71311119Q0005_-_Questions_Responses_-_Ammendment_0001...pdf

71311119Q0005 – P00001 Questions and Answers

1. Could you please tell me if this is a new requirement, or if there is a current or previous contractor who has performed similar services? If available, can you please send along the incumbent contract or task order number?

Response: Yes, this is a new requirement.

2. Companies from Outside USA can apply for this? (Like, from India or Canada).

Response: No, this requirement is for companies doing business in the USA.

3. Whether we need to come over there for meetings?

Response: In person initial meeting for demonstration of the system/administrative capabilities is preferred, but not required. OPIC does have the capability for remote meetings via several platforms, including Skype for Business.

4. Can we perform the tasks (related to RFP) outside USA? (Like, from India or Canada).

Response: No, CISO recommendation is that the data should reside in information systems located within the USA.

5. Can we submit the proposals via email?

Response: Yes, please see section XV of the Combine Solicitation/Synopsis.

6. Can you provide us the number of potential users of the platform? Or range like 5-10 or 10-15. Does user number the same for the web-based system and admin system?

Response: 15-20.

7. We will provide pricing base on the assumption that the private market information is updated on a quarterly basis, please confirm that this is okay.

Response: Yes, quarterly is acceptable.

8. We can also provide live update, but full verification will be completed on a quarterly basis, can you confirm that this acceptable.

Response: Yes, this is acceptable.

9. We do not use cloud-based data services and all data is stored exclusively on private, CEPRES-owned servers managed in high security data centers.

Our private market data including client’s data is protected with the highest security, under the strictest data protection laws in the world.

All data is transmitted solely through encrypted channels and identifying data is secured with military grade encryption to ensure protection from third party attacks.

Can you confirm that we do not need to fulfill the FedRAMP requirements applicable to cloud products and services?

If there are still requirement to be fulfilled, please let us know the complete details.

Response: FedRAMP authorization applies only to Cloud Service Offerings; per OMB memorandum, any cloud services that hold federal data must be FedRAMP authorized. If you do not provide a cloud service, then obtaining a FedRAMP authorization is not applicable to you.

Please see https://www.fedramp.gov/faqs/, reviewing the question “Is FedRAMP Mandatory?”

10. Are service providers able to leverage the certifications (i.e. FedRAMP certification) of the cloud computing service for which our platform is hosted? For example, if our PE Reporting platform is hosted on Microsoft Azure (a FedRAMP certified platform), is this sufficient to be considered FedRAMP certified? (Page 5, section 3.0 of Attachment 1_Statement of Work).

Response: That is not sufficient to be considered FedRAMP authorized. Please see https://www.fedramp.gov/faqs/, reviewing the question “If a SaaS or PaaS resides on a FedRAMP Authorized infrastructure, does that mean it is also FedRAMP Authorized?”

11. Is there a way to mark confidential / trade secret information that will not be subject to public information requests?

Response: Yes, please include that information in the documents that are considered trade secret.

12. Does OPIC have an incumbent service provider that is providing Private Equity Fund Reporting services? If yes, who? If no, how does OPIC currently track their PE Fund portfolio?

Response: No, please see response provided to question one.

13. Does OPIC have a complete history of calls and distributions of each invested fund, inception to date? (Page 4, section 2.4, point A-6 of Attachment 1_Statement of Work).

Response: Yes.

14. Is a breakdown of calls by type available (fees, expenses, reference investments)?

Response: OPIC is open to any standard list of calls. Examples of call types: Management Fees, Fees, Expenses, fund contribution, etc.

15. Is a breakdown of refunds of calls (return of excess capital) available?

Response: OPIC is open to any standard list of refunds of calls, including return of excess capital, etc.

16. Is a breakdown of distributions by type (return of capital, gain, income, recallable amounts) available?

Response: OPIC is open to any standard list of distribution types. Examples may be: Capital Gain, Return of Capital, Recallable Distribution, Tax Distribution, etc.

17. Does OPIC have a complete history of Net Asset Values for each fund commitment?

(Page 4, section 2.4, pointy A-6 of Attachment 1_Statement of Work)

Response: Yes

18. If there is missing data, will the provider be required to source the historical missing datapoints? (Page 4, section 2.4, pointy A-6 of Attachment 1_Statement of Work)

Response: OPIC will provide missing data points, if possible

19. For fund commitments in foreign denominations (non-USD), does OPIC have the settlement rates available?

Response: All OPIC commitments are in USD.

20. Are there any realized investments that we will need to migrate?

Response: Realized investments in funds that are still active may need to be migrated.

21. RFQ Document; Section (i); Paragraph 1, page 1 Can you elaborate on what the hybrid Firm-Fixed Price covers? Does OPIC want a fixed price for both scope of work items separately and one together? What does the T&M cover; tasks not listed in the Scope of Work?

Response: Section 2.0 of the Statement of Work covers the Firm-Fixed Price. Yes, please provide a fixed price for both scope of work items. T&M is factored in if they are a need for travel.

22. Attachment 1 – Statement of Work; Section 1.0; Paragraph 3; page 1 How many fund investments do you plan to add in the next year?

Response: OPIC historically commits to 4-6 funds per year. With the addition of equity to the portfolio, OPIC expects to increase that to 7-10 funds per year.

23. Attachment 1 – Statement of Work; Section 2.0; Paragraph 4; page 2 “Vendors submitting proposals for the Administrative Services should have significant experience and track record in providing back office reporting and administration services for investment managers and/or private equity fund managers (i.e. general partners…) and fund investors (i.e. limited partners…).” Our firm has extensive experience and capabilities providing these services to LPs relating to their portfolios, which consist of 100s of GPs.

However, we do not provide administration services directly for GPs. Is OPIC looking for a provider that services GPs / Managers directly, or provides these services to LPs who invest in GPs?

Response: OPIC does not manage its own funds. OPIC and its successor agency will take a position similar to a standard LP, whether through equity or debt. LP experience and capabilities are acceptable.

24 Attachment 1 – Statement of Work; Section 2.0; Paragraph 4; page 2 “The Agency will not consider proposals for Administrative Services from Vendors without substantive experience and track record in administering global private equity funds.” Similar to above, is it a requirement that we have a track record of providing direct fund administration services directly to GPs? We provide comprehensive fund level data and administration services to LPs, not GPs. However, we do collect and report on all of the ‘Fund Level Data Elements” detailed in Appendix I – Is this sufficient to meet this requirement?

Response: Yes, that is sufficient.

25. Attachment 1 – Statement of Work; Section 2.2; Paragraph A; page 3 3. Composite portfolios – does this refer to a sub-set of the existing portfolio, a mixture of existing and potential portfolio additions, or both?

Response: A sub-set of the existing portfolio.

26. Attachment 1 – Statement of Work; Section 2.2; Paragraph B; page 3 “provide instant availability” Although data can be provided immediately in some form, client portal information currently updates overnight with the prior day’s data. Is the timing and form for this data quick enough and in correct form to be acceptable?

Response: Yes, that is acceptable.

27. Attachment 1 – Statement of Work; Section 2.2; Paragraph F; page 3 Are all calculations required to be available on the client portal dynamically (specifically VAR)?

Response: Ideally that would be the case, but would not exclude a proposal.

28. Attachment 1 – Statement of Work; Section 2.3 A(3); page 4 Ability to customize reports to include text fields. If you could only customize your reports via the use of filters and requests to our staff to make other changes, would that that prevent the adoption of our solution?

Response: No, it would not prevent the adoption of your solution.

29. Attachment 1 – Statement of Work; Section 2.3; Paragraph C; page 4. What format is considered acceptable? Is PDF or Excel acceptable?

Response: yes, both are acceptable

30. Attachment 1 – Statement of Work; Section 2.3; Paragraph D; page 4 Accuracy of data to some extent is dependent on the investment manager’s cooperation to provide all necessary data to achieve accuracy. If XXXX has completed all possible means to retrieve accurate data, is that acceptable as a certification?

Response: Yes. OPIC recognizes that the vendor is reliant on the investment manager’s data.

31. Attachment 1 – Statement of Work; Section 2.4; Paragraph A; page 4 Is this section referring to a build of a system that “talks to” other items OPIC is using (e.g. Tableau)?

Response: The system would need a method of extracting data to import to an OPIC system, such as Tableau. Direct interface or “talking to” is not needed. In the past, OPIC has used Excel.

32. Attachment 1 – Statement of Work; Section 2.4 A (6 – 7); page 4 System - 6. Data conversion activities / 7. Migration of existing systems, including data and all work in progress activities. Will all historic cash flow, valuation, company data, legal documents be provided electronically? What system do you use today to hold all of this data? Can it all be exported into Excel?

Response: OPIC currently does not have an existing system and is maintaining basic data in Excel.

33. Attachment 1 – Statement of Work; Section 2.4 A (10); page 4 System - 10 Training of OPIC staff. Can training be completed using systems similar to WebEX, Zoom?

Response: We have found that in person, interactive training works best, but are open to discussing WebEX or other options.

34. Attachment 1 – Statement of Work; Section 3.0; Paragraph 1; page 5 What is required for a FedRAMP Agency Authority to Operate (ATO) for FISMA moderate environment?

Response: Please see fedramp.gov - “Get Authorized” section.

35. Attachment 1 – Statement of Work; Section 6.0; Paragraph A; page 6. What does PERS stand for?

Response: Private Equity Reporting System (PERS)

36. Attachment 1 – Statement of Work; Appendix I; Paragraph 2; page 8 What is the definition of deferred interest, current interest and facility fee %s to be tracked?

Response: Deferred interest, current interest, and facility fee are various fees associated with OPIC’s debt product. They will not be applicable on equity investments.

37. Appendix I Section 5(d); page9 Fund Investments - d. Industry and sub-sector (NAIC, SIC code or pre-determined drop-down box) Can GICS be used?

Response: NAICS is the standard industry code OPIC uses. If the vendor can provide or assist OPIC in mapping a crosswalk between the two, that would be helpful.

38. Appendix II Section 5(a); page 11Industry and sub-sector - a. NAICS Can GICS be used?

Response: NAICS is the standard industry code OPIC uses. If the vendor can provide or assist OPIC in mapping a crosswalk between the two, that would be helpful.

39. Attachment 1 – Statement of Work; Appendix III; Paragraph 1; page 12 3. Is Fund Financial Dash Board referring to being able to see the items from each underlying fund’s financial statements (balance sheet and income statement items, etc) or some other set of data?

Response: OPIC would want to see performance data of the funds and/or the portfolio as a whole. i.e. MOIC, DPI, IRR, etc.

40. Attachment 1 – Statement of Work; Appendix III; Paragraph 1; page 12 7. What data is expected in a Fees Schedule?

Response: Management fees and any other fees the investment manager may charge.

41. Attachment 4 – OPIC Terms; Duplication of Effort; page 4. What work is being referred to here that should be exclusively for OPIC use? Fields and reporting to be presented to OPIC are currently built for use by existing XXXX clients, so would not be exclusive to use of OPIC alone. Is this an indication more to chargeable new items that were not in existence prior to an OPIC contract, and what type of work items would this relate to?

Response: This is standard language included in our contracts.

42. Statement of Work; Section 3.0; paragraph 1; page 5. How long does it take to comply with FedRAMP? We currently do not have FedRAMP, but will comply with all requirements by the signing of a contract.

Response: It is not a quick process. The FedRAMP Authorization turnaround time is entirely dependent on the Vendor’s ability to address the controls and coordinate with the 3rd Party Validator/FedRAMP PMO/Hosting Agency.

43. Section (x) Page 4 Regarding Section X FAR 52.212-3, paragraph (c) through (u) noted on page 4 of the Combined Synopisis/Soliciation for Commercial Items:

We have already initiated the work to become fully complaint for this provision.

Does the contractor have to be compliant before awarded? If not, how long after awarded does a contractor have to become compliant?

Response: Yes, all vendors must be registered in SAM before an award can be made.

Besides registering on SAM, are there any steps a possible contractor can take to become compliant with the Government’s acquisitions regulations before awarded?

Response: Registering in SAM is the first step.

44. Section (xii) Page 4. If contract awarded to XXX, would 9 months be an acceptable period to become compliant under the FAR provisions presented on page 4 and 5 including any information requested via SAM?

Response: No, all vendors must be registered in SAM before an award can be made to that vendor.

45. Is OPIC operating as an institutional investor providing debt into underlying PE /Infra assets, or is OPIC operating as a General Partner fund manager, sponsoring PE/Infra fund entities? We believe it is the former; however would like to confirm that OPIC is not acting as both a General Partner and a “Limited Partner.”

Response: OPIC acts as a Limited Partner.

46. Please describe the current end-to-end operating, accounting, cash management and reporting workflow for the services requested. Can you please specify which functions are performed in-house, by an outside provider, or by your current custodian (If applicable).

Response: At this time, all operations are performed in-house.

47. Can OPIC elaborate on any operational pain points/challenges as well as any processes that are working well?

Response: Main pain point is collection of and entering data into any systems.

48. Is there a centralized OPIC entity/vehicle that makes all of the debt commitments? If yes, are any services required for that entity?

Response: No.

49. Does OPIC require accounting services for any vehicles that OPIC is sponsoring/managing (if applicable)? If so, please confirm reporting frequency: a. Official books and records (quarterly NAV), booking accruals, etc. b. Waterfall calculations. c.

Audit Support.

Response: No. OPIC is acting as a Limited Partner and not a GP.

50. Does OPIC require production of financial statements (balance sheet, income statement, and statement of cash flows)?

Response: No.

51. Are there any external Limited Partner entities funding the vehicles that require reporting/notices/etc.? If so, please provide a structure chart.

Response: No – OPIC acts as a limited partner into managed funds.

52. We understand that OPIC primarily makes commitments through loans. However, with the change to become the US DFC we understand that the US DFC will begin making direct equity positions. Can you provide additional clarity as to what services will be required for these equity investments?

Response: At this time, recording capital calls and distributions.

53. Regarding section 2.2.F of the Statement of Work document, please clarify or provide samples of a Net Asset Value (NAV) calculation and a VAR calculation.

Response: Net Asset Value (NAV) is Assets less Liabilities. The VaR in terms of expected percent return and dollar amount on a portfolio is as follows given a 5% level of significance:

VaR in % = Expected return on the portfolio – (1.65 x standard deviation of the portfolio)

VaR in $ = (VaR in %) x value of portfolio

54. Regarding Appendix I, section 4, can you clarify the “Fund Capital Account (in aggregate)” reference?

Response: OPIC does not need to have individual capital accounts for LPs. An aggregate of the total Fund Capital Account is sufficient.

55. What is the average vintage year for OPIC’s alternative investments? In what format is it maintained (excel, proprietary internal system, etc.)?

Response: OPIC currently maintains spreadsheets for fund and portfolio company information.

56. What are total number of PE commitments and associated AUM to be serviced by the provider? We believe it is 45 funds with approximately ~3Bn AUM, but would like to confirm. Are there other investments that the administrator will need to provide services for?

Response: Currently OPIC has 45 “active” funds with $3.0 billion committed. These are in various stages from Committed only through fully disbursed and harvesting. OPIC intends to migrate approximately 35 immediately with the other 10 coming as the first disbursement occurs, likely within the next 6-12 months. After that, OPIC historically commits to 4-6 funds/$550 million annually.

57. Section 2.2.E of the Statement of Work document requests a system that automatically populates capital call information. Please confirm that capital call and distribution processing are required.

Response: Recording Capital Call and distribution information is required.

58. How is the cash/transaction management currently performed?

Response: Cash management is currently performed at OPIC

59. Is valuation of roll-forwards required? If so, will this be on a monthly or daily basis?

Response: This is not a requirement, but a nice to have.

60. Section 2.4.B of the Statement of Work document mentions document storage. Please confirm that this refers to online document management.

Response: Yes.

61. Can you clarify or provide an example of what OPIC would require for section 7c of Appendix 1?

Response: OPIC is looking for a benchmark consisting of emerging market private equity investments.

62. Section 2.0.B of the Statement of Work document references quality control – are there specific requirements OPIC can elaborate on?

Response: No, not at this time

63. Section 2.3.B of the Statement of Work document mentions hard copy reports. Should these be delivered to OPIC via mail?

Response: PDF is fine.

64. Section 2.2: System Functionality can be found on page 3 of the Statement of Work (SoW).

65. How many users does the OPIC expect to use the proposed solution? Please differentiate between internal, and external users.

Response: 15-20 internal users.

66. Does OPIC foresee an increase in user count during the base, and option periods?

Response: Any increase in user count will likely be minimal.

67. Are all users OPIC employees, or are there external users and other stakeholders that may need access using an online portal?

Response: All users would be OPIC employees.

68. How are “capital call and management fee requests” submitted to OPIC today?

Response: OPIC does not currently invest equity into funds, OPIC does not receive capital call or fee requests. We receive requests for disbursement of the loan via email. We would expect a similar communication with equity capital calls and management fee requests.

69. 2.4 A 3: Can you please elaborate on the integration required with “specialized financial management functions” and an overview of the functions?

Response: OPIC invests debt into private equity funds. We would need a system that is adaptable for debt as well as equity.

70. What method(s) and system(s) of data collection are used today, and how many resources are tasked for the collection of data?

Response: OPIC receives financial statements and investor reports for all funds on a quarterly bases.

71. 2.4 A 4: Can you please elaborate on the the integration and data flows required with Oracle Financial and Tableau? (i.e. One-time versus recurring.)

Response: The system would need a method of extracting data to import to an OPIC system, such as Tableau. Direct interface or “talking to” is not needed. In the past, OPIC has used Excel.

This would happen on a recurring basis, likely monthly.

72. If recurring the periodicity of the sync. Whether the sync is bi-directional or uni-directional.

Response: uni-directional

73. 2.4 A 8: Please describe the organizational change management activities required?

Response: OPIC would like a description of the vendor’s change management activities, specifically communication, training, and data reconciliation.

74. Is this training/onboarding post implementation and ongoing of new OPIC employees, or something broader?

Response: Training/onboarding will be for existing OPIC employees.

75. 2.4 B: It is mentioned there are 45 initial funds for migration and then a maintenance of BOR for OPIC. What is the total number of funds that will be maintained and expected growth?

Response: Currently OPIC has 45 “active” funds with $3.0 billion committed. These are in various stages from Committed only through fully disbursed and harvesting. OPIC intends to migrate approximately 35 immediately with the other 10 coming as the first disbursement occurs, likely within the next 6-12 months. After that, OPIC historically commits to 4-6 funds/$550 million annually.

76. How many reports are prepared, in what frequency, and in what formats?

Response: At a minimum, quarterly reports summarizing each fund as well as overall performance of the portfolio. Excel or PDF is preferred.

77. Section 3.0: Security Requirements can be found on page 5 of the Statement of Work (SoW).

Does OPIC have an FedRAMP compliant AWS environment that the solution could be hosted in? If so, will OPIC be able to grant Backstop permissions to maintain the environment? If not, is the expectation that the vendor spins up the environment within the 9-month implementation period?

Response: OPIC doesn’t. OPIC is in the process of setting up an Azure environment though.