Investment Managers

529 College Savings Program

The Illinois State Treasurer is the trustee of Illinois’ two 529 College Savings Plans, Bright Start and Bright Directions.  Together, these programs represent approximately $23 billion in assets. 

Bright Start and Bright Directions are qualified tuition programs under Section 529 of the Internal Revenue Code. Earnings can grow tax-free when withdrawals are used for qualified education expenses such as tuition, fees, books, and eligible room and board.

Both plans offer three portfolio structures to align with investor objectives and risk tolerance: Age-Based, Target, and Individual Fund portfolios. Portfolios invest across a diversified mix of asset classes, including cash and cash equivalents, fixed income, public equities, and real assets.

Investment consultants: Wilshire Associates; Marquette Associates

Manager eligibility (Bright Start and Bright Directions):

• Registered Investment Advisor
• Registered Investment Company
• For externally managed programs, the Treasurer’s Office generally considers registered investment companies offering pooled vehicles compliant with the Investment Company Act of 1940, including mutual funds and exchange-traded funds, with an exception for sub-advisory firms owned by minorities, women, veterans, or persons with a disability.

Illinois Growth and Innovation Fund

The Illinois Growth and Innovation Fund is an evergreen impact investment fund focused on attracting, supporting, and retaining technology-enabled businesses in Illinois. The fund is structured to allocate capital on a recurring basis to Illinois venture capital, growth equity, and private venture debt firms with the goal of investing in tech-enabled businesses seeking to locate, expand, or remain in Illinois.

Investment advisor: 50 South Capital Advisors
Eligibility: Requirements are detailed at ILGIF.com under “Requirements.”

FIRST Fund

The FIRST Fund is an impact investment strategy dedicated to strengthening Illinois infrastructure and real estate. Authorized under the Infrastructure Development Act, it allows the Treasurer to allocate up to 5 percent of the State Portfolio to invest in Illinois infrastructure and real estate assets through Illinois infrastructure development firms. The fund is structured to allocate capital on a recurring basis with a focus on Illinois development projects.

Investment advisor: The Rock Creek Group
Manager eligibility: Significant presence in Illinois and a proven track record of investing in Illinois infrastructure development projects.

Illinois ABLE Savings Program

Illinois ABLE is a tax-advantaged savings and investment program that helps eligible individuals with disabilities save for disability-related expenses without jeopardizing federal means-tested benefits.

The program offers a range of investment options across risk profiles. Portfolios are primarily built on passively managed index funds spanning public market asset classes, including cash and cash equivalents, fixed income, public equities, and real estate.

Investment consultant: Marquette Associates
Manager eligibility (Illinois ABLE):

• Registered Investment Advisor
• Registered Investment Company
• For externally managed programs, the Treasurer’s Office generally considers registered investment companies offering pooled vehicles compliant with the Investment Company Act of 1940, including mutual funds and exchange-traded funds, with an exception for sub-advisory firms owned by minorities, women, veterans, or persons with a disability.

Illinois Secure Choice Retirement Savings Program

The Treasurer’s Office administers Illinois Secure Choice on behalf of the Secure Choice Board, which is chaired by Treasurer Michael Frerichs. Secure Choice provides a retirement savings option for Illinois workers whose employers do not offer a workplace plan.

Secure Choice offers investment options ranging from growth-oriented to conservative approaches. Options include individual funds and target-date funds that invest across cash and cash equivalents, fixed income, public equities, and real estate, and are subject to market risk.

Investment consultant: Marquette Associates

Manager eligibility (Secure Choice):

For externally managed programs, the Treasurer’s Office generally considers registered investment companies offering pooled vehicles compliant with the Investment Company Act of 1940, including mutual funds and exchange-traded funds, with an exception for sub-advisory firms owned by minorities, women, veterans, or persons with a disability.

Registered Investment Advisor

Registered Investment Company

State Investments

The Treasurer’s Office provides treasury, cash management, and investment support to Illinois agencies, boards, and commissions. The State Investments portfolio is approximately $12 to $15 billion and is managed to ensure liquidity for daily obligations while investing remaining funds in authorized short- and long-term opportunities. External managers are used for select asset classes, such as municipal and corporate fixed income.

Investment consultant: Marquette Associates
External manager eligibility: Opportunities are filled through an RFP process as needs arise. RFPs are posted on the Treasurer’s procurement webpage. Firms can subscribe to procurement notifications to receive email alerts when new RFPs are issued.

Investment Policy Statements

The Treasurer’s Office maintains investment policy statements for each program. These documents outline investment objectives, parameters, governance and administrative responsibilities, contractual requirements, and reporting expectations.  

MWVD and Illinois-Based Investment Managers

The Treasurer’s Office is committed to expanding opportunities for Illinois-based firms and firms owned by minorities, women, veterans, and persons with disabilities. Please refer to the MWVD Firms and Illinois Firms pages for additional information.

Contact Us

For general questions or to share information about an eligible investment vehicle, email Investments@IllinoisTreasurer.gov.