FOR IMMEDIATE RELEASE

SPRINGFIELD, IL – The Teachers' Retirement System of the State of Illinois (TRS) Board of Trustees reviewed progress on the fourth year of the System's five-year Strategic Plan during its regularly scheduled July meeting. Adopted in August 2023, the Strategic Plan continues to guide organizational priorities and long-term investments that strengthen service to members, employers and stakeholders.

The Strategic Plan provides the framework for organizational decision-making, helping ensure TRS continues to meet the evolving needs of more than 462,000 members while responsibly managing one of the nation's largest public pension systems.

Over the past four years, TRS has invested in the people, processes and technology needed to serve a growing membership and an increasingly complex pension system. As the Strategic Plan enters its final phase, the focus is on strengthening those capabilities, embedding them into daily operations and positioning the organization for long-term success. This work continues across five core goal areas: strengthening enterprise and investment risk governance; improving the experience of members and employers; building a more connected organizational culture; investing in workforce and leadership development; and modernizing the System's technology foundation, including the ongoing implementation of a new pension administration system.

"We're four years into a five-year strategic effort, and the progress is real," said TRS Executive Director and Chief Investment Officer Stan Rupnik. "As we enter the final phase of our Strategic Plan, our responsibility is to build on the foundation we've created in our people, our culture and our systems while continuing to deliver meaningful improvements for our members and employers. Our focus remains on creating lasting value through strong governance, operational excellence and responsible stewardship."

"Our Strategic Plan creates alignment across the organization," said TRS Chief of Staff Sally Antonacci. "Every department understands how its work supports the goals approved by the Board, and our responsibility is to ensure those priorities translate into meaningful outcomes for the members and employers we serve. As we move into the final years of the plan, maintaining that alignment will continue to be essential to our success."

Each year, TRS staff develops an Annual Business Plan that translates the Strategic Plan's long-term goals into specific, near-term priorities, with progress reported regularly to the Board. Looking ahead to fiscal year 2027, organizational priorities will continue to focus on strengthening capacity, reinforcing a One TRS culture of collaboration and service, and developing leaders equipped to guide the System through continued growth and change.

"The Board's role is to ensure this Strategic Plan continues to serve the long-term interests of our members," said TRS Board President Devon Bruce. "As we enter this next phase, the Board remains focused on strong governance and fiduciary oversight, and we're encouraged by the progress staff has made in strengthening the organization while maintaining a steadfast commitment to service and fiduciary excellence."

TRS remains committed to transparency and accountability as it advances its Strategic Plan, with the Board and staff continuing to evaluate progress at regularly scheduled Board meetings.

Board of Trustees Meeting Investment Actions

The TRS Board of Trustees met at its regularly scheduled July meeting and discussed the following investment actions within the TRS portfolio:   

Trustees approved the annual tactical plans for the System's Private Equity and Real Assets Programs for fiscal year 2027. Summary information on the FY27 tactical plans is expected to be posted to the TRS website within the next two weeks.

Within the System’s $13.5 billion Private Equity Portfolio:

• The commitment of €35 million to Norvestor X SCSp. Norvestor is a new relationship to TRS.
• The commitment of $85 million to Green Equity Investors X, L.P. Green does not currently manage any TRS assets.
• The commitment of $30 million to Volition Capital Fund VI, L.P. Volition is a new relationship to TRS.
• The commitment of €51 million to PSG Europe III SCSp. PSG currently manages $97.2 million in TRS.

Within the System’s $13.4 billion Real Assets Portfolio:

• The commitment of $100 million to Partners Group Infrastructure Secondary (USD) A, L.P. Partners Group is a new relationship to TRS.

Within the $21.8 billion Income Portfolio:

• An additional commitment of $100 million ICG Santo SCSp. ICG currently manages $757.7 million in TRS assets.
• The commitment of $125 million to Park Square Capital European Loan Partners II SCSp. Park Square currently manages $77.0 million in TRS assets.
• The commitment of $150 million to Taurus Mining Fund No. 3, L.P. Taurus currently manages $223.8 million in TRS assets.
• The commitment of $100 million to Locust Point Private Credit Fund IV-B, L.P. Locust Point currently manages $198.2 million in TRS assets.

About Teachers' Retirement System of the State of Illinois

The Teachers' Retirement System of the State of Illinois is the 35th largest public pension system in the United States and administers retirement, disability and survivor benefits for teachers, administrators and other public-school personnel employed outside of Chicago. The System serves more than 462,000 members and had assets of $86.1 billion as of June 30, 2026.