The $77B Teachers’ Retirement System of the State of Illinois has appointed Janice Llereza senior investment officer — diverse and emerging managers.
Llereza joins TRS from Boeing, where she spent more than two decades on the investment team managing the company’s $58B corporate defined benefit plan. Most recently, she served as director of the aerospace manufacturer’s $4.4B real estate and real assets portfolio, overseeing a diverse mix of core, value-add, and opportunistic real estate, as well as public and private infrastructure, private equity energy, commodities, farmland, and timber. In this role, she led investment strategy development and manager selection.
She began her career at Boeing in 2001 as a trust administrator and steadily advanced through leadership positions across the real assets, alternatives, and private equity teams.
Outside of work, Llereza serves on the board of Filipinos in Institutional Real Estate (FIIRE) in Chicago.
As of July 31, 2025, 52.1% of the TRS’ portfolio was allocated to equities, in line with its target of 52.0%. Its fixed income allocation (26.4%) was over its target allocation of 25%, while the real assets portfolio was slightly under-allocated (16.5% vs 18.0%). The fund’s diversifying strategies portfolio was right in line with its target allocation of 5.0%.
