Requests for Information/Proposals/Bids

 

1. Investment Consulting Services Private Capital

The Office of the Treasurer of the State of Connecticut (the “State”) hereby requests proposals from qualified consulting firms (each, a “Respondent”) interested in providing private equity and private credit (“Private Capital” ) investment consulting services (“Private Capital Investment Consulting Services”) as set forth herein.

The Treasurer, elected quadrennially, serves as the principal fiduciary of the $36 billion Connecticut Retirement Plans and Trust Funds (the “CRPTF”).  The Pension Funds Management Division manages six pension plans and nine trusts collectively known as the “CRPTF.”  These 15 plans and trusts may invest in 11 combined investment funds, which invest in various asset classes including public equities, fixed income, private equity, private credit, real assets, and alternative assets.  An independent Investment Advisory Council (“IAC”), appointed pursuant to Connecticut General Statutes §3-13b, is charged with advising the Treasurer on matters pertaining to the investment of the CRPTF’s assets, and the Chief Investment Officer (“CIO”) of the Office of the Treasurer oversees the day-to-day operations.  

The primary purpose of this Request for Proposals (“RFP”) is to identify and retain the most qualified firm or firms to provide Private Capital Investment Consulting Services on an ongoing basis, as described below in Section II, Scope of Services, to the Office of the Treasurer (the “Treasurer”).  The State expects to select Respondent(s) to provide Private Capital Investment Consulting Services for a five (5) year period.  The selected Respondent(s) will be expected to execute a personal service agreement with State of Connecticut, acting through its Treasurer (“Connecticut”) to become a Contractor with the State.

All responses must be completed and submitted via email no later than 4:00 p.m. on July 17, 2020 to CRPTF Private Consultant Search at PFM.RFP@ct.gov.

2. Standalone Convertible Bond Strategy 

The State of Connecticut, acting through its Treasurer (hereinafter the “State” or the “Treasurer”) requests proposals from qualified firms (the “Respondent”) interested in providing investment management services for a standalone convertible bond strategy. The State intends to use this RFP process to select a pool of respondents that may be appointed by the Treasurer to supervise and direct the investments in a separately managed account.

The Treasurer, elected quadrennially, serves as the principal fiduciary of the $36 billion Connecticut Retirement Plans and Trust Funds (the “CRPTF”) comprised of 15 retirement plans and trust funds. An independent Investment Advisory Council (“IAC”), appointed pursuant to Connecticut General Statutes §3-13b, is charged with advising the Treasurer on matters pertaining to the investment of the CRPTF’s assets, and the Chief Investment Officer of the Office of the Treasurer oversees the day-to-day operations.

As more fully described in Sections II - IX, herein, respondents who would like to provide convertible bond investment management services may submit proposals in order to be considered through this RFP process (each referred to as “Respondent”). The State expects to select Respondents to provide these services for a 3-year period. The selected Respondents will be expected to execute an agreement with the Treasurer.

All responses must be completed and submitted via email no later than 4:00 p.m. on July 10, 2020 to CRPTF Convertible Bond Investment Manager Search at PFM.RFP@ct.gov.

3. Investment Counsel Legal Services

The State of Connecticut, acting through its Treasurer (hereinafter the “State” or the “Treasurer”) requests proposals from qualified firms (the “Respondent”) interested in providing investment counsel legal services.  The Treasurer, elected quadrennially, serves as the principal fiduciary of the $36 billion Connecticut Retirement Plans and Trust Funds (the “CRPTF”), comprised of 15 retirement plans and trust funds, and manages the State’s day-to-day cash needs. The Treasurer is responsible for a number of sophisticated financial functions for the State and seeks high quality legal services to meet the various responsibilities.

 

As more fully described in Sections II - VIII, herein, respondents who would like to provide investment counsel legal services may submit proposals in order to be considered through this RFP process. The State expects to select respondents to provide investment counsel legal services for up to a 5-year period. The selected respondents will be expected to execute a professional services agreement with the Treasurer and Office of the Attorney General.

 

All responses must be submitted by August 10, 2020, via email to the attention of John Flores, General Counsel at legal.rfp@ct.gov.

 

4. Second Injury Fund - provide investigative services

 

The Treasurer of the State of Connecticut requests proposals from qualified respondents interested in aiding the Second Injury Fund in conducting investigative services. 

The Fund is a state operated workers' compensation insurance fund established in 1945 to discourage discrimination against veterans and encourage the assimilation of workers with a pre-existing injury into the workforce. Public Act 95-277 closed the Fund to new “second injury" claims for injuries sustained on or after July 1, 1995 and expanded enforcement, fines and penalties against employers who fail to provide workers compensation coverage.

A critical component of the administration of injured workers claims is investigative services. Investigations are done to detect fraud, check for changes in work capacity and/or extent of disability. Investigations are also conducted to locate and document the status of employers facing collection by the Second Injury Fund. The Fund has an in-house investigative unit and contracts with outside vendors for investigative services to supplement the needs of this unit when necessary. For the last three fiscal years twenty-one investigative cases were referred to an outside vendor.

The State intends to use this RFP process to select Respondent(s) that may be appointed by the Treasurer to provide investigative services to the Fund.

Given the current pandemic in person delivery of responses ARE NOT PERMITTED.  Please overnight or mail responses by the deadline. 

 

All responses must be delivered on or before 2:00 p.m. September 25, 2020 to Maria Greenslade, Assistant Treasurer.

 

5. Risk Mitigating Strategies for the Alternative Investment Fund

 

The Office of the Treasurer of the State of Connecticut hereby requests proposals from qualified firms interested in providing sourcing and oversight services for risk mitigating hedge fund strategies.

 

The primary purpose of this RFP is to identify and retain the most qualified firm to provide services on an ongoing basis, as described below in Section II, Scope of Services, to the Office of the Treasurer (the “Treasurer”). The State expects to select Respondent(s) to provide sourcing and oversight services for the RMS portfolio within the AIF. for a five (5) year period. The selected Respondent(s) will be expected to execute a personal service agreement with State of Connecticut, acting through its Treasurer (“Connecticut”) to become a Contractor with the State. The CRPTF seeks to maintain a concentrated portfolio and prefers to invest via managed account whenever possible but may evaluate expanding into other diversifying strategies. The CRPTF intends to employ a non-discretionary advisor for manager selection, monitoring and portfolio construction with the CRPTF retaining a right of veto for each investment.

 

The Official Agency Contact for purposes of this RFP is Laurie Martin, Chief Investment Officer, whose contact information is as follows:

 

Laurie Martin

Chief Investment Officer Pension Funds Management

2nd floor Office of the Treasurer

165 Capitol Avenue

Hartford, CT 06106. 

 

Phone: 860.702.3195 Fax: 860.702.3034

 

Proposals must be received by 4:00 PM EST on September 25, 2020. All proposals must be emailed to PFM.RFP@ct.gov and include the words “AIF Risk Mitigating Hedge Fund Strategies RFP” in the subject line.

 

Questions and Answers

 

 

________________________________________________

 

Directions for completion of the Legal and Policy Attachments are available on this portal.