# Illinois State Board of Investment

Illinois State Board of Investment is a Pension Fund based in Chicago, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 180 North LaSalle Street Suite 2015, Chicago, IL, United States
- **Founded:** 1969
- **Assets under management:** 31500 (Altss estimate)
- **Website:** isbinvestment.com
- **LinkedIn:** https://www.linkedin.com/company/illinois-state-board-of-investment

## Regulatory record

- **Reports private funds:** No

## About

Illinois State Board of Investment manages defined benefit assets. It serves the State Employees’ Retirement System, the General Assembly Retirement System, and the Judges’ Retirement System of Illinois. The board oversees the Illinois Power Agency Trust Fund and the State of Illinois Deferred Compensation Plan.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Private Credit

## People

- Dipesh Mehta — Executive Director and Chief Investment Officer
- Terrence Healy — Chairman of the Board
- Michael Frerichs — Vice Chair of the Board
- Susana A. Mendoza — Board Member

## Questions

### Who runs investment decisions at Illinois State Board of Investment?

Dipesh Mehta serves as Executive Director and Chief Investment Officer. He oversees asset allocation and manager selection for the defined benefit portfolios.

### Does Illinois State Board of Investment participate in fund commitments or only direct deals?

The board commits to limited partnerships in private equity, real estate, infrastructure, and private credit. It also holds direct joint venture interests in several Chicago-area properties.

### What investment stages does Illinois State Board of Investment typically target?

Commitments span buyout, growth, venture, distressed debt, and special situations strategies through fund vehicles and co-investments.

### How is Illinois State Board of Investment related to the State Employees’ Retirement System?

ISBI manages the defined benefit assets of the State Employees’ Retirement System along with the Judges’ Retirement System and General Assembly Retirement System under statutory authority.

### Where does the underlying capital come from?

Assets originate from contributions and investment returns supporting the defined benefit plans of Illinois state employees, judges, and legislators.

### Does Illinois State Board of Investment maintain relationships with external consultants?

Meketa Investment Group acts as general investment consultant and Hamilton Lane provides private equity and real estate advisory services.

### What geographic markets does Illinois State Board of Investment cover?

The portfolio includes U.S. and European private equity funds plus global infrastructure and real estate holdings.

## Related profiles

- [Athora Netherlands](https://altss.com/profile/athora-netherlands)
- [PenSam Pension](https://altss.com/profile/pensam-pension)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/illinois-state-board-of-investment

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