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College Illinois! 529 Prepaid Tuition Program
The College Illinois! 529 Prepaid Tuition Program was established to help families prepay tuition and fees at Illinois public colleges and universities.
College Illinois! 529 Prepaid Tuition Program
The College Illinois! 529 Prepaid Tuition Program was established to help families prepay tuition and fees at Illinois public colleges and universities. It is administered by the Illinois Student Assistance Commission under the Illinois Prepaid Tuition Trust Fund. Assets include a U.S. Treasury ladder sized to future tuition payments, a diversified real estate portfolio valued at $26.8 million, and infrastructure holdings. The program also maintains positions in domestic and international equities managed by external firms such as RhumbLine Advisers and Ariel Investments, plus fixed income portfolios that include high-yield bonds. Geographic exposure centers on the United States with additional international equity coverage. The program maintains an Investment Advisory Panel that reviews risk, performance and asset allocation. Recent panel meetings occurred in June 2024 and October 2024. Service providers include Callan LLC as investment advisor since 2010, Northern Trust as custodian since 1998, Crowe LLP as auditor, Gabriel Roeder Smith as actuary, and Kutak Rock as legal counsel. The structure is a state trust rather than a private family office, with investment decisions tied to statutory requirements and annual budget approvals by the Illinois Student Assistance Commission.
General information
Firm type
Trust / Investment Trust
Year founded
—
AUM
799 (Altss estimate)
Location
Region
North America
Country
United States
City
Springfield
Corporate office
500 West Monroe Third Floor, Springfield, IL 62704-1876, United States
Principals
Eric Zarnikow
Executive Director of ISAC
Rolake Adedara
Chief Financial Officer of ISAC
Sector focus
Frequently asked questions
Who runs investment decisions at College Illinois! 529 Prepaid Tuition Program?
Eric Zarnikow serves as Executive Director of the Illinois Student Assistance Commission, which administers the program. An Investment Advisory Panel reviews risk, performance and allocation.
What asset classes does the program hold?
Holdings include U.S. Treasuries, domestic and international equities, high-yield bonds, a $26.8 million real estate portfolio, and infrastructure investments.
How is the program structured relative to external managers?
It uses external managers for equity and fixed income sleeves while retaining direct ownership of certain real estate assets through the Illinois Prepaid Tuition Trust Fund.
Does the program participate in private equity or secondaries?
It holds a position in Camelot Acquisitions Secondary Opportunities Fund as a limited partner and previously owned an interest in ShoreBank.
Where does the program custody assets and obtain actuarial services?
Northern Trust has served as custodian since 1998. Gabriel, Roeder, Smith and Company has provided actuarial services since 2015.
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