City of Washington Combined Pension Fund-Request for Proposal

The City of Washington Combined Pension Fund

Request for Proposal for Professional Services

Middle-Market Private Debt Fund Management

Responses due by 2 pm ET, Thursday, October 27, 2016

The City of Washington is soliciting proposals from qualified investment companies to manage approximately $2.5 million in a middle-market private debt fund (awarded to 1 manager). The City is not seeking credit hedge funds, fund of funds, infrastructure funds, real assets funds, or Act ’40 mutual funds.

In conjunction with this RFP, the City has engaged the investment consulting services of Morrison Fiduciary Advisors, Inc. to assist in the evaluation process. Morrison is a fee-only, institutional investment consulting firm with no affiliation with any money manager or broker dealer, which allows Morrison to be completely objective when advising the Plan.

This Request for Proposals (RFP) is issued in accordance with the requirements set forth in Pennsylvania Act 44 of 2009 and any potential vendor should familiarize themselves with this Act and conform to its specific requirements including complete an Act 44 disclosure form as part of its response to this RFP.

The City has approximately $42 million in aggregated pension plan assets. Attached to this RFP is the Plan’s current Investment Policy Statement which can be used as a reference when considering this RFP. Updated IPS language for this asset class will be added during this RFP process.

In selecting the Middle-Market Private Debt Manager, the City has established the following minimum standards.

• Responding firm is a registered investment advisor with the SEC pursuant to the Investment Advisors Act of 1940 for at least 10 years.

• Responding firm and its team have all authorizations, permits, licenses and certifications required by federal and state laws and regulations to perform the services specified by this RFP.

• Responding firm, has over $1 billion in assets under management, managed over $300 million in middle-market private debt assets and has raised at least 2 prior funds in this asset class with successful results.

• National-caliber firm in terms of private equity and debt capabilities, institutionally-focused as demonstrated by client base and a fee schedule which reflects the competitiveness of today’s marketplace.

See Request for Proposal below for all details and submission information.