New Enterprise Associates,Alsop Louie Partners,Batterson Venture

Partners (AKA: BVP)

Cleversafe, Inc.19

$2.7Thomas, McNerney & Partners LLC ,Undisclosed Venture FirmClarus Therapeutics, Inc.18

$12.4Burrill Venture Capital; Venture Investors, LLC; Foragen Technologies

Management Inc.; IllinoisVENTURES, LLC; Unilever Technology Ventures;

Quantitative Financial Strategies, Inc.; Malaysian Technology Development

Corporation Sdn Bhd

Chromatin, Inc.17

--Catylist Inc.16

-Focus Equity Partners, LLCBusiness Only Broadband, LLC15

$0.1OCA Venture Partners ,TGap Ventures LLC,Ceres Venture FundBrill Street + Company, Inc.14

$38.0United States Department of The TreasuryBridgeview Bancorp, Inc.13

-Archer-Daniels-Midland Co. (NYSE:ADM)BioBlend Renewable Resources LLC12

$1.4Illinois Ventures LLC,Undisclosed Venture FirmAutonomic Materials, Inc.11

$1.0Illinois Ventures LLC,Undisclosed Venture FirmAthena Advertising10


Equity),Baird Venture Partners,Och-Ziff Capital Management Group (AKA:

OZ Advisors, LLC)


$4.2Mosaic Venture PartnersArgo Tea, Inc.8

$3.0Draper Fisher Jurvetson (FKA: Draper Associates),Undisclosed Venture

Firm

Analyte Media, Inc. (FKA: Ajuga Media)7

$5.4Carmel VenturesAmadesa, Inc.6

--Advance Case Loans LLC5


$4.0Intel CapitalAccertify, Inc.3

-Undisclosed FirmAC HoldCo, LLC2

-Marquette Venture Partners4th Floor Investment Group LLC1

Sum Inv.



12




$8.5New World Ventures ,Undisclosed Firm,Individuals,North Bridge Venture

Partners

Firm58, Inc.35

-US Bancorp (NYSE:USB)Mpayy, Inc.63

$30.0FTV Capital, Undisclosed Firm,Accel India Venture Fund (FKA: Erasmic

Venture Fund Pvt.)

Mu Sigma Inc.64

$0.3Illinois Ventures LLCNanodisc, Inc.65

$12.0-NanoInk, Inc.66

$1.0Arrowhead Research Corp. (NasdaqGM:ARWR); Royal DSM N.V.

(ENXTAM:DSM)

Nanotope, Inc.67

$0.2Hopewell VenturesNational Pasteurized Eggs, Inc.68

$3.1Saab VenturesnavAero, Inc.69

$5.0CID Equity Partners,First Analysis CorporationNeptun Light, Inc.70

$2.5Investacorp, Inc.Model Metrics,Inc.62

$2.5Undisclosed Firm,Undisclosed FirmMetro Visual, Inc.61

-Och-Ziff Capital Management Group (AKA: OZ Advisors, LLC)Metal Management, Inc.60

$40.0New Enterprise Associates,Undisclosed Firm,Undisclosed FirmMediaBank LLC (AKA: MBXG

Holdings, Inc.)

59

--LiveStub.com58

--Lifeline Scientific Inc (LSE:LSI)57

$30.0North Bridge Venture PartnersLeapfrog Online, Inc.56

-TA Associates, Inc.Keeley Asset Management Corporation

(AKA: KAMCO)

55

-Brantley PartnersJet Lithocolor, Inc.54

$5.0Sigma PartnersJellyvision, Inc.53

-GE Energy Financial ServicesInvenergy Wind LLC52

-Vanguard VenturesInterCall (FKA: Raindance

Communications)

51

$0.5Hopewell VenturesInStadium, LLC50

$26.0Apex Venture Partners; First Analysis Corporation; Sigma Partners;

Informatica Corp. (NasdaqGS:INFA); EMC Corporation (NYSE:EMC);

Paladin Capital Group; Dunrath Capital, Inc.

Initiate Systems, Inc.49

$5.0Sandbox Industries, LLCInitiate Systems, Inc.48

-Thoma Cressey BravoInfuScience, Inc.47

$4.6Apex Venture Partners; Origin Ventures; Spring Mill Venture Partners;

Chicagoland Entrepreneurial Center, Investment Arm

Ifbyphone, LLC46

$5.0Fox Paine & Company, LLC,Open Prairie Ventures,Illinois Ventures LLCiCyt Mission Technology, Inc.45

$15.0-iCrossing, Inc.44

$3.0Radar PartnersHorny Toad Activewear, Inc.43

-Scale Venture Partners (FKA: BA Venture Partners),Essex Woodlands

Health Ventures (FKA: Woodlands Venture)

Horizon Therapeutics, Inc.42

-EBSCO Industries Inc.Hallmark Data Systems LLC41

$0.5Ben Franklin Technology Partners of Northeastern PA,Undisclosed Venture

Firm

GrantAdler Corporation40

$16.0The Walnut Group; CapX Partners; Comerica Bank - Texas; Cordjia; Trinity

Capital Investment Group, Inc.

GOLIATH Solutions, LLC39

$0.1Undisclosed Venture Firm,Illinois Ventures LLCFusion.IM38

$3.5Docor International Management Ltd.Fourier Systems, Inc.37

$3.0-Forcelogix, LLC36

Sum Inv.



$8.5New World Ventures ,Undisclosed Firm,Individuals,North Bridge Venture

Partners

Firm58, Inc.35

-US Bancorp (NYSE:USB)Mpayy, Inc.63

$30.0FTV Capital, Undisclosed Firm,Accel India Venture Fund (FKA: Erasmic

Venture Fund Pvt.)

Mu Sigma Inc.64

$0.3Illinois Ventures LLCNanodisc, Inc.65

$12.0-NanoInk, Inc.66

$1.0Arrowhead Research Corp. (NasdaqGM:ARWR); Royal DSM N.V.

(ENXTAM:DSM)

Nanotope, Inc.67

$0.2Hopewell VenturesNational Pasteurized Eggs, Inc.68

$3.1Saab VenturesnavAero, Inc.69

$5.0CID Equity Partners,First Analysis CorporationNeptun Light, Inc.70

$2.5Investacorp, Inc.Model Metrics,Inc.62

$2.5Undisclosed Firm,Undisclosed FirmMetro Visual, Inc.61


$40.0New Enterprise Associates,Undisclosed Firm,Undisclosed FirmMediaBank LLC (AKA: MBXG

Holdings, Inc.)

59

--LiveStub.com58

--Lifeline Scientific Inc (LSE:LSI)57

$30.0North Bridge Venture PartnersLeapfrog Online, Inc.56


(AKA: KAMCO)

55

-Brantley PartnersJet Lithocolor, Inc.54

$5.0Sigma PartnersJellyvision, Inc.53

-GE Energy Financial ServicesInvenergy Wind LLC52

-Vanguard VenturesInterCall (FKA: Raindance

Communications)

51

$0.5Hopewell VenturesInStadium, LLC50

$26.0Apex Venture Partners; First Analysis Corporation; Sigma Partners;

Informatica Corp. (NasdaqGS:INFA); EMC Corporation (NYSE:EMC);

Paladin Capital Group; Dunrath Capital, Inc.

Initiate Systems, Inc.49

$5.0Sandbox Industries, LLCInitiate Systems, Inc.48

-Thoma Cressey BravoInfuScience, Inc.47

$4.6Apex Venture Partners; Origin Ventures; Spring Mill Venture Partners;

Chicagoland Entrepreneurial Center, Investment Arm

Ifbyphone, LLC46

$5.0Fox Paine & Company, LLC,Open Prairie Ventures,Illinois Ventures LLCiCyt Mission Technology, Inc.45

$15.0-iCrossing, Inc.44

$3.0Radar PartnersHorny Toad Activewear, Inc.43

-Scale Venture Partners (FKA: BA Venture Partners),Essex Woodlands

Health Ventures (FKA: Woodlands Venture)

Horizon Therapeutics, Inc.42

-EBSCO Industries Inc.Hallmark Data Systems LLC41

$0.5Ben Franklin Technology Partners of Northeastern PA,Undisclosed Venture

Firm

GrantAdler Corporation40

$16.0The Walnut Group; CapX Partners; Comerica Bank - Texas; Cordjia; Trinity

Capital Investment Group, Inc.

GOLIATH Solutions, LLC39

$0.1Undisclosed Venture Firm,Illinois Ventures LLCFusion.IM38

$3.5Docor International Management Ltd.Fourier Systems, Inc.37

$3.0-Forcelogix, LLC36

Sum Inv.



13



$1.0Illinois Ventures LLC,Undisclosed Venture FirmTiOn98

$3.9Highland Capital Partners LLC,Arcapita, Inc. (FKA: Crescent Capital

Investments, Inc.),Undisclosed Firm,Undisclosed Venture Firm,CHL Medical

Partners (AKA: Collinson, Howe & Lennox, LLC),Versant

Ventures,Undisclosed Firm

Undisclosed Company99

$8.0Arch Venture Partners, L.P.; River Cities Capital Funds; New World

Ventures; OCA Venture Partners, LLC; Appian Ventures Inc.

Univa UD100

$1.2Undisclosed Firm,Hopewell VenturesVHT, Inc. (FKA: VideoHomeTours.com)101

$15.0Fidelity Ventures Vibes Media, Inc.102

$15.0United States Department of The TreasuryWestern Illinois Bancshares, Inc.103

$14.0San Francisco Equity Partners; Simon Equity PartnersYes To Ltd.104

$2.5Ceres Venture Fund,Bridge Street Capital Partners, LLCZorch International, Inc.105

$4.8Undisclosed Firm,New Enterprise AssociatesThePoint.com, Inc.97

$160.0Perseus, L.L.C.; Clean Energy Fuels Corp. (NasdaqGS:CLNE)The Vehicle Production Group LLC96

$4.8New Enterprise AssociatesThe Point, LLC95

$6.3Harris & Harris Group, Inc.,Illinois Ventures LLC,RPM Ventures (FKA:

Waypoint Ventures),Undisclosed Firm

TetraVitae Bioscience, Inc.94

$40.0Individuals,Undisclosed FirmTaylor Capital Group, Inc.93

$1.6Individuals,New Jersey Technology Council (AKA: NJTC)Sword Diagnostics, Inc.92

$1.5Illinois Ventures LLC,Origin Ventures, LLCSteady Sleep, Inc. (AKA: Sleep Apnea

Newco, Inc.)

91

$22.0H.I.G. Capital, LLC (AKA: H.I.G. Ventures),American Capital, Ltd. (FKA:

American Capital Strategies)

Spring Air Co.90

$1.1Sofinnova VenturesSorbent Therapeutics, Inc.89

$3.0Battery Ventures, L.P.SmartSpark Energy Systems, Inc.88

$5.0Point Judith Capital ,Apex Venture Partners,Undisclosed FirmSittercity, Inc.87

$15.0Caltius Capital ManagementSeniorBridge Family Companies, Inc.86

-Penn Venture Partners, L.P.Senators Partners, LLC85

$10.0Sterling PartnersSAVO Group, Ltd., The84

$30.0Vivo Ventures (FKA: BioAsia Investments LLC),Undisclosed Venture FirmSagent Pharmaceuticals, Inc. (AKA:

Sagent Holding Company)

83

$2.4RPM Ventures; IllinoisVENTURES, LLC; CC Services, Inc.RiverGlass, Inc.82

$0.4Austin Ventures, L.P.Revenue Cycle Solutions, Inc.81

-CID Capital; Dunrath Capital, Inc.RedSky Technologies, Inc.80

-Goldman Sachs Group, Merchant Banking DivisionQuantitative Services Group, L.L.C.79

$0.2River Cities Capital FundsProfind, Inc. (FKA: Delaware C Corp.)78

-Wayzata Investment Partners Portola Packaging, Inc.77

$10.0Adams Street Partners LLC (FKA: Brinson Private Equity),Undisclosed FirmPaylocity76

$0.5Sidus Group, TheOrion Recruiting75

-RFE Investment PartnersNudo Products, Inc.74

$4.7Qualcomm Ventures,Kettle Partners,JK&B Capital,Colorado Investment

Securities

Novarra, Inc. (FKA: InfoSpeed)73

$1.0Illinois Ventures LLC,Undisclosed Venture FirmNext Big Sound, Inc., The (AKA:

TNBS)

72

$2.5Undisclosed Venture Firm,Novo AS,Thomas, McNerney & Partners LLC NeuroTherapeutics Pharma, Inc.71

Sum Inv.



$1.0Illinois Ventures LLC,Undisclosed Venture FirmTiOn98

$3.9Highland Capital Partners LLC,Arcapita, Inc. (FKA: Crescent Capital

Investments, Inc.),Undisclosed Firm,Undisclosed Venture Firm,CHL Medical

Partners (AKA: Collinson, Howe & Lennox, LLC),Versant

Ventures,Undisclosed Firm

Undisclosed Company99

$8.0Arch Venture Partners, L.P.; River Cities Capital Funds; New World

Ventures; OCA Venture Partners, LLC; Appian Ventures Inc.

Univa UD100

$1.2Undisclosed Firm,Hopewell VenturesVHT, Inc. (FKA: VideoHomeTours.com)101

$15.0Fidelity Ventures Vibes Media, Inc.102

$15.0United States Department of The TreasuryWestern Illinois Bancshares, Inc.103

$14.0San Francisco Equity Partners; Simon Equity PartnersYes To Ltd.104

$2.5Ceres Venture Fund,Bridge Street Capital Partners, LLCZorch International, Inc.105

$4.8Undisclosed Firm,New Enterprise AssociatesThePoint.com, Inc.97

$160.0Perseus, L.L.C.; Clean Energy Fuels Corp. (NasdaqGS:CLNE)The Vehicle Production Group LLC96

$4.8New Enterprise AssociatesThe Point, LLC95

$6.3Harris & Harris Group, Inc.,Illinois Ventures LLC,RPM Ventures (FKA:

Waypoint Ventures),Undisclosed Firm

TetraVitae Bioscience, Inc.94

$40.0Individuals,Undisclosed FirmTaylor Capital Group, Inc.93

$1.6Individuals,New Jersey Technology Council (AKA: NJTC)Sword Diagnostics, Inc.92

$1.5Illinois Ventures LLC,Origin Ventures, LLCSteady Sleep, Inc. (AKA: Sleep Apnea

Newco, Inc.)

91



Spring Air Co.90

$1.1Sofinnova VenturesSorbent Therapeutics, Inc.89

$3.0Battery Ventures, L.P.SmartSpark Energy Systems, Inc.88

$5.0Point Judith Capital ,Apex Venture Partners,Undisclosed FirmSittercity, Inc.87

$15.0Caltius Capital ManagementSeniorBridge Family Companies, Inc.86

-Penn Venture Partners, L.P.Senators Partners, LLC85

$10.0Sterling PartnersSAVO Group, Ltd., The84

$30.0Vivo Ventures (FKA: BioAsia Investments LLC),Undisclosed Venture FirmSagent Pharmaceuticals, Inc. (AKA:

Sagent Holding Company)

83

$2.4RPM Ventures; IllinoisVENTURES, LLC; CC Services, Inc.RiverGlass, Inc.82


-CID Capital; Dunrath Capital, Inc.RedSky Technologies, Inc.80

-Goldman Sachs Group, Merchant Banking DivisionQuantitative Services Group, L.L.C.79

$0.2River Cities Capital FundsProfind, Inc. (FKA: Delaware C Corp.)78


$10.0Adams Street Partners LLC (FKA: Brinson Private Equity),Undisclosed FirmPaylocity76

$0.5Sidus Group, TheOrion Recruiting75


$4.7Qualcomm Ventures,Kettle Partners,JK&B Capital,Colorado Investment

Securities

Novarra, Inc. (FKA: InfoSpeed)73

$1.0Illinois Ventures LLC,Undisclosed Venture FirmNext Big Sound, Inc., The (AKA:

TNBS)

72

$2.5Undisclosed Venture Firm,Novo AS,Thomas, McNerney & Partners LLC NeuroTherapeutics Pharma, Inc.71

Sum Inv.




Note: Unlike the rest of the data in the Monitor, this table and table 9 are derived from two sources, Thomson Reuters Financial and Capital IQ. The IVCA Monitor accepts the categories (venture or buyout) provided by Thomson & Capital IQ. Table totals may differ from other tables in this report because private equity reporting is continuous and therefore changes from day to day for all data sources. Also, some companies may appear in both Venture Capital and Buyout lists because both the type of financing round and the investing firm are considered when compiling the list. For example, if a buyout fund made an investment in a venture capital round of financing it would be considered under both Venture Capital and Buyout lists. .

14



Table 6

Note: Company totals may not match other tables in this report because quarterly data may include deals with multiple rounds of financing. Yearly totals in the table above are calculated from quarterly data.

Quarterly

$787.171$40,853.82,2622008

$735.596$58,106.92,5972007

$816.972$41,529.01,8162006

$666.943$28,052.51,4002005

$1,091.535$28,481.41,1682004

Yearly

$10.511 $5,017.4426 4Q '08

$438.815 $15,307.5583 3Q '08

$229.121 $11,388.1590 2Q '08

$108.724 $9,140.8663 1Q '08

$295.329 $23,415.5676 4Q '07

$204.9 16$9,851.2462Qtr Avg

$4,097.8317$197,023.69,243Total '04-'08

Investment


Investment


Buyout Investments - IllinoisBuyout Investments - Nation

Quarterly

$787.171$40,853.82,2622008

$735.596$58,106.92,5972007

$816.972$41,529.01,8162006

$666.943$28,052.51,4002005

$1,091.535$28,481.41,1682004

Yearly

$10.511 $5,017.4426 4Q '08

$438.815 $15,307.5583 3Q '08

$229.121 $11,388.1590 2Q '08

$108.724 $9,140.8663 1Q '08

$295.329 $23,415.5676 4Q '07

$204.9 16$9,851.2462Qtr Avg

$4,097.8317$197,023.69,243Total '04-'08

Investment


Investment


Buyout Investments - IllinoisBuyout Investments - Nation

15



Table 7a

Table 7b

$174.416 Colorado 10

$215.125 Florida 9

$10.511 Illinois 25

$249.918 Massachusetts 8

$259.57 Wisconsin 7

$272.318 Ohio 6


$451.681 California 4

$480.040 Texas 3

$713.410 Tennessee 2

$1,170.224 New York 1


Buyout Related Investments


$174.416 Colorado 10

$215.125 Florida 9

$10.511 Illinois 25

$249.918 Massachusetts 8

$259.57 Wisconsin 7

$272.318 Ohio 6


$451.681 California 4

$480.040 Texas 3

$713.410 Tennessee 2

$1,170.224 New York 1




$1,492.820 Utah 9

$787.165Illinois 15

$1,467.532 Tennessee 10

$1,557.355 Virginia 8

$1,721.688 Florida 7

$2,079.157 Georgia 6

$2,215.410 Nebraska 5


$4,197.5173 Texas 3

$5,356.9421 California 2

$7,093.8155 New York 1




$1,492.820 Utah 9

$787.165Illinois 15

$1,467.532 Tennessee 10

$1,557.355 Virginia 8

$1,721.688 Florida 7

$2,079.157 Georgia 6

$2,215.410 Nebraska 5


$4,197.5173 Texas 3

$5,356.9421 California 2

$7,093.8155 New York 1




16



Table 8a

Note: Company totals may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois).

7%--1 Pennsylvania 5

20%--3 Undisclosed 6

7%--1 Florida 7

7%--1 D. of Columbia 8

100%100%$10.515TOTAL

7%--1 Minnesota 10

7%--1 Connecticut 9

7%3%$0.31 Ohio 4

7%4%$0.41 Texas 3

20%17%$1.83 Illinois 2

13%76%$8.02 New York 1

% of All Companies

% of Total

Investment

Amount

Invested


Buyout Related Capital


7%--1 Pennsylvania 5

20%--3 Undisclosed 6

7%--1 Florida 7

7%--1 D. of Columbia 8

100%100%$10.515TOTAL

7%--1 Minnesota 10

7%--1 Connecticut 9

7%3%$0.31 Ohio 4

7%4%$0.41 Texas 3

20%17%$1.83 Illinois 2

13%76%$8.02 New York 1

% of All Companies

% of Total

Investment

Amount

Invested




17



Table 8b

Note: Company totals may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois).

1.5%--1 Indiana 18

3.0%--2 Pennsylvania 17

1.5%--1 Colorado 16

3.0%--2 Connecticut 15

4.5%--3 D. of Columbia 14

1.5%0.1%$0.71 Wisconsin 13

4.5%0.1%$1.13 California 12

3.0%1.0%$7.52 Ohio 10

100%100%$786.966 TOTAL

4.5%0.3%$2.33 Texas 11

1.5%1.4%$11.01 Maryland 9


4.5%2.7%$21.23 Undisclosed 7

3.0%4.9%$38.32 Missouri 6

6.1%5.6%$43.84 Michigan 5

6.1%9.5%$75.04 Minnesota 4

1.5%10.9%$85.51 Florida 3

16.7%14.9%$117.111 New York 2

25.8%46.1%$362.417 Illinois 1

% of All Companies

% of Total

Investment

Amount

Invested




1.5%--1 Indiana 18

3.0%--2 Pennsylvania 17

1.5%--1 Colorado 16

3.0%--2 Connecticut 15

4.5%--3 D. of Columbia 14

1.5%0.1%$0.71 Wisconsin 13

4.5%0.1%$1.13 California 12

3.0%1.0%$7.52 Ohio 10

100%100%$786.966 TOTAL

4.5%0.3%$2.33 Texas 11

1.5%1.4%$11.01 Maryland 9


4.5%2.7%$21.23 Undisclosed 7

3.0%4.9%$38.32 Missouri 6

6.1%5.6%$43.84 Michigan 5

6.1%9.5%$75.04 Minnesota 4

1.5%10.9%$85.51 Florida 3

16.7%14.9%$117.111 New York 2

25.8%46.1%$362.417 Illinois 1

% of All Companies

% of Total

Investment

Amount

Invested




18




-Richard L. Scott Investments, LLC, Northstar Capital, LLC (FKA: Seidler

Capital, Ltd.),Undisclosed Firm

Drives, Incorporated28

$0.4-Econometrics, Inc. (OTCBB:EOMI)29

-Beecken, Petty & Company LLCEDP Investment Holdings LLC30

$1.9TPG Growth (FKA:TPG Ventures) ,TPG (FKA:Texas Pacific Group)Elevance Renewable Sciences, Inc.

(FKA: Renewable Chemicals)

31

-Tinicum Capital PartnersEnesco LLC32

-Leeds Equity PartnersEx Libris Ltd.33

-Vulpes, LLCFox & Obel Food Market34

-Arbor Private Investment Company, LLC Gold Standard Baking, Inc.35

-Northstar Capital, LLC (FKA: Seidler Capital, Ltd.),Undisclosed FirmDrives, Inc.27

-North America Sports Media, Inc.Doddson Travel Agency, Inc.26

-Code Hennessy & Simmons, L.L.C.Dental Health Resources, Inc.25

$8.0Blackstone Group, L.P.Coskata, Inc.24

-Madison Capital Funding LLC (AKA: Madison Capital),Audax GroupCortz, Inc. (DBA: In The Swim)23


MedSystems, Inc.)

22

-Marquette Capital Partners; BrightPath Capital; 4th Floor Investment Group,

LLC

Consolidated Distribution Corp.21

-Prairie CapitalCole Taylor Bank20

-American Capital, Ltd. (NasdaqGS:ACAS)CIBT, Inc.19

$74.5H.I.G. Capital, LLC (AKA: H.I.G. Ventures)Chicago Oleochemicals18

-The Johnsson Group Inc.CenterStone Solutions LLC17

-Undisclosed FirmByers Food, Inc.16

-Focus Equity Partners, LLCBusiness Only Broadband LLC15

-Citadel Plastics Holdings, Inc.Bulk Molding Compounds, Inc.14

-Patriarch Partners, LLCBest Manufacturing Group LLC13

-Undisclosed Firm,Chicago Growth Partners (William Blair Capital Partners)Benetech, Inc.12

-Golub Capital; Graham Partners; Inverness Graham InvestmentsB&B Electronics Manufacturing

Company, Inc.

11

$1.0GTCR Golder Rauner LLCAspire Holdings LLC10


Equity),Undisclosed Firm,Baird Venture Partners,Och-Ziff Capital

Management Group (AKA: OZ Advisors, LLC)


-Noble Investment Group Ltd.Amerisuites Schaumburg Hotel8

$28.0Wall Street Systems Delaware, Inc.Aleri Global Banking7


$200.0Thoma Cressey Bravo, HarbourVest Partners LLCAcresso Software, Inc.5

-Vista Equity PartnersAccero, Inc.4

-Gryphon Investors, Inc.Accelerated Rehabilitation Centers,

Ltd.

3

-Ripplewood Holdings LLCAC HoldCo, LLC2

-BrightPath Capital, Inc.,Marquette Venture Partners4th Floor Investment Group LLC1

Sum Inv.


Buyout Capital Investments by Illinois Firms in Illinois Companies 2008

-Richard L. Scott Investments, LLC, Northstar Capital, LLC (FKA: Seidler

Capital, Ltd.),Undisclosed Firm

Drives, Incorporated28

$0.4-Econometrics, Inc. (OTCBB:EOMI)29

-Beecken, Petty & Company LLCEDP Investment Holdings LLC30

$1.9TPG Growth (FKA:TPG Ventures) ,TPG (FKA:Texas Pacific Group)Elevance Renewable Sciences, Inc.

(FKA: Renewable Chemicals)

31

-Tinicum Capital PartnersEnesco LLC32

-Leeds Equity PartnersEx Libris Ltd.33

-Vulpes, LLCFox & Obel Food Market34

-Arbor Private Investment Company, LLC Gold Standard Baking, Inc.35

-Northstar Capital, LLC (FKA: Seidler Capital, Ltd.),Undisclosed FirmDrives, Inc.27

-North America Sports Media, Inc.Doddson Travel Agency, Inc.26

-Code Hennessy & Simmons, L.L.C.Dental Health Resources, Inc.25

$8.0Blackstone Group, L.P.Coskata, Inc.24

-Madison Capital Funding LLC (AKA: Madison Capital),Audax GroupCortz, Inc. (DBA: In The Swim)23


MedSystems, Inc.)

22

-Marquette Capital Partners; BrightPath Capital; 4th Floor Investment Group,

LLC

Consolidated Distribution Corp.21

-Prairie CapitalCole Taylor Bank20

-American Capital, Ltd. (NasdaqGS:ACAS)CIBT, Inc.19

$74.5H.I.G. Capital, LLC (AKA: H.I.G. Ventures)Chicago Oleochemicals18

-The Johnsson Group Inc.CenterStone Solutions LLC17

-Undisclosed FirmByers Food, Inc.16

-Focus Equity Partners, LLCBusiness Only Broadband LLC15

-Citadel Plastics Holdings, Inc.Bulk Molding Compounds, Inc.14

-Patriarch Partners, LLCBest Manufacturing Group LLC13

-Undisclosed Firm,Chicago Growth Partners (William Blair Capital Partners)Benetech, Inc.12

-Golub Capital; Graham Partners; Inverness Graham InvestmentsB&B Electronics Manufacturing

Company, Inc.

11

$1.0GTCR Golder Rauner LLCAspire Holdings LLC10


Equity),Undisclosed Firm,Baird Venture Partners,Och-Ziff Capital

Management Group (AKA: OZ Advisors, LLC)


-Noble Investment Group Ltd.Amerisuites Schaumburg Hotel8

$28.0Wall Street Systems Delaware, Inc.Aleri Global Banking7


$200.0Thoma Cressey Bravo, HarbourVest Partners LLCAcresso Software, Inc.5

-Vista Equity PartnersAccero, Inc.4

-Gryphon Investors, Inc.Accelerated Rehabilitation Centers,

Ltd.

3

-Ripplewood Holdings LLCAC HoldCo, LLC2

-BrightPath Capital, Inc.,Marquette Venture Partners4th Floor Investment Group LLC1

Sum Inv.



19




$8.0-M-Wave, Inc., Substantially All of the

Assets

63

-Pfingsten Partners, L.P.North America Sports Media LLC64

$0.3Fort Washington Capital Partners GroupNovarra, Inc. (FKA: InfoSpeed)65


-Gryphon Investors, Inc.OccuSport Physical Therapy67

-Questor Management Company LLCOrval Kent Food Company, Inc.68

-Spell Capital Partners, L.L.C.Pacific Press Technologies, LP69

$1.6-Panacea Partners, LLC70

-Accretive Exit Capital Partners LLCMr. Bult's, Inc. (AKA: MBI)62

-Century Park Capital Partners, Inc.Moss, Inc.61

$195.9-Midway Games Inc. (NYSE:MWY)60

-Wafra Partners LLCMicrodynamics Group59


$62.0Mitsui & Co. (U.S.A.), Inc.MED3000, Inc.57

-MG, LLCMarketerNet, LLC56

-Monitor Clipper PartnersMarket Track, LLC55

-Contech, LLCLunt Manufacturing Co., Inc.54

-Talon Merchant CapitalLava Lite LLC53

-Herkules Capital ASKraft Foods Inc., Snacks Operations in

Nordic and Baltic Region

52


(AKA: KAMCO)

51

-Management,Undisclosed Firm,Undisclosed Firm,Argosy Partners (FKA:

Odyssey Capital Group),Ironwood Capital (AKA: Ironwood Capital Advisors

LLC), MTN Capital Partners LLC

JOLIET Equipment Corporation50

-1848 Capital Partners, LLCJet Support Services, Inc.49

$24.5Undisclosed Firm,Brantley PartnersJet Lithocolor, Inc.48

-The Carlyle GroupITS Technologies & Logistics, LLC47

-Kelso & CompanyInsurance Auto Auctions, Inc.46

$1.5Thoma Cressey BravoInfuScience, Inc.45

$1.2Fox Paine & Company, LLCiCyt Mission Technology, Inc.44

-Blue Wolf Capital Management LLCHospital Laundry Services & Northern

Illinois Hospital Service Inc.

43

$3.7C3 Capital LLC,ManagementHi-Tech Manufacturing LLC42

-Vista Equity PartnersHewitt Associates, Inc.- Cyborg unit 41

$169.1Code, Hennessy & Simmons LLCHeartland Dental Care, Inc.40

-ILEX Capital GroupHearthside Baking Company, Inc.39

-Blue Wolf Capital Management LLCHealthcare Laundry Systems38

-Pfingsten Partners, L.P.Happ Controls LLC (DBA: Suzo Happ

Group)

37

-Goldman Sachs Group, Merchant Banking Division; Cordova, Smart &

Williams, LLC

H2O Plus, L.P.36

Sum Inv.



$8.0-M-Wave, Inc., Substantially All of the

Assets

63

-Pfingsten Partners, L.P.North America Sports Media LLC64

$0.3Fort Washington Capital Partners GroupNovarra, Inc. (FKA: InfoSpeed)65


-Gryphon Investors, Inc.OccuSport Physical Therapy67

-Questor Management Company LLCOrval Kent Food Company, Inc.68

-Spell Capital Partners, L.L.C.Pacific Press Technologies, LP69

$1.6-Panacea Partners, LLC70

-Accretive Exit Capital Partners LLCMr. Bult's, Inc. (AKA: MBI)62

-Century Park Capital Partners, Inc.Moss, Inc.61

$195.9-Midway Games Inc. (NYSE:MWY)60

-Wafra Partners LLCMicrodynamics Group59


$62.0Mitsui & Co. (U.S.A.), Inc.MED3000, Inc.57

-MG, LLCMarketerNet, LLC56

-Monitor Clipper PartnersMarket Track, LLC55

-Contech, LLCLunt Manufacturing Co., Inc.54

-Talon Merchant CapitalLava Lite LLC53

-Herkules Capital ASKraft Foods Inc., Snacks Operations in

Nordic and Baltic Region

52


(AKA: KAMCO)

51

-Management,Undisclosed Firm,Undisclosed Firm,Argosy Partners (FKA:

Odyssey Capital Group),Ironwood Capital (AKA: Ironwood Capital Advisors

LLC), MTN Capital Partners LLC

JOLIET Equipment Corporation50

-1848 Capital Partners, LLCJet Support Services, Inc.49

$24.5Undisclosed Firm,Brantley PartnersJet Lithocolor, Inc.48

-The Carlyle GroupITS Technologies & Logistics, LLC47

-Kelso & CompanyInsurance Auto Auctions, Inc.46

$1.5Thoma Cressey BravoInfuScience, Inc.45

$1.2Fox Paine & Company, LLCiCyt Mission Technology, Inc.44

-Blue Wolf Capital Management LLCHospital Laundry Services & Northern

Illinois Hospital Service Inc.

43

$3.7C3 Capital LLC,ManagementHi-Tech Manufacturing LLC42

-Vista Equity PartnersHewitt Associates, Inc.- Cyborg unit 41

$169.1Code, Hennessy & Simmons LLCHeartland Dental Care, Inc.40

-ILEX Capital GroupHearthside Baking Company, Inc.39

-Blue Wolf Capital Management LLCHealthcare Laundry Systems38

-Pfingsten Partners, L.P.Happ Controls LLC (DBA: Suzo Happ

Group)

37

-Goldman Sachs Group, Merchant Banking Division; Cordova, Smart &

Williams, LLC

H2O Plus, L.P.36

Sum Inv.



20




Note: Unlike the rest of the data in the Monitor, this table and table 5 are derived from two sources, Thomson Reuters Financial and Capital IQ. The IVCA Monitor accepts the categories (venture or buyout) provided by Thomson & Capital IQ. Table totals may differ from other tables in this report because private equity reporting is continuous and therefore changes from day to day for all data sources. Also, some companies may appear in both Venture Capital and Buyout lists because both the type of financing round and the investing firm are considered when compiling the list. For example, if a buyout fund made an investment in a venture capital round of financing it would be considered under both Venture Capital and Buyout lists. .

-KRG Capital Partners, LLCTri-County Petroleum, Inc.98

$91.4H.I.G. Capital, LLCUniqema Americas, Inc.99

$6.5-Unison Maximus, Inc.100

-Milestone Partners,Allied Capital CorporationUnited Road Towing, Inc.101

$37.8Thompson Street Capital Partners Universal Air Filter Company102

$50.0CIVC Partners LP (FKA: Continental Illinois Venture Corp.)Wintrust Financial Corporation103

--Zolfo Cooper104

$2.3Bridge Street Capital Partners, LLCZorch International, Inc.105

-Lakeview Equity Partners, LLCTravel Technology Group, LLC97

-The Kenan Advantage Group Inc.Transport Service Co.96

$37.0Huron Capital Partners, LLC; Midwest Mezzanine Funds; Smith Whiley &

Company

TouchPoint Print Solutions Corp.95

-Harbour GroupTime-O-Matic, Inc.94

$2.4-The New Regal Theater93

-Agriventures USA, Inc.The Herbal Garden, Inc.92

$20.0Prairie CapitalTaylor Capital Group, Inc.91

-Glencoe Capital, LLC (FKA: Glencoe Investment Corporation)System Development Integration, Inc.90

-Pfingsten Partners, L.P.Suzo-Happ Group89

-Lehman Brothers, Inc.SRAM Corporation88



Spring Air Co.87

-AVI-SPL, Inc.Signal Perfection Ltd.86

$108.4Behrman CapitalSelig Sealing Products, Inc.85

$75.0Water Street Healthcare Partners (FKA: Water Street Capital)Sarnova84

$4.5BlackEagle Partners (FKA: Centurion Capital Partners)Rockford Products Corporation (FKA:

Rockford Screw Products)

83

$0.8Undisclosed FirmRiverGlass, Inc.82


-Spectrum Equity InvestorsR.J. O'Brien & Associates LLC80

-Intrepid Investments, LLCQ Interactive Inc.79

$17.0GTCR Golder Rauner LLCPrivateBancorp, Inc.78

--PRI Group, LLC77


--Pies by Inge75

$11.5Perseus, L.L.C.Physicians Interactive74

-H.I.G. Capital, LLC (AKA: H.I.G. Ventures)Petroferm, Inc.73

$7.1Adams Street Partners LLC (FKA: Brinson Private Equity)Paylocity72

$75.0Norwest Equity PartnersPangaea Asset Management LLC71

Sum Inv.



-KRG Capital Partners, LLCTri-County Petroleum, Inc.98

$91.4H.I.G. Capital, LLCUniqema Americas, Inc.99

$6.5-Unison Maximus, Inc.100

-Milestone Partners,Allied Capital CorporationUnited Road Towing, Inc.101

$37.8Thompson Street Capital Partners Universal Air Filter Company102

$50.0CIVC Partners LP (FKA: Continental Illinois Venture Corp.)Wintrust Financial Corporation103

--Zolfo Cooper104

$2.3Bridge Street Capital Partners, LLCZorch International, Inc.105

-Lakeview Equity Partners, LLCTravel Technology Group, LLC97

-The Kenan Advantage Group Inc.Transport Service Co.96

$37.0Huron Capital Partners, LLC; Midwest Mezzanine Funds; Smith Whiley &

Company

TouchPoint Print Solutions Corp.95

-Harbour GroupTime-O-Matic, Inc.94

$2.4-The New Regal Theater93

-Agriventures USA, Inc.The Herbal Garden, Inc.92

$20.0Prairie CapitalTaylor Capital Group, Inc.91

-Glencoe Capital, LLC (FKA: Glencoe Investment Corporation)System Development Integration, Inc.90

-Pfingsten Partners, L.P.Suzo-Happ Group89

-Lehman Brothers, Inc.SRAM Corporation88



Spring Air Co.87

-AVI-SPL, Inc.Signal Perfection Ltd.86

$108.4Behrman CapitalSelig Sealing Products, Inc.85

$75.0Water Street Healthcare Partners (FKA: Water Street Capital)Sarnova84

$4.5BlackEagle Partners (FKA: Centurion Capital Partners)Rockford Products Corporation (FKA:

Rockford Screw Products)

83

$0.8Undisclosed FirmRiverGlass, Inc.82


-Spectrum Equity InvestorsR.J. O'Brien & Associates LLC80

-Intrepid Investments, LLCQ Interactive Inc.79

$17.0GTCR Golder Rauner LLCPrivateBancorp, Inc.78

--PRI Group, LLC77


--Pies by Inge75

$11.5Perseus, L.L.C.Physicians Interactive74

-H.I.G. Capital, LLC (AKA: H.I.G. Ventures)Petroferm, Inc.73

$7.1Adams Street Partners LLC (FKA: Brinson Private Equity)Paylocity72

$75.0Norwest Equity PartnersPangaea Asset Management LLC71

Sum Inv.



21



Table 10

34%46%$1,226.2$411.013864 2008

27%37%$1,225.9$331.116460 2007

20%38%$1,309.1$258.713250 2006

17%39%$1,120.5$192.410340 2005

3%38%$1,367.7$38.08231 2004

Yearly

13%46%$93.8$12.428 13 4Q '08

43%51%$619.6$266.439 20 3Q '08

34%46%$356.3$122.937 17 2Q '08

6%41%$156.5$9.434 14 1Q '08

36%39%$426.0$152.246 18 4Q '07

Last Five Quarters

% of All Capital

Invested in

IL Companies

by IL Firms

% of All

IL Companies

Receiving

Capital Funded

by IL Firms

Capital Investment

in IL Companies

by U.S. Funds

Capital Investment

in IL Companies

by IL Funds

IL Companies

Funded by

U.S. Funds

IL Companies

Funded by

IL Funds

Venture and Buyout Investments in Illinois Companies Funded by U.S. and Illinois Funds

34%46%$1,226.2$411.013864 2008

27%37%$1,225.9$331.116460 2007

20%38%$1,309.1$258.713250 2006

17%39%$1,120.5$192.410340 2005

3%38%$1,367.7$38.08231 2004

Yearly

13%46%$93.8$12.428 13 4Q '08

43%51%$619.6$266.439 20 3Q '08

34%46%$356.3$122.937 17 2Q '08

6%41%$156.5$9.434 14 1Q '08

36%39%$426.0$152.246 18 4Q '07

Last Five Quarters

% of All Capital

Invested in

IL Companies

by IL Firms

% of All

IL Companies

Receiving

Capital Funded

by IL Firms

Capital Investment

in IL Companies

by U.S. Funds

Capital Investment

in IL Companies

by IL Funds

IL Companies

Funded by

U.S. Funds

IL Companies

Funded by

IL Funds

Venture and Buyout Investments in Illinois Companies Funded by U.S. and Illinois Funds

22



Chart 2

Source of Venture and Buyout Investments for Illinois Companies

Q4 '08 (USD Mil)

$0 $5 $10 $15 $20 $25 $30

Massachusetts

Undisclosed

California

Illinois

New York

Texas

Non-US

Virginia

Michigan

Rhode Island

Other

23



Chart 3

States Receiving Funds from Illinois Venture and Buyout Firms

Q4 '08 (USD Mil)

$0 $50 $100 $150 $200 $250 $300

Wisconsin

Non-US

California

Ohio

Georgia

New York

Illinois

Massachusetts

Pennsylvania

Kentucky

Other

24



Chart 4

Money Raised by Venture and Buyout Funds

Top States Q4 '08 ($26.6 billion)

California

New York

Connecticut

Massachusetts

Illinois

Minnesota

Nebraska

D. of Columbia

Georgia

Texas

Michigan

Maryland

Pennsylvania

Colorado

Ohio

Minnesota

Michigan

Illinois

California $9,718.6

New York $5,979.0

Connecticut $3,405.5

Massachusetts $2,010.2

Illinois $1,311.6

Minnesota $1,100.8

Nebraska $1,005.5

D. of Columbia $617.3

Georgia $300.0

Texas $267.0

Michigan $248.3

Maryland $225.0

Pennsylvania $219.3

Colorado $158.1

Ohio $82.6

25



Chart 5

Venture and Buyout Assets Under Management

Top States Q4 '08 ($121.7 billion)

New York

Massachusetts

California

Connecticut

Texas

Minnesota

Pennsylvania

Illinois

Florida

D. of Columbia

Michigan

Washington

Rhode Island

North Carolina

New Jersey

Minnesota

Illinois

Michigan

New York $30,699.4

Massachusetts $29,695.2

California $22,378.6

Connecticut $10,571.4

Texas $6,363.6

Minnesota $4,550.4

Pennsylvania $4,361.9

Illinois $3,399.1

Florida $3,325.0

D. of Columbia $2,456.3

Michigan $1,317.2

Washington $897.0

Rhode Island $675.0

North Carolina $573.2

New Jersey $429.2

26



Table 11

Note: * The post offer value represents the value of all shares outstanding (primary share, management shares, etc.) at the offer date.

Table 12

Note: The post offer value represents the value of all shares outstanding (primary share, management shares, etc.) at the offer date.

$624.6$168.0813Tennessee

$2,349.4$500.0813New Hampshire

$120.2$22.0813Illinois

$1,443.1$187.5813Texas

$524.8$126.0813Arizona

$1,212.8$434.01722New York

$273.2$56.81722Florida

$930.3$226.02531California

Post Offer Value*

(USD Mil)Offer Amt (USD Mil)Pct of IPOsNum of IPOsRankFund Location

State Rank - Number of IPOs - 2008

$624.6$168.0813Tennessee

$2,349.4$500.0813New Hampshire

$120.2$22.0813Illinois

$1,443.1$187.5813Texas

$524.8$126.0813Arizona

$1,212.8$434.01722New York

$273.2$56.81722Florida

$930.3$226.02531California

Post Offer Value*

(USD Mil)Offer Amt (USD Mil)Pct of IPOsNum of IPOsRankFund Location

State Rank - Number of IPOs - 2008

$120.2$22.0Total

9.20 $120.2$22.0Heritage-Crystal Clean LLC

Age at IPO (yrs)

Post Offer Value *

(USD Mil) Offer Amt (USD Mil) Company Name

Illinois IPOs - 2008

$120.2$22.0Total

9.20 $120.2$22.0Heritage-Crystal Clean LLC

Age at IPO (yrs)

Post Offer Value *

(USD Mil) Offer Amt (USD Mil) Company Name

Illinois IPOs - 2008

27



Table 13

Quarterly

$796.571$385.243$59.1242008

$658.294$401.637$173.4352007

$813.471$306.338$102.1192006

$704.242$221.537$65.5192005

$1,180.534$160.230$58.1212004

Yearly

$12.413$71.310$13.854Q '08

$480.516$136.815$9.083Q '08

$216.819$133.813$5.742Q '08

$86.823$43.25$30.771Q '08

$265.427$106.69$59.294Q '07

$207.616$73.79$22.96Qtr Avg

$4,152.8312$1,474.8185$458.2118Total '04-'08

Total Capital

(USD Mil)

Number of

Companies

Total Capital

(USD Mil)

Number of

Companies

Total Capital

(USD Mil)

Number of

Companies

BuyoutLater Stage VCEarly Stage VC

Stages of Venture Capital Investment - Illinois

Quarterly

$796.571$385.243$59.1242008

$658.294$401.637$173.4352007

$813.471$306.338$102.1192006

$704.242$221.537$65.5192005

$1,180.534$160.230$58.1212004

Yearly

$12.413$71.310$13.854Q '08

$480.516$136.815$9.083Q '08

$216.819$133.813$5.742Q '08

$86.823$43.25$30.771Q '08

$265.427$106.69$59.294Q '07

$207.616$73.79$22.96Qtr Avg

$4,152.8312$1,474.8185$458.2118Total '04-'08

Total Capital

(USD Mil)

Number of

Companies

Total Capital

(USD Mil)

Number of

Companies

Total Capital

(USD Mil)

Number of

Companies

BuyoutLater Stage VCEarly Stage VC

Stages of Venture Capital Investment - Illinois

illinois venture capital association quarterly private equity

Economy & Finance

venture capital amountinvested

aventure capital

illinois companies q4

private equity monitor

taxonomy section

quarterly data

company totals

state rankings q4