Joe Aguilar

Joe Aguilar is a Mexican-American investor born on Chicago's Northwest side; his mother worked in computer programming for a school district and his father was a union electrician, and the family relocated to Batavia, Illinois for its public schools. He was the first in his immediate family to earn a bachelor's degree. He began at Waubonsee Community College, earned a B.S. with a double major in Finance and Business & Commerce from Aurora University, and completed an M.S. in Finance at the University of Miami's Herbert Business School through a part-time hybrid program, graduating as a top student. Before public service he worked at Fortaleza Asset Management, Inc., starting as an intern in his senior year and then moving into operations and equity-research roles.

Aguilar joined the Office of Illinois State Treasurer Michael Frerichs in 2016 as Deputy Director of Investment Analysis and Due Diligence. He was promoted to Director of Investment Analysis and Due Diligence in 2018, named Acting Chief Investment Officer in July 2021, and then Chief Investment Officer. As CIO he led a team of roughly eight and directed investment implementation, manager selection, portfolio construction, sustainable-investment strategy, and diversity-and-inclusion initiatives across the Treasury's programs.

In his CIO role he oversaw roughly $65 billion across public and private market portfolios, including the Illinois Growth and Innovation Fund (a ~$1B–$1.5B impact program investing in venture, growth equity, buyout and private credit managers), the Secure Choice retirement savings program, two 529 college savings plans, the state's ABLE program for people with disabilities, and infrastructure and student-innovation accounts.

Beyond the Treasury, Aguilar is active in the civic and impact-investing community: he serves as an Advisory Board member for Impact Engine, sits on the Fermilab Community Advisory Board, has served as a Board Member and Investment Committee Chair for the Field Foundation of Illinois, and has taught as an Adjunct Professor at Aurora University. He was recognized as a Crain's Chicago Business Notable Latino Leader (2024) and his program work earned a 2025 Industry Innovation Award (public defined benefit, >$25 billion category). In June 2026 he announced his departure after a decade to become SVP and CIO of Market Street Trust Co., a ~$2.5 billion multi-family office, succeeding Marc Dizard.

• Invests as an institutional allocator/LP rather than a direct angel — committing capital to venture capital, growth equity, buyout and private venture-debt fund managers, primarily through the Illinois Growth and Innovation Fund (ILGIF), an evergreen impact fund.
• Three stated goals for capital deployment: generate returns for constituents, spur Illinois economic development (job creation and business retention/attraction), and foster a more diverse and inclusive venture ecosystem.
• Strong emphasis on emerging managers and diverse-owned managers — Aguilar has become a recognized public-fund voice on emerging managers, impact investing, and innovation-focused strategies.
• Targets tech-enabled businesses with an Illinois/Midwest nexus.
• In his own words, his mission is "to ensure that we are prudently allocating our capital on behalf of the State of Illinois," while enabling constituents to "invest these dollars to have a true impact in our local economy." He also advocates creative, critical thinking that goes beyond short-term "institutional investor norms."