News

Organizational Chart

Board of Trustees
Executive Director / Chief Investment Officer
Investments
Legal
Accounting / Operations

Committees

Executive Committee: Exercises the powers of the Board in relation to matters that arise between regularly scheduled meetings, or when it is not practical or feasible for the Board to meet. The committee also conducts other duties as assigned by the Board.

Investment Policy Committee: Assists the Board in the development of investment strategies, the evaluation of prospective investments, and the review of the strategic asset allocation, with the goal of supporting the Board in the prudent investment of ISBI’s assets.

Audit & Compliance Committee: Assists the Board in providing oversight with respect to financial reporting, risk management, internal controls, and audit functions, as well as compliance matters.

Emerging Manager Committee: Assists the Board with oversight of ISBI’s use of emerging and minority managers and businesses.

Defined Contribution Committee: Assists the Board in the oversight of the Deferred Compensation Plan. The committee provides support through the review and administration of the policies, practices, and performance of the plan.

  Executive
Committee		 Investment Policy
Committee		 Audit & Compliance
Committee		 Emerging Manager
Committee		 Defined Contribution
Committee
Matthew Brewer
Treasurer Michael Frerichs
Terrence Healy
Senator Robert Martwick
Comptroller Susana A. Mendoza
Elizabeth Sanders
Justice Debra Walker
Committee Chair Committee Member

Board of Trustees

Terrence Healy

Chairman

Treasurer Michael Frerichs

Vice Chair

Justice Debra Walker

Recording Secretary

Comptroller Susana A. Mendoza

Member at Large

Peter Amaro

Trustee

Matthew Brewer

Trustee

Senator Robert Martwick

Trustee

Elizabeth Sanders

Trustee

Staff

Genette Bacon-Cordova

Portfolio Officer for Financial Reporting and Accounting

Caroline Brolly

Portfolio Operations Lead

Mary Cahill

Director of Business Operations and Legislative Affairs

Patrick Hall

General Counsel and Chief Compliance Officer

Aayush Jakhete

Assistant Investment Officer

Jennifer Koelle

Senior Investment Officer – Public Markets

Jeremy Mayeur

Assistant Investment Officer

Samantha McHugh

Associate General Counsel and Investment Compliance Officer

Dipesh Mehta

Executive Director and Chief Investment Officer

Scott Richards

Senior Investment Officer – Private Markets

David Schneider

Chief Operating Officer and Chief Financial Officer

Polly Smith

Private Secretary

Atul Talwar

Chief Information Officer

Renee Westfield

Portfolio Officer for Business Operations and Accounting

Executive Committee Chair

Terrence Healy was a student at Loyola University in Chicago in 1972 when he landed his first job as a union construction laborer after joining Local 2. He received a bachelor’s degree major in accounting then began employment with Illinois Bell Telephone Company until 1983 when he became an auditor for LIUNA. Within two years he was promoted to Assistant Regional Manager of the former Chicago Region until 1993 when he became the Great Lakes Regional Manager. At LIUNA’s 21st Convention in 1996, Terrence was elected Vice President and has held this title ever since. He is a trustee for two labor-employer trusts and LIUNA’s Pension, Health & Safety and Training & Education Funds. He remains committed to labor-management cooperation, apprenticeship, training and education. He has served as an Illinois State AFL-CIO Vice President since 1994 and chaired the State of Illinois Procurement Policy Board from 2004-09.

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Executive Committee Member
Emerging Manager Committee Member
Defined Contribution Committee Member

Michael Frerichs, State Treasurer of Illinois, has served on the ISBI since 2015.

Treasurer Frerichs was elected to office in November 2014 as the 74th person to serve in this role where after spending just under one year in office, he was elected by his peers across the country to be on the National Association of State Auditors, Comptrollers and Treasurers’ Executive Committee. Treasurer Frerichs’ initiatives have centered on encouraging savings plans for college and trade schools, increasing financial education among all ages, removing barriers to a secure retirement, and protecting residents from predatory companies.

Treasurer Frerichs graduated with a B.A. from Yale University and continued on to attend National Cheng Kung University in Taiwan where he studied Mandarin Chinese while teaching English courses.

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Audit & Compliance Committee Chair
Executive Committee Member
Investment Policy Committee Member
Emerging Manager Committee Member

Justice Debra Walker is a 1982 University of Illinois College of Business graduate with an accounting degree and a 1987 University of Illinois College of Law alumna. Justice Walker was elected judge for the Circuit Court of Cook County in 2008, and was elected to the Illinois Appellate Court, First District in 2022. She is a past president of the Illinois Judges Foundation and has served on its board since 2015. Additionally, Justice Walker is a past president of the Illinois Bar Foundation and served on the board of the National Conference of Bar Foundations from 2013 to 2016. Walker received the Excellence Award from the NCBF in 2017. She is a past president of the Women’s Bar Association of Illinois and a 2012 recipient of its Mary Heftel Hooton Award. Prior to joining the bench, Walker was a partner with Clausen Miller, P.C., where she specialized in defending professionals sued for malpractice.

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Executive Committee Member
Audit & Compliance Committee Member
Emerging Manager Committee Member
Defined Contribution Committee Member

Susana A. Mendoza, Illinois State Comptroller, has served on the ISBI since 2016.

Prior to her statewide election, she made history by becoming the first woman ever elected as Chicago City Clerk. Originally elected in 2000 as the youngest member of the 92nd Illinois General Assembly, she was most notably recognized for her leadership and legislation on social services, education, law enforcement, job creation and animal welfare.

Comptroller Mendoza attended Truman State University, formerly Northeast Missouri State University, where she earned her Bachelor’s degree in Business Administration.

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Mr. Peter Amaro currently serves as Founding Partner with Mako Capital Group, a lower-middle market private equity firm focused on consumer-oriented sectors. Previously, Amaro served as Managing Partner with L’ATTITUDE Ventures, Co-Founder and Chief Financial Officer of Luminary Media, and Vice President of Raine Group. Amaro currently serves as Vice Chair of the St. Ignatius College Prep School Board, University of California Merced Board Trustee, and Treasurer of the Maestro Cares Board. Amaro has received numerous awards recognizing his achievements in business and community service, including Chicago United’s Business Leaders of Chicago in 2025, Crain’s Chicago Businesses’ Notable Latino Leaders in 2024, and St. Ignatius’ Alumni Award in 2021. Amaro earned his Bachelor of Science in Economics and Entrepreneurship from University of Pennsylvania.

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Emerging Manager Committee Chair
Investment Policy Committee Member
Defined Contribution Committee Member

Mr. Matthew Brewer is a partner at the law firm of Bartlit Beck Herman Palenchar & Scott LLP. At the firm, Brewer practices commercial litigation in federal and state courts and advises clients on legal and business issues. He focuses on complicated business disputes with strategic significance, including contract, intellectual property, accounting, securities, Chinese regulatory matters, and other commercial disputes. Previously, he worked in the Chinese music industry as a consultant on marketing and intellectual property issues. Brewer has served as a Commissioner of the Chicago Housing Authority since 2013. He currently holds roles as Chair of the Board of Commissioners and Chair of the CHA Employees’ Retirement Plan Board of Trustees. Brewer earned a Bachelor of Arts from Stanford University, Juris Doctorate from Yale Law School, and Master of Business Administration from Harvard Business School.

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Defined Contribution Committee Chair
Emerging Manager Committee Member

Robert Martwick Jr. is a member of the Illinois Senate and has served the 10th District in this capacity since 2019. He is currently the Chairman of the General Assembly Retirement System and also practices as an attorney at the firm of Finkel, Martwick & Colson, P.C.

Prior to his experience above, Senator Martwick served as a Representative for the 19th District. He began his legal career as an Assistant State’s Attorney in the Cook County State’s Attorney’s Office. During his 5 years, he prosecuted various crimes including Delinquent Child Support, DUI and general misdemeanors, and spent 18 months as the lead prosecutor of the Domestic Violence Unit at the 2nd Municipal District courthouse.

Senator Martwick earned his Law Degree from The John Marshall Law School and his Bachelor of Arts degree in Economics from Boston College.

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Investment Policy Committee Chair
Executive Committee Member
Defined Contribution Committee Member

Ms. Elizabeth Sanders has over 35 years of experience in the banking and investment management industry. Most recently, she spent 20 years as a Managing Director and Client Relationship Manager at UBS Asset Management, where she was responsible for client relationships with institutional investors, until her retirement in 2016. She previously served as Chief Investment Officer of the Iowa Public Employees’ Retirement System for nearly five years. Ms. Sanders began her career in the institutional trust and asset management business at the Northern Trust Company and Harris Bank. She earned a Master of Business Administration in finance from DePaul University, a Bachelor of Science in psychology from St. Lawrence University, and the Chartered Alternative Investment Analyst (CAIA) professional designation.

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Genette Bacon-Cordova serves as the Portfolio Officer for Financial Reporting and Accounting. Genette works closely with the CFO/COO to perform and manage the operations-related accounting requirements of ISBI, including maintaining the general ledger system, reviewing accounts payable, preparing the quarterly budget, processing payroll, and other accounting functions.

Caroline Brolly serves as the Portfolio Operations Lead at the ISBI. In this role, she works with the CFO/COO to manage the day-to-day operations of ISBI’s investment portfolio, including monitoring portfolio activity, ensuring compliance with investment guidelines, and maintaining accurate records. She also supports the preparation of the Annual Report and various regulatory filings.

Mary Cahill serves as the Director of Business Operations and Legislative Affairs at ISBI. In her role, Mary works as a liaison between ISBI and the Illinois General Assembly and monitors pieces of legislation that may impact ISBI’s operations. Additionally, Mary oversees business operations in support of the legal, investment, and operations teams at ISBI.

Patrick serves as the General Counsel and Chief Compliance Officer of the ISBI. In his role, Patrick oversees ISBI’s legal affairs, advising the ED/CIO and staff on investment matters and compliance with federal and state laws, as well as serving as the Secretary of the Board of Trustees.
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Aayush Jakhete serves as Assistant Investment Officer at ISBI. In this role, Aayush provides investment and operational support to the ED/CIO and broader ISBI Staff, including reporting and manager due diligence. Aayush is a generalist on the investment team and provides support across all asset classes.

Jennifer Koelle serves as Senior Investment Officer – Public Markets at the ISBI. In her role, Jennifer provides oversight for ISBI’s public market investments, helps to monitor and assess risk for ISBI’s investment program, and assists in developing and implementing ISBI’s overall investment policy. Additionally, Jennifer helps provide centralized oversight of the State’s Deferred Compensation Plan.

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Jeremy serves as an Assistant Investment Officer at ISBI. As a generalist on the investment team, Jeremy is responsible for providing support across all asset classes to the ED/CIO and broader ISBI Staff regarding manager due diligence, reporting, and other investment-related materials.

Sam McHugh serves as the Associate General Counsel and Investment Compliance Officer at ISBI. In her role, Sam supports the General Counsel and advises ISBI Staff and Trustees on a wide variety of legal matters, as well as overseeing ISBI’s compliance efforts.

Dipesh Mehta serves as the Executive Director and Chief Investment Officer of the ISBI. He oversees over $36 billion in assets between the defined benefit and defined contribution plans on behalf of more than 182,000 beneficiaries. In his leadership position, Mr. Mehta is responsible for overseeing all investment operations, managing and executing ISBI’s investment policies, and assisting the Trustees in the strategic direction of ISBI. Mr. Mehta previously served as ISBI’s Deputy Executive Director and General Counsel.

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Scott Richards serves as the Senior Investment Officer at the ISBI, where he has dedicated over 30 years of his career. In this role, Scott oversees and monitors all private market investment areas including but not limited to: Private Equity, Private Debt, Real Estate, and Infrastructure. In addition, during his tenure at ISBI, Scott has worked in numerous facets of ISBI’s investments and operations business units.

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David Schneider serves as ISBI’s Chief Operating Officer and Chief Financial Officer. In his executive role, David oversees ISBI’s in-house business operations, pension asset portfolio custody operations, back office finance and accounting processes, and related internal and external reporting efforts.

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Polly Smith serves as the Private Secretary, working closely with the ED/CIO. In this role, Polly ensures smooth operations at ISBI. Polly assists with schedules, monitors phone call notifications and ISBI emails, oversees the distribution of supplies and packages to office personnel, and enjoys meeting and greeting visitors to the ISBI office.

Atul Talwar is the Chief Information Officer at ISBI. Atul’s primary function is to oversee ISBI’s evolving technology needs ranging from security and infrastructure implementation to website development and troubleshooting. Atul also serves as ISBI’s primary IT liaison with third parties including the State’s Department of Innovation and Technology and external vendors.

Renee Westfield serves as ISBI’s Portfolio Officer for Business Operations and Accounting. She works closely with the COO/CFO to oversee ISBI’s portfolio capital movements and operations. Her responsibilities include obtaining capital call requests and capital distribution notices from managers, processing requests through the custodian record keeping system, and generating ISBI’s monthly portfolio income snapshot. In addition, Renee handles business operations management such as overseeing office supply and equipment purchasing along with other operational tasks. She also performs all of ISBI’s accounts payable and vendor management processes within the guidelines established by the Comptroller’s Office.