ESBD_File_340185_TRS000440_Addendum_3_Final.pdf

Solicitation Name: Training Services Solicitation No.: TRS000440

Addendum No.: 3

Teacher Retirement System of Texas (TRS)

November 6, 2023

ADDENDUM No.: 3

TO

SOLICITATION NO.: TRS000440

FOR

INVESTMENT TERMS CAPTURE TOOL SERVICES

DEADLINE FOR SUBMISSION OF PROPOSALS: NOVEMBER 17, 2023, @ 3:00 p.m., CENTRAL TIME

LISTED BELOW YOU WILL FIND RESPONSES TO SUBMITTED QUESTIONS AND CHANGES TO THE

SOLICITATION

ISSUED BY:

Aundre Petty, Senior Contract Specialist

Date: November 6, 2023

NOTE: VENDORS ARE REQUESTED TO ACKNOWLEDGE RECEIPT OF THIS ADDENDUM BY SIGNING AND DATING BELOW AND INCLUDING WITH SUBMITTED RESPONSE. RESPONSE MAY BE CONSIDERED NON-

RESPONSIVE IF THIS COVER PAGE IS NOT SIGNED AND RETURNED.

RESPONDENT SIGNATURE DATE

QUESTIONS AND ANSWERS

1) Question: What is the proposed delivery timeframe for the work?

Answer: We are flexible on delivery times depending on a vendor’s current/future capabilities and the scope of existing investments to be included.

2) Question: Is there any prioritization by vintage year and/or strategy?

Answer: Our priority is recent vintages. Ultimate goal is to onboard most of our current portfolio.

3) Question: The Scope of Work, pg.8 provides that “The selected Contractor shall provide an Investment Terms Capture Tool (“Tool” or “Service”) to enable automated extraction of key investment contract terms into a database for reporting, reference, and analytic services.”

We understand that TRS is also open to manual extraction of the agreement terms by the contractor into a designated platform and benchmarking and analysis reporting of the same.

Please confirm that this is the case.

Answer: We are open to manual capture, automated capture, or a combination of the two.

Given our portfolio size, we see value in an automated/semi-automated approach given the cost benefits but are open to other methods. Please ensure to describe your approach in the applicable process section, and include any justifications as to why or why not, as applicable.

4) Question: In relation to this RFP, we communicated that we were withdrawing due to some product gaps. However, we would like to understand if you would consider a vendor that is planning to build out its capabilities over time as this is an evolving area of the market?

Answer: We understand that this a niche product offering with limited players in the current market. We are open to working with vendors who are flexible and willing to customize their product or service to fulfill our needs over time.

5) Question: Please provide breakdown of number of private market assets by number of funds.

Answer: There are roughly 450 active fund investments and 275 active co-invest vehicles in our private markets portfolio.

6) Question: How many data points must be tracked by asset type?

Answer: We are interested in a range of possible term inputs. Please include in your response if there is a preferred limit to the number of data points in your offering, and why (e.g., cost, quality, etc).

7) Question: How are they tracking the information today?

Answer: We track a subset of datapoints in our CRM and pipeline management system. In some instances, we we receive an abbreviated abstract of initial terms from external counsel.

8) Question: Once the asset is set up how is the benchmarking data provided in what format and is this readily available or something that needs to be pulled down from a website?

Answer: The benchmarking feature we are looking for is to be provided by the vendor.

Ideally we would like some type of internal benchmarking of terms across our current portfolio as well as the general private market.

9) Question: How many people support this business today?

Answer: External Private Markets (“EPM”) is composed of more than 50 investment professionals and 13 supporting staff members. We also work with an internal legal team composed of more than 10 staff members and with various external law firms.

10) Question: Are there any SLAs associated with their requirements which they can share to ensure we resource appropriately.

Answer: Please include your proposed delivery timing for the different aspects of the offering, as applicable.

11) Question: What is their expected growth over the next 1-3 years?

Answer: EPM has closed, on average, more than 70 investments per year over the past five years. While difficult to forecast, for now we expect a similar average over the next 1-3 years. Actual numbers are subject to many factors and thus these are estimates only.

SOLICITATION CHANGES

1) Section I. Summary – Item 12. Historically Underutilized Business (HUB) Coordinator:

A change is being made to the solicitation to correct the TRS HUB Coordinator contact information.

LaTresa Stroud is no longer the acting TRS HUB Coordinator.

The new TRS HUB Coordinator contact information is:

Blender Hill

(512) 542-6867 Blender.Hill@trs.texas.gov mailto:Blender.Hill@trs.texas.gov

Please contact Blender Hill for all HUB Subcontracting opportunity inquiries.

2) Technical Approach (PAVES) –

The following language is being added to the Technical Approach “Additional Questions Specific to Technical Approach” section:

If a feature is not currently included in your product or service offering but is on your roadmap or you are open to custom configuration to offer that feature, please indicate that in the response below.