Public Accountability Report Public Accountability Report

2025 Illinois State Board of Investment
Mission Statement The Illinois State Board of Investment (ISBI), including its Board of Trustees and staff members, is responsible for managing, investing, and reinvesting the assets of certain Illinois bodies, as set forth in Article 5/22A of the Illinois Pension Code. (40 ILCS 5/22A et seq.) The Board and staff have fiduciary responsibilities for managing and investing assets belonging to the State Employees’ Retirement System, the Judges’ Retirement System, and the General Assembly Retirement System (collectively, the Retirement Systems), as well as assets of the Illinois Power Agency (collectively, with the assets of the Retirement Systems, the Fund).
Program Goals and Objectives
  1. Long-term return objectives are based on assumed rates of return set forth by the individual Retirement Systems. The Fund is managed with a long-term investment horizon as a going concern and endeavors to maintain sufficient liquidity, as projected by staff and the Retirement Systems, to meet disbursement needs. The Fund's investment strategy seeks to maximize the likelihood of meeting long-term return objectives, while limiting risk exposures when possible:
    1. maintaining prudent risk exposure;
    2. controlling fees and expenses related to managing the Fund; and
    3. complying with the governing provisions of the Illinois Pension Code (40 ILCS 5/1 et seq.) and other applicable laws and regulations.
Source of Funds Illinois State Board of Investments Fund Statutory Authority 40 ILCS 5/22A-101 et seq.
Fiscal Year 2026 Target/Projected Fiscal Year 2025 Actual Fiscal Year 2025 Target/Projected Fiscal Year 2024 Actual Fiscal Year 2023 Actual
Input Indicators
Total expenditures - all sources (in thousands) $ 30,148.6 $ 29,983.5 $ 29,983.5 $ 26,400.5 $ 18,865.2
Total expenditures - state appropriated funds (in thousands) $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
Average monthly full-time equivalents 14.0 14.0 13.0 14.0 11.0
Total investment manager fees $ 24,000.0 N/A $ 24,000.0 $ 21,398.0 $ 13,702.0
Output Indicators
Equity investments (in thousands) N/A $ 14,731,035.5 N/A $ 11,847,335.7 $ 10,918,167.1
Fixed income investments (in thousands) N/A $ 4,613,749.5 N/A $ 5,867,141.6 $ 5,743,338.4
Municipal bonds N/A N/A N/A N/A N/A
Bank loans (in thousands) N/A $ 131,671.8 N/A $ 113,775.9 $ 125,535.4
Real estate funds (in thousands) N/A $ 2,720,352.9 N/A $ 2,614,502.7 $ 2,727,334.5
Private equity investments (in thousands) N/A $ 2,936,390.5 N/A $ 2,614,816.9 $ 2,400,092.1
Private credit investments (in thousands) N/A $ 2,522,410.9 N/A $ 2,169,869.3 $ 1,652,431.0
Infrastructure investments (in thousands) N/A $ 836,935.0 N/A $ 644,775.9 $ 551,606.0
Hedge funds investments (in thousands) N/A $ 149.2 N/A $ 143.5 $ 180.5
Cash equivalents (in thousands) N/A $ 175,865.2 N/A $ 242,631.6 $ 160,666.2
Deposit (subscription advance) N/A N/A N/A N/A N/A
Outcome Indicators
Domestic equities return N/A 15.70% N/A 23.50% 17.70%
International equities return N/A 15.60% N/A 13.30% 11.90%
Fixed income return N/A 6.90% N/A 3.80% 0.50%
Real estate return N/A 1.40% N/A -4.40% -6.00%
Infrastructure return N/A 11.10% N/A 8.20% 9.70%
Private equity return N/A 5.30% N/A 3.40% 2.40%
External Benchmarks
Russell 3000 Index: domestic equities N/A 15.30% N/A 23.10% 19.00%
MSCI-ACWI ex US Index: international equities N/A 17.80% N/A 11.60% 12.50%
BBG US Universal: fixed income N/A 6.50% N/A 3.50% 0.00%
Real estate: real estate CB N/A 3.10% N/A -8.70% -9.70%
Infrastructure: infrastructure CB N/A 6.53% N/A 6.60% 6.60%
Private equity: private equity CB N/A 7.10% N/A 6.20% N/A
Efficiency/Cost-Effectiveness Indicators
Management fees as a percentage of total net assets N/A 0.07% N/A 0.08% 0.06%
Administrative expenses as a percentage of total net assets N/A 0.02% N/A 0.02% 0.02%
Explanatory Information

For fiscal year 2025, ISBI’s portfolio realized one-year and 10-year growth rates of 9.7% and 7.3%, respectively. For more information on performance, please refer to our website at isbinvestment.com. Actual total expenditures from all sources were $26,506,052 for fiscal year 2025 and are reported on an actual basis. The total withdrawals in fiscal year 2025 by the Retirement Systems (including $3,612,223 by the Illinois Power Agency Trust Fund) were $96,115,483.

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