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Illinois State Treasury
The Illinois State Treasury has managed the state's public funds since 1818. Michael Frerichs took over as Treasurer and Chief Investment Officer in 2015,...
Illinois State Treasury
The Illinois State Treasury has managed the state's public funds since 1818. Michael Frerichs took over as Treasurer and Chief Investment Officer in 2015, succeeding Dan Rutherford. The office invests tax revenue on behalf of the state, operating from Chicago. Frerichs oversees a portfolio spanning several asset classes. The Illinois Technology Development Fund, a fund-of-funds program, commits capital to Illinois-based venture firms that back early-stage companies. The treasury also participates in infrastructure via the Ullico Infrastructure Fund and direct holdings such as the CenTrio District Energy Cooling System in Chicago and TowerPoint Infrastructure Partners. On the fixed-income side, the office holds sovereign bonds from Israel and the Republic of Poland. Geographic commitments concentrate on Illinois and the broader United States, with selectivity toward international sovereign issuances. Joe Aguilar serves as designated Chief Investment Officer. The office maintains relationships across state treasurer networks such as the National Association of State Treasurers, the National Association of Securities Professionals, CFA Society Chicago, and the public-pension advocacy group For the Long Term. In May 2024, the Treasury promoted Joe Aguilar to CIO alongside existing leadership roles, formalizing the investment function internally. Structurally, the Illinois State Treasury operates unlike a typical family office or private allocator. An elected official sets investment policy for a $50 billion-plus pool of state funds. The hybrid mandate — combining local economic-development goals through the ITDF with traditional fixed-income and infrastructure management — embeds public-policy objectives inside every allocation decision.
General information
Firm type
Government / Public Body
Year founded
1818
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Michael Frerichs
Illinois State Treasurer and Chief Investment Officer
Joe Aguilar
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the Illinois State Treasury?
The elected State Treasurer, Michael Frerichs, serves as Chief Investment Officer and sets the strategic direction. Joe Aguilar operates as designated Chief Investment Officer overseeing day-to-day portfolio management. Both roles are listed in public filings for the office.
Does the Illinois State Treasury focus only on fixed-income investments?
No. While the state manages significant fixed-income portfolios, including sovereign bonds from Israel and Poland, the Treasury also operates the Illinois Technology Development Fund, a venture fund-of-funds program, and holds direct infrastructure assets such as the CenTrio District Energy Cooling System in Chicago.
How does the Illinois Technology Development Fund operate?
The ITDF functions as a fund-of-funds program. It commits capital to Illinois-based venture firms that invest in local technology companies. The program aims to increase the pool of early-stage funding available to Illinois startups, blending economic-development goals with return expectations.
How is the Illinois State Treasury different from a pension fund?
The Treasury manages the state's operating funds and tax revenue, distinct from the Illinois pension systems which operate under separate boards. The Treasury holds shorter-duration, highly liquid assets alongside longer-term allocations to venture and infrastructure, whereas pension funds typically focus on long-term liabilities.
Does the Illinois State Treasury co-invest alongside external managers?
The Treasury primarily commits to funds rather than direct startup investments through the ITDF program. On the infrastructure side, it invests through vehicles like the Ullico Infrastructure Fund and holds direct assets, but does not publicly market standalone co-investment opportunities.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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