Springfield, IL — The Teachers' Retirement System of the State of Illinois (TRS) celebrated a major milestone at its 20th Annual Opportunity Forum: two decades of the TRS Emerging Manager Program. Established in 2005, the program has become a national model for expanding access and excellence within the investment industry.
The 2025 Opportunity Forum provided an important platform for diverse and emerging managers to engage with TRS investment staff, network with leading asset managers, and gain valuable insights into current market trends and industry developments.
At the Forum, TRS leaders highlighted the program's exponential growth and impact. Today, 29% of TRS's portfolio—totaling more than $21 billion—is managed by diverse and emerging investment firms.
"What we've built over the past 20 years is more than a program—it's a platform that empowers talent, expands opportunity, and strengthens our portfolio," said Stan Rupnik, TRS Executive Director and Chief Investment Officer. "This anniversary is a reminder that bold ideas—when backed by conviction and consistency—can transform not only portfolios, but an entire industry."
The Forum also featured remarks from the head of the program Jose Gonzalez, Senior Investment Officer - Diverse and Emerging Managers, Ghiané Jones, Deputy Chief Investment Officer, and Matthew Hunt, President of the TRS Board of Trustees. Collectively, they underscored how TRS's long-standing commitment to expanding opportunity has shaped the System's investment strategy, governance, and national reputation.
“This isn’t about symbolism—it’s about results. Nearly a third of our portfolio is managed by diverse and emerging firms because the performance, innovation, and leadership they bring is undeniable," said Jose Gonzalez, Senior Investment Officer – Diverse and Emerging Managers. "The track record speaks for itself, and the future is wide open.”
During the forum, a Proclamation from Governor JB Pritzker was presented by Emily Goldman, First Assistant Deputy Governor for Education, officially designating June 2025 as the 20th Anniversary of the TRS Emerging Manager Program. The Proclamation underscores the significance of this milestone and recognizes the program's outstanding contributions to fostering opportunity in investment management, and its lasting impact on both the financial industry and the retirement security of Illinois' educators.
"WHEREAS, the TRS Emerging Manager Program has become a national model... fostering diversity, equity, and opportunity across the investment industry… I, JB Pritzker, Governor of the State of Illinois, do hereby proclaim the month of June 2025 as the official 20th Anniversary of the Teachers' Retirement System Emerging Manager Program," the proclamation reads.
The Emerging Manager Program was launched in 2005 to support investment firms often overlooked by traditional capital channels. Since its inception, the program has committed $11 billion across 138 investments, and helped 19 firms graduate into TRS's core portfolio, growing their mandates from $602 million to $2.6 billion.
"This program is a cornerstone of our investment strategy—it sharpens our decision-making, deepens our relationships, and drives results," said Ghiané Jones, Deputy CIO.
The 20th Annual Opportunity Forum brought together investment professionals, policymakers, and partners from across the country to connect and reflect on two decades of progress—and to chart the course ahead.
"We're not just preserving a legacy," said TRS Board President Matthew Hunt. "We're building on it. The next 20 years will be defined by deeper partnerships, broader access, and even greater impact."
ABOUT TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS
The Teachers’ Retirement System of the State of Illinois is the 38th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside of Chicago. The System serves over 456,000 members and had assets of $75.7 billion as of May 31, 2025.