DFX Intelligence

Allocator Intelligence

Teachers' Retirement System of the State of Illinois

State retirement system· Springfield, Illinoistrsil.org

State retirement system, based in Springfield, Illinois, reporting $77B in assets, for 456,101 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$77B
Private allocation
41.0%
Fund commitments
92
Managers
54
Contact decision makersView relationships
More
Ask DFX about this allocatorInvestment staff
Open searchesPlans backing its top managerSimilar plans, same strategyCommitments (92)Allocation policyConsultants
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Sep 2027

Teachers' Retirement System of the State of Illinois

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedTeachers' Retirement System of the State of Illinois holds an investment firm and the manager's next fund in that series, a fund, is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

No decision maker identified yet.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

Latest dated change: 24 Sep 2026, Re-up prospect for Ridgemont Equity Partners V, L.P.: condition no longer holds; not judged. Every change is listed below.

4 more people, 6 more advisers, 51 more managers, 89 more commitments and 7 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

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People to know

View all people
  • R. Stanley Rupnik
    Executive Director and Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 7
Teachers' Retirement System of the State of Illinois
Funds committed to
All 8
Managers
All 54

Relationship network

161 connected entities92 observed commitments1 repeat counterpartycommitments 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Service provider
  • Person

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$77B
Fiduciary net position, Jun 30, 2025 reported
Funded
not on record
not filed
Private markets target
41.0%
policy Jun 30, 2025
Commitments
92
54 managers on Schedule C
Allocation policy
ACFR, as of Jun 30, 2025
Asset class (as printed)BucketTargetRangeActualGapBasis
Short-termCash2.0%2.5%+0.5reported trsil.org
Global incomeFixed income15.0%16.2%+1.2reported trsil.org
Diversifying strategiesHedge / diversifiers5.0%4.4%-0.6reported trsil.org
Private creditPrivate credit8.0%6.9%-1.1reported trsil.org
Private equityPrivate equity15.0%17.3%+2.3reported trsil.org
Public equityPublic equity37.0%36.0%-1.0reported trsil.org
Other real assetsReal assets2.0%3.0%+1.0reported trsil.org
Real estateReal estate16.0%13.7%-2.3reported trsil.org
Policy periods on the tape: Jun 30, 2025 (ACFR), Jun 30, 2024 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
9 firms

+6 more consultants and advisers advise this allocator

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Decision makers
who to call first about an allocation, and why; then everyone else by function
  • R. Stanley Rupnik · Executive Director and Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 1 person, grouped by function
Finance, operations and compliance (1)
  • Deron Bertolo · Chief Financial Officer
    Why this person: Chief Financial Officer at the firm

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

People
7 roles
Chief investment officer
R. Stanley Rupnik
Executive Director and Chief Investment Officer (Sep 30, 2026) trsil.org
ation Primary tabs View Latest version TRS Executive Staff Email Addresses Stan Rupnik Executive Director and Chief Investment Officer executive_director@trsil.org chief_investment_officer@trsil.org F

+4 more people on the investment staff and board

Every name, title and published role at this allocator, with the page it was read from.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Manager roster
54 managers on the commitment tape
From the plan’s own commitment disclosures

+51 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What changed
12 events
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Ridgemont Equity Partners V, L.P.: condition no longer holds; not judged
    with Ridgemont Partners Management, LLCno URL
  • Jun 11, 2026Policy updated
    Teachers' Retirement System of the State of Illinois (TRS Illinois) adopts a policy change: asset allocation policy
    trsil.org
  • Jun 11, 2026Policy updated
    Teachers' Retirement System of the State of Illinois (TRS Illinois) adopts a policy change: asset allocation policy
    trsil.org
  • Aug 1, 2025Consultant changed
    Teachers' Retirement System of the State of Illinois (TRS Illinois) selects Meketa Investment Group, Inc., and Stout Risius Ross, LLC as specialist consultant
    trsil.org
  • Jul 1, 2025Re-up prospectinference
    Teachers' Retirement System of the State of Illinois holds Ridgemont Equity Partners; the manager has a newer fund open: Ridgemont Equity Partners V, L.P. (state not recorded, Form D first sale 2025-07-01); no commitment to it on the graph
    with Ridgemont Partners Management, LLCno URL

+7 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Commitments
92 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Jun 2, 2025Grain CommunicationsGrain Management, LLCPrivate equityn/aDisclosed holdingtrsil.org
as of Jun 2, 2025Searchlight Capital PartnersSearchlight Capital PartnersPrivate equityn/aDisclosed holdingtrsil.org
as of Jun 2, 2025Olympus PartnersOlympus PartnersPrivate equityn/aDisclosed holdingtrsil.org

+89 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding
58 readings
Total assets
$71B Jun 30, 2024 derived Census ASPP
$66B (2023-06) · $63B (2022-06)
Fiduciary net position
$77B Jun 30, 2025 reported ACFR
$71B (2024-06) · $67B (2023-06) · $63B (2022-06)
Long-term investments
$71B Jun 30, 2024 reported Census ASPP
$65B (2023-06) · $63B (2022-06)
Total pension liability
$86B Jun 30, 2024 reported Census ASPP
$85B (2023-06) · $84B (2022-06)
Discount rate
7.00% Jun 30, 2024 reported Census ASPP
7.00% (2023-06) · 7.00% (2022-06)
Participants
456,101 Jun 30, 2024 derived Census ASPP
448,235 (2023-06) · 439,833 (2022-06)
Active members
171,754 Jun 30, 2024 derived Census ASPP
169,889 (2023-06) · 165,566 (2022-06)
Beneficiaries
132,902 Jun 30, 2024 reported Census ASPP
131,017 (2023-06) · 129,466 (2022-06)
Benefits paid
$8.2B Jun 30, 2024 reported Census ASPP
$7.9B (2023-06) · $7.6B (2022-06)
Investment expense
$1.1B Jun 30, 2024 reported Census ASPP
$940M (2023-06) · $947M (2022-06)
Provenance
Identifiers: Census PID6 226222
Cross-graph: private equity LP tape (cited), venture LP tape (cited)
First observed Sep 15, 2026, last observed Oct 1, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio.

Across the graphs

Teachers' Retirement System of the State of Illinois is the same institution as 1 record in Venture Capital.

Venture Capital1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Capital chain

Teachers' Retirement System of the State of Illinois sits on 136 traced paths of capital across the graphs.

Allocator to PE fund to manager to company

DFX traced 136 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

104 dated events on the change ledger, latest event first
  • Re up prospect resolved
    2026-09-24
  • Policy updated
    2026-06-11source on record
  • Policy updated
    2026-06-11source on record

+101 more changes on this record's ledger

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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+71 connections on the graph

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