# Teachers Retirement System of the State of Illinois

Teachers Retirement System of the State of Illinois is a Limited Partner based in Springfield, United States.

## Overview

- **Organization type:** Limited Partner
- **Headquarters:** Springfield, United States
- **Region:** North America
- **Address:** Springfield, IL, United States
- **Founded:** 1939
- **Assets under management:** Undisclosed
- **Website:** trsil.org
- **LinkedIn:** https://www.linkedin.com/company/trsil

## Regulatory record

- **Reports private funds:** No

## About

The Teachers' Retirement System of the State of Illinois (TRS) operates as a state government agency. It ranks as one of the largest pension systems in the United States. Established in 1939, TRS pays retirement annuities, disability benefits, and survivor benefits to teachers, administrators, and public-school personnel outside Chicago.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Private Credit
- Hedge Funds
- Public Equities
- Fixed Income

## People

- Stan Rupnik — Executive Director & Chief Investment Officer

## Questions

### Who runs investment decisions at the Teachers Retirement System of the State of Illinois?

Stan Rupnik serves as both Executive Director and Chief Investment Officer, leading an internal investment staff responsible for asset allocation, manager selection, and risk oversight across the fund's entire portfolio. The board of trustees retains ultimate fiduciary authority and includes elected teacher and annuitant representatives alongside state appointees.

### What is the fund's approach to private market investments?

TRS has meaningfully expanded its private market allocations over the past two decades, committing to private equity, real estate, private credit, and infrastructure funds as limited partner. The shift reflects a broader pension industry trend toward illiquid return premiums, but at TRS it is particularly acute given the fund's need to generate excess returns that offset decades of insufficient state contributions.

### How does Illinois' fiscal condition affect TRS?

Illinois has historically underfunded its statutory pension obligations, leaving TRS with a funded ratio that has often ranked among the weakest nationally. This structural deficit forces the investment staff to pursue higher-returning asset classes while managing liquidity demands for monthly benefit payments to over 130,000 annuitants. The constitutional protection of benefits limits the state's ability to reduce liabilities through benefit cuts.

### Is TRS the same as the Illinois Municipal Retirement Fund?

No. TRS covers public school teachers and administrators outside Chicago. IMRF covers municipal employees across the state. Chicago teachers have their own separate fund, the Chicago Teachers' Pension Fund. Each system has distinct governance, funding mechanisms, and investment programs.

### Does TRS have an emerging manager program?

Yes. TRS has allocated capital through a minority- and women-owned broker and investment manager program designed to increase participation by diverse-owned firms in the fund's investment strategy. The program spans multiple asset classes and is a recurring area of board attention.

## Related profiles

- [Teachers Retirement System of Alabama (TRS)](https://altss.com/profile/teachers-retirement-system-of-alabama-trs)
- [Teachers' Union Health](https://altss.com/profile/teachers-union-health)

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

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