Investment Consulting Services: Real Estate Amendment

The Arizona State Retirement System (ASRS) Master Agreement CTR057208 is an Indefinite Delivery Vehicle (IDV) for Investment Consulting Services, specifically focused on Real Estate Investment Consulting. The contract provides comprehensive advisory support for the ASRS Investment Program, encompassing strategic portfolio analysis, investment selection, portfolio construction, manager underwriting, due diligence, performance monitoring, and risk management. Services include developing strategic recommendations for real estate investments, with a proposed portfolio allocation of 65% stabilized assets, 17.5% lease-up/reposition assets, and 17.5% construction/opportunistic assets, targeting a total return of 7.5% or higher.

The IDV is awarded to RCLCO Fund Advisors LLC, with an initial contract date of September 8, 2021, and has been subsequently renewed through multiple amendments. The contract covers the state of Arizona and operates as a master agreement with a one-year performance period, renewable annually. Pricing is structured with hourly rates ranging from $75 to $1,000 per hour and includes alternative fee models based on Assets Under Advisement, charging 0.08% for Separate Managed Account Real Estate Gross Asset Value and 0.04% for Total Assets Under Administration. The most recent amendment extends the contract through September 7, 2026, maintaining the original contract's core terms and conditions.