Investment Consulting Services: Private Equity

The Arizona State Retirement System (ASRS) Master Agreement CTR057205 provides comprehensive investment consulting services, specifically focused on private equity investment strategies. The Indefinite Delivery Vehicle (IDV) enables ASRS to procure specialized consulting services including strategic portfolio advice, investment selection, due diligence for commingled and co-investments, organizational culture assessments, and valuation and monitoring services. The contract's scope encompasses a dedicated private equity consulting team that provides detailed research, strategic guidance, and comprehensive investment support tailored to the state retirement system's specific needs.

Cambridge Associates LLC was awarded the master contract on September 8, 2021, with an initial term of twelve months and potential extensions up to five years. The contract covers the state of Arizona and is structured as a Master Agreement with an annual fixed fee of $1.5 million. The contract has been consistently renewed through multiple amendments, with the current extension running from September 8, 2025, to September 7, 2026. The IDV includes provisions for base research services, access to proprietary databases, capital markets research, and up to twelve hours of annual communication support, with specific provisions regarding AI usage, compliance requirements, and additional co-investment deal considerations.