The Illinois Treasurer’s office is tapping inflation-hedging investments — and working to benefit its home state while doing it. The Office of the Treasury which manages some $55 billion in capital, announced last week that it had made its first investment through a new infrastructure fund. The $75 million allocation to Ullico Infrastructure, kicks off the evergreen investment effort, called FIRST Fund. The platform, established via legislation in 2021, will deploy up to five percent of the Illinois Treasury’s assets to real asset investment managers. At present, that’s $1.5 billion, which will be invested over the course of several years. The twist on the platform is that it’s designed t
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