Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart B - DEFINITIONS
Section 130.241 - Definition of the Term "Institutional Investor" under Sections 4C and 4D of the Act

a) investment companies, universities, and other organizations whose primary purpose is to invest its own assets or those held in trust by it for others;

b) trust accounts and individual or group retirement accounts in which a bank, trust company, insurance company or savings and loan institution acts in a fiduciary capacity; and

c) foundations and endowment funds exempt from taxation under the Internal Revenue Code, a principal business function of which is to invest funds to produce income in order to carry out the purpose of the foundation or fund.