# Illinois Student Assistance Commission

Illinois Student Assistance Commission is an Endowment / Foundation based in Deerfield, United States.

## Overview

- **Organization type:** Endowment / Foundation
- **Headquarters:** Deerfield, United States
- **Region:** North America
- **Address:** Deerfield, IL, United States
- **Founded:** 1957
- **Assets under management:** Undisclosed
- **Website:** www.isac.org
- **LinkedIn:** https://www.linkedin.com/company/state-of-illinois---illinois-student-assistance-commission

## Regulatory record

- **Reports private funds:** No

## About

The Illinois Student Assistance Commission was created by the state legislature in 1957 to expand access to higher education for Illinois residents. It operates as a government agency rather than a private foundation, administering flagship aid programs while also managing two investment pools: the College Illinois! Prepaid Tuition Trust Fund and the Illinois Designated Account Purchase Program (IDAPP) Fund. Chairman Kevin B. Huber, the former CIO of the Chicago Teachers' Pension Fund, leads the commission's investment committee alongside Vice Chair Elizabeth V. Lopez, a litigator at United Airlines. The commission's investment posture is built nearly exclusively around secondaries — a concentrated allocation that sets it apart from the diversified, consultant-driven portfolios typical of state-linked educational entities. The strategy focuses on acquiring interests in private funds and other illiquid vehicles, providing liquidity to sellers. The investment committee operates under the governance of ISAC's board, which also directs policy for the agency's primary operational function: distributing need-based grants through the Monetary Award Program (MAP). Executive Director Eric Zarnikow and CFO Rolake Adedara oversee day-to-day management. The commission maintains professional ties through memberships in the National Association of State Student Grant and Aid Programs (NASSGAP) and the National Association of Student Financial Aid Administrators (NASFAA). The structural differentiator is the pairing of a state-run tuition guarantee vehicle with an actively managed, secondaries-only investment program governed by a board that includes former public pension CIOs. This hybrid architecture — part educational program administrator, part niche asset manager — is rarely replicated at the state level, where tuition trust assets are more commonly outsourced to external firms or managed against a simple fixed-income benchmark.

## Sectors

- Secondaries & Special Situations

## People

- Kevin B. Huber — Chairman of the Commission and Investment Committee
- Elizabeth V. Lopez — Vice Chair of the Commission
- Eric Zarnikow — Executive Director
- Rolake Adedara — Chief Financial Officer

## Questions

### Who runs investment decisions at the Illinois Student Assistance Commission?

The commission's investment committee is chaired by Kevin B. Huber, the former CIO of the Chicago Teachers' Pension Fund. He is supported by Vice Chair Elizabeth V. Lopez. Day-to-day financial operations are managed by CFO Rolake Adedara, with executive oversight from Director Eric Zarnikow.

### What is the investment strategy for ISAC's trust funds?

ISAC deploys capital primarily through secondaries transactions, purchasing existing limited partner interests in private funds. This provides liquidity to selling LPs and gives the commission exposure to seasoned private-market assets. The strategy is notably concentrated for a public-sector educational entity.

### What assets does ISAC invest on behalf of?

ISAC manages two dedicated investment pools: the College Illinois! Prepaid Tuition Trust Fund, which backs prepaid tuition contracts sold to Illinois families, and the Illinois Designated Account Purchase Program (IDAPP) Fund, associated with the state's 529 college savings program.

### Does ISAC invest in funds or only direct deals?

ISAC's focus on secondaries means it primarily invests by acquiring existing fund interests on the secondary market, rather than making primary fund commitments or direct company investments. The trust funds do not publish a detailed portfolio, so the mix between fund-of-funds interests and single-asset secondary transactions is not publicly known.

## Related profiles

- [Illinois State Treasury - Technology Development Fund](https://altss.com/profile/illinois-state-treasury-technology-development-fund)
- [Illinois Wesleyan University Endowment](https://altss.com/profile/illinois-wesleyan-university-endowment)

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Last updated: 2026-08-11T02:43:31.692Z

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