Private Equity Consultant RFP 2026 - Final .pdf

MARYLAND STATE RETIREMENT AGENCY

120 EAST BALTIMORE STREET

BALTIMORE, MARYLAND 21202

REQUEST FOR PROPOSALS (RFP)

FOR NON-DISCRETIONARY PRIVATE MARKET

INVESTMENT CONSULTING SERVICES:

PRIVATE EQUITY, PRIVATE CREDIT, PRIVATE

INFRASTRUCTURE, AND PRIVATE REAL ASSETS

(excluding real estate)

ISSUE DATE: 10/26/2026

NOTICE

A Prospective Offeror that has received this document from the Maryland State Retirement Agency’s website or https://procurement.maryland.gov, or that has received this document from a source other than the Procurement Officer, and that wishes to assure receipt of any changes or additional materials related to this RFP, should immediately contact the Procurement Officer and provide the Prospective Offeror’s name and mailing address so that addenda to the RFP or other communications can be sent to the Prospective Offeror.

Minority Business Enterprises Are Encouraged to Respond to this Solicitation https://procurement.maryland.gov/

Table of Contents

VENDOR COMMENTS

KEY INFORMATION SUMMARY SHEET

SECTION 1 GENERAL INFORMATION

1.1 Summary Statement

1.2 Abbreviations and Definitions

1.3 Exempt From Procurement Regulations

1.4 Contract Duration

1.5 Procurement Officer and Contract Manager

1.6 Pre-Proposal Conference

1.7 Use of eMaryland Marketplace

1.8 Questions

1.9 Proposals Due (Closing) Date

1.10 Duration of Proposal

1.11 Revisions to the RFP

1.12 Cancellations; Discussions

1.13 Oral Presentation

1.14 Incurred Expenses

1.15 Economy of Preparation

1.16 Multiple or Alternative Proposals

1.17 Public Information Act Notice

1.18 Offeror Responsibilities

1.19 Mandatory Contractual Terms

1.20 Proposal Affidavit

1.21 Contract Affidavit

1.22 Minority Business Enterprises

1.23 Compliance with Law; Arrearages

1.24 Verification of Registration and Tax Payment

1.25 False Statements

1.26 Conflict of Interest Affidavit and Disclosure

SECTION 2 OFFEROR MINIMUM QUALIFICATIONS

2.1 Demonstrating Minimum Qualifications

2.2 Failure to Satisfy Minimum Qualifications

2.3 Minimum Qualifications

SECTION 3 REQUIREMENTS; SCOPE OF SERVICES

3.1 Background

3.2 Purpose/Objectives

3.3 Scope of Services – Requirements

3.4 Insurance Requirements

3.5 Conflicts of Interest

SECTION 4 PROPOSAL SUBMISSION FORMAT

4.1 Two Part Submission

4.2 Proposals

4.3 Delivery

4.4 Volume I – Technical Proposal

4.5 Volume II - Financial Proposal

SECTION 5 EVALUATION AND SELECTION PROCESS

5.1 Evaluation Committee

5.2 Technical Criteria

5.3 Financial Criteria

5.4 Selection Procedures

5.5 Award Determination

LISTING OF ATTACHMENTS

ATTACHMENT A – STATEMENT OF MINIMUM OFFEROR QUALIFICATIONS

ATTACHMENT B – PROPOSAL QUESTIONNAIRE

ATTACHMENT C – PROPOSAL AFFIDAVIT

ATTACHMENT D – CONTRACT AFFIDAVIT

ATTACHMENT E – FINANCIAL PROPOSAL INSTRUCTIONS AND FORM

ATTACHMENT F – CONFLICT OF INTEREST AFFIDAVIT/DISCLOSURE

ATTACHMENT G – FORM OF CONTRACT

VENDOR COMMENTS

To help us improve the quality of State solicitations, and to make our procurement process more responsive and business friendly, take a few minutes and provide comments and suggestions regarding this solicitation.

Please return your comments with your response. If you have chosen not to respond to this solicitation, please email or fax this completed form to the attention of the Procurement Officer (see Key Information Sheet below for contact information).

Solicitation entitled: Non-Discretionary Private Market Investment Consulting Services

1. If you have chosen not to respond to this solicitation, please indicate the reason(s) below:

( ) Other commitments preclude our participation currently.

( ) The subject of the solicitation is not something we ordinarily provide.

( ) We are inexperienced in the work required.

( ) Specifications are unclear, too restrictive, etc. (Explain in REMARKS section.)

( ) The scope of work is beyond our present capacity.

( ) Doing business with the State of Maryland is simply too complicated. (Explain in

REMARKS section.)

( ) We cannot be competitive. (Explain in REMARKS section.)

( ) Time allotted for completion of the Proposal is insufficient.

( ) Start-up time is insufficient.

( ) Bonding/Insurance requirements are restrictive. (Explain in REMARKS section.)

( ) Proposal requirements (other than specifications) are unreasonable or too risky.

(Explain in REMARKS section.)

( ) Prior State of Maryland contract experience was unprofitable or otherwise unsatisfactory.

(Explain in REMARKS section.)

( ) Payment schedule too slow.

( ) Other:

2. If you have submitted a response to this solicitation, but wish to offer suggestions or express concerns, please use the REMARKS section below. (Attach additional pages as needed.)

REMARKS:

Vendor Name: Date:

Contact Person: Phone ( ) -

Address:

E-mail Address:

KEY INFORMATION SUMMARY SHEET

RFP Title: Non-Discretionary Private Market Investment Consulting Services: Private Equity, Private Credit, Private Infrastructure, and Private Real Assets (excluding Real Estate)

RFP Issue Date: 10/26/2026 RFP Issuing Agency: Maryland State Retirement Agency (Agency) Send Questions to: Robert Burd peconsultant@sra.state.md.us

Procurement Officer Robert Burd Maryland State Retirement Agency 120 East Baltimore Street, 12th Floor Baltimore, MD 21202 Phone: 410-625-5571 Email: peconsultant@sra.state.md.us

Proposals are to be sent to: Maryland State Retirement Agency 120 East Baltimore Street, 12th Floor Baltimore, Maryland 21202 Attention: David Ferguson Email: peconsultant@sra.state.md.us

Contract Manager: David Ferguson Managing Director – Private Equity Maryland State Retirement Agency 120 East Baltimore Street Baltimore, MD 21202 Office Phone Number: 410-625-5633 Office Fax Number: 410 468-1701

Closing Date and Time: December 15, 2026, 5:00 pm (Local Time)

NOTICE:

A Prospective Offeror that has received this document from the Maryland State Retirement Agency’s website or https://emaryland.buyspeed.com/bso/, or that has received this document from a source other than the Procurement Officer, and that wishes to assure receipt of any changes or additional materials related to this RFP, should immediately contact the Procurement Officer and provide the Prospective Offeror’s name and mailing address so that addenda to the RFP or other communications can be sent to the Prospective Offeror.

mailto:peconsultant@sra.state.md.us mailto:peconsultant@sra.state.md.us mailto:peconsultant@sra.state.md.us https://emaryland.buyspeed.com/bso/

SECTION 1 GENERAL INFORMATION

The Maryland State Retirement Agency on behalf of the Board of Trustees for the Maryland State Retirement and Pension System is issuing this Request for Proposals (RFP) to obtain non-discretionary private market investment consulting services as further described in this RFP.

For purposes of this RFP, the following abbreviations or terms have the meanings indicated below:

1.2.1 AGENCY means the Maryland State Retirement Agency.

1.2.2 BOARD means the Board of Trustees for the Maryland State Retirement and Pension System.

1.2.3 CIO means the Chief Investment Officer for the System.

1.2.4 COMAR means the Code of Maryland Regulations.

1.2.5 CONTRACT means the contract to be entered into pursuant to this RFP.

1.2.6 CONTRACT MANAGER means the individual identified by the State as the primary contact for the Contractor in the management of the Contract issued pursuant to this RFP.

1.2.7 CONTRACTOR means an Offeror who enters into a Contract with the Agency pursuant to this RFP and is a designated company.

1.2.8 FINANCIAL PROPOSAL means the separate submission of all pricing data that defines the cost of the Offeror’s consulting services specified in the Technical Proposal.

1.2.9 INVESTMENT DIVISION means the Investment Division of the Agency.

1.2.10 LOCAL TIME means time in the Eastern Time zone as observed by the State of Maryland.

1.2.11 MINORITY BUSINESS ENTERPRISE (MBE) means any legal entity certified as defined at COMAR 21.01.02.01B(54) which is certified by the Maryland Department of Transportation under COMAR 21.11.03.

1.2.12 OFFEROR means a vendor who responds to the RFP by submitting a proposal to provide the requested services.

1.2.13 PRIVATE MARKETS PROGRAMS mean the System’s investments in private equity, private credit, private infrastructure, private real assets (excluding real estate), and venture capital.

1.2.14 RFP means this Request for Proposals for Non-Discretionary Private Market Investment Consulting Services.

1.2.15 STATE means the State of Maryland.

Summary Statement

Abbreviations and Definitions

1.2.16 SUBCONTRACTOR means an organization or entity that the Offeror plans to utilize to provide or perform a portion of the services covered under this RFP.

1.2.17 SYSTEM means the Maryland State Retirement and Pension System.

1.2.18 TECHNICAL PROPOSAL means the Offeror’s proposal submitted to comply with the specifications for consulting services outlined in RFP Section 4.

With few exceptions, this RFP and any Contract entered into as a result hereof are not subject to the provisions of Division II of the State Finance and Procurement Article (Procurement Article). Nonetheless, the requirements of the Procurement Article and COMAR, Title 21, State Procurement Regulations (as amended), will be applied to this RFP to the extent practicable and consistent with obtaining the best consulting services for the System. The appeal procedures contained in the Procurement Article and in the State Procurement Regulations will not apply to this procurement.

The Contract resulting from this RFP shall be for a five (5) year term and is expected to begin on or about March 1, 2027. At the sole option of the System, the Contract may be renewed for up to two (2) additional one (1) year periods, subject to the satisfactory performance of the services required to be provided.

The sole point of contact at the Agency for purposes of this RFP, prior to the award of any contract, is the Procurement Officer identified below:

Robert Burd Maryland State Retirement Agency 120 East Baltimore Street, 12th Floor Baltimore, MD 21202 Telephone: 410.625.5571 Fax: 410.468.1701 Email: peconsultant@sra.state.md.us

Firms that intend to submit a Proposal should not contact any member of the Investment Committee, any member of the Board of Trustees for the System, the Chief Investment Officer, the Deputy Chief Investment Officer or any staff member of the Agency other than the Procurement Officer. Firms that currently do business with the System may contact persons other than the Procurement Officer, but their contact must be limited to that business and should not relate to this RFP.

The Contract Manager responsible for administration and management of the Contract issued pursuant to this RFP shall be:

David Ferguson Managing Director – Private Equity Maryland State Retirement Agency 120 East Baltimore Street, 12th Floor

Exempt From Procurement Regulations

Contract Duration

1.5 Procurement Officer and Contract Manager

mailto:reconsultant@sra.state.md.us

Baltimore, Maryland 21202 Telephone: (410) 625-5633 Fax: (410) 468-1701 Email: dferguson@sra.state.md.us

The Agency may change the Procurement Officer and/or the Contract Manager at any time during the pendency of the Contract by notice to the Contractor.

There will be no pre-proposal conference.

Each Offeror is requested to indicate its eMaryland Marketplace vendor number in the Transmittal Letter submitted at the time of its proposal submission to this RFP.

eMaryland Marketplace (eMMA) (https://procurement.maryland.gov) is a free electronic commerce system administered by the Maryland Department of General Services. In addition to using the Agency’s website (www.sra.maryland.gov) and possibly other means for transmitting the RFP and associated materials, the solicitation, Offeror questions and the Procurement Officer’s responses, addenda, and all other solicitation related material will be provided via eMMA.

In order to receive a Contract award, a Contractor must be registered on eMMA. Information about eMMA can be found on the website at https://procurement.maryland.gov.

Questions will be accepted from prospective Offerors. All questions must be submitted in writing via email to peconsultant@sra.state.md.us prior to 5:00 p.m. on November 20, 2026. Answers to questions received will be posted on https://procurement.maryland.gov as an Addendum, as well as the Agency’s website.

Questions received after 5:00 p.m. on November 20, 2026, will be answered only if time permits and at the sole discretion of the Procurement Officer.

Proposals, in the number and form set forth in RFP Section 4.2 “Proposals” must be received by the Procurement Officer at the Procurement Officer’s address no later than the Proposal Due date and time indicated on the RFP Key Information Summary Sheet (near the beginning of the solicitation) in order to be considered.

Requests for extension of this time or date will not be granted. Offerors mailing Proposals should allow sufficient mail delivery time to ensure timely receipt by the Procurement Officer. Except as provided in COMAR 21.05.03.02.F and 21.05.02.10, Proposals received after the due date and time listed in the RFP Key Information Summary Sheet will not be considered.

Proposals may be modified or withdrawn by written notice received by the Procurement Officer before the time and date set forth in the RFP Key Information Summary Sheet for receipt of Proposals.

1.6 Pre-Proposal Conference

1.7 Use of eMaryland Marketplace

1.8 Questions

1.9 Proposals Due (Closing) Date

mailto:dferguson@sra.state.md.us https://procurement.maryland.gov/ http://www.sra.maryland.gov/ https://procurement.maryland.gov/ https://procurement.maryland.gov/

Proposals may not be submitted by e-mail or facsimile. Proposals will not be opened publicly.

Proposals submitted in response to this RFP are irrevocable for 120 days following the closing date of proposals or of Best and Final Offers (BAFOs), if requested. This period may be extended at the Procurement Officer's request only with the Offeror's written agreement.

If it becomes necessary to revise this RFP before the due date for Proposals, the Agency shall endeavor to provide addenda to all prospective Offerors that were sent this RFP, or which are otherwise known by the Procurement Officer to have obtained this RFP. In addition, addenda to the RFP will be posted on the Agency’s procurement web page and through eMMA. It remains the responsibility of all prospective Offerors to check all applicable websites for any addenda issued prior to the submission of Proposals.

Addenda made after the due date for Proposals will be sent only to those Offerors that submitted a timely Proposal and that remain under award consideration as of the issuance date of the addenda.

Acknowledgment of the receipt of all addenda to this RFP issued before the proposal due date must accompany the Offeror’s proposal in the Transmittal Letter accompanying the Technical Proposal submittal. Acknowledgement of the receipt of addenda to the RFP issued after the proposal due date shall be in the manner specified in the addendum notice. Failure to acknowledge receipt of an addendum does not relieve the Offeror from complying with the terms, additions, deletions, or corrections set forth in the addenda.

The Agency reserves the right to cancel this RFP, accept or reject any and all proposals, in whole or in part, received in response to this RFP, to waive or permit cure of minor irregularities, and to conduct discussions with all qualified or potentially qualified Offerors in any manner necessary to serve the best interests of the State. The Agency also reserves the right, in its sole discretion, to award a contract based upon the written proposals received without discussions or negotiations.

Offerors may be required to make oral presentations to the Evaluation Committee (defined below).

Significant representations made by an Offeror during the oral presentation must be reduced to writing. All written representations will become part of the Offeror’s proposal and are binding if the Contract is awarded. The Procurement Officer will notify Offerors of the time and place of oral presentations, if any.

Typically, oral presentations occur approximately four weeks after the proposal due date.

The State will not be responsible for any costs incurred by an Offeror in preparing and submitting a proposal, in making an oral presentation, in providing a demonstration, or in performing any other activities related to submitting a proposal in response to this solicitation.

1.10 Duration of Proposal

1.11 Revisions to the RFP

1.12 Cancellations; Discussions

1.13 Oral Presentation

1.14 Incurred Expenses

1.15 Economy of Preparation

Proposals should be prepared simply and economically, providing a straightforward, concise description of the Offeror's proposal to meet the requirements of this RFP.

Neither multiple nor alternate proposals will be accepted.

An Offeror should give specific attention to the clear identification of those portions of its proposal that it considers confidential, proprietary commercial information or trade secrets, and provide justification why such materials, upon request, should not be disclosed by the State under the Public Information Act, Md.

Code Ann., General Provisions Article, Title 4. (Also, see RFP Section 4.4.2.2.) This confidential and/or proprietary information should be identified by page and section number and placed after the Title Page and before the Table of Contents in the Technical Proposal and if applicable, separately in the Financial Proposal.

Offerors are advised that, upon request for this information from a third party, the Procurement Officer is required to make an independent determination whether the information must be disclosed.

The selected Offeror/Contractor shall be responsible for all products and services required by this RFP.

Each Offeror shall identify all proposed subcontractors and include a complete description of their roles relative to the Proposal. The selected Offeror retains responsibility for all work performed by and every deliverable submitted by a subcontractor.

If an Offeror that seeks to perform or provide the services required by this RFP is the subsidiary of another entity, all information submitted by the Offeror including but not limited to references, financial reports, or experience and documentation (e.g. insurance policies, bonds, letters of credit) used to meet minimum qualifications, if any, shall pertain exclusively to the Offeror, unless the parent organization will guarantee the performance of the subsidiary. If applicable, the Offeror shall submit with its Proposal an explicit statement, signed by an authorized representative of the parent organization, stating that the parent organization will guarantee the performance of the subsidiary.

A parental guarantee of the performance of the Offeror under this RFP Section 1.18 will not automatically result in crediting the Offeror with the experience and/or qualifications of the parent under any evaluation criteria pertaining to the Offeror’s experience and qualifications. Instead, the Offeror will be evaluated on the extent to which the Agency determines that the experience and qualification of the parent are transferred to and shared with the Offeror, the parent is directly involved in the performance of the Contract, and the value of the parent’s participation as determined by the Agency.

By submitting an offer in response to this RFP, an Offeror, if selected for award, shall be deemed to have accepted the terms of this RFP and the Contract, attached herein as ATTACHMENT G of this RFP. Any exceptions to this RFP or the Contract shall be clearly identified in the Executive Summary of the Technical Proposal. A Proposal that takes exception to these terms may be deemed not reasonably susceptible of being selected for award.

1.16 Multiple or Alternative Proposals

1.17 Public Information Act Notice

1.18 Offeror Responsibilities

1.19 Mandatory Contractual Terms

A proposal submitted by an Offeror must be accompanied by a completed Proposal Affidavit. A copy of this Affidavit is included as ATTACHMENT C of this RFP.

All Offerors are advised that if a contract is awarded as a result of this solicitation, the successful Offeror will be required to complete a Contract Affidavit. A copy of this Affidavit is included for informational purposes as ATTACHMENT D of this RFP. This Affidavit must be completed and submitted within five business days after notification of proposed contract award. For purposes of completing Section “B” of this Affidavit (Certification of Registration or Qualification with the State Department of Assessments and Taxation), note that a business entity that is organized outside of the State of Maryland is considered to be a “foreign” business.

Minority Business Enterprises (MBEs) are encouraged to respond to this RFP. Offerors who consider themselves to be minority contractors are encouraged to obtain certification from the Maryland Department of Transportation. A minimum certified Minority Business Enterprise subcontract participation goal has not been established for this RFP, but certified MBE subcontract participation may be considered in evaluating proposals under certain circumstances. Offerors are encouraged to utilize MBEs for any subcontracting opportunities that may arise. The Agency also encourages Offerors to include socially and economically disadvantaged individuals on the team responding to this solicitation, if applicable.

A current directory of certified MBEs is available through the Maryland State Department of Transportation (MDOT), Office of Minority Business Enterprise, 7201 Corporate Center Drive, Hanover, Maryland 21076.

The phone numbers are (410) 865-1269, 1-800-544-6056, or TTY (410) 865-1342. The directory is also available on the MDOT website at www.mdot.maryland.gov and Select MBE in the Toolbar. The most current and up-to-date information on MBEs is available via this website.

By submitting a Proposal in response to this RFP, the Offeror, if selected for award, agrees that it will comply with all federal, State, and local laws applicable to its activities and obligations under the Contract.

By submitting a response to this solicitation, each Offeror represents that it is not in arrears in the payment of any obligations due and owing the State, including the payment of taxes and employee benefits, and shall not become so in arrears during the term of the Contract if selected for Contract award.

Before a business entity can do business in the State, it must be registered with the State Department of Assessments and Taxation (SDAT). SDAT is located at State Office Building, Room 803, 301 West Preston Street, Baltimore, Maryland 21201. For registration information, visit https://www.egov.maryland.gov/businessexpress.

1.20 Proposal Affidavit

1.21 Contract Affidavit

1.22 Minority Business Enterprises

1.23 Compliance with Law; Arrearages

1.24 Verification of Registration and Tax Payment

http://www.mdot.maryland.gov/ https://www.egov.maryland.gov/businessexpress

It is strongly recommended that any potential Offeror complete registration prior to the due date for receipt of Proposals. An Offeror’s failure to complete registration with SDAT may disqualify an otherwise successful Offeror from final consideration and recommendation for Contract award.

Offerors are advised that §11-205.1 of the State Finance and Procurement Article of the Annotated Code of Maryland provides as follows:

1.25.1 In connection with a procurement contract a person may not willfully:

(a) Falsify, conceal, or suppress a material fact by any scheme or device;

(b) Make a false or fraudulent statement or representation of a material fact; or

(c) Use a false writing or document that contains a false or fraudulent statement or entry of a material fact.

1.25.2 A person may not aid or conspire with another person to commit an act under subsection

1.25.1 of this RFP Section 1.25.

1.25.3 A person who violates any provision of this RFP Section 1.25 is guilty of a felony and on conviction is subject to a fine not exceeding $20,000 or imprisonment not exceeding 5 years or both.

Offerors shall complete and sign the Conflict of Interest Affidavit and Disclosure (ATTACHMENT F) and submit it with their proposals. All Offerors are advised that if a Contract is awarded as a result of this solicitation, the Contractor’s personnel who perform or control work under this Contract and each of the participating subcontractor personnel who perform or control work under this Contract shall be required to complete agreements substantially similar to ATTACHMENT F, Conflict of Interest Affidavit and Disclosure. For policies and procedures applying specifically to Conflict of Interests, the Contract is governed by COMAR 21.05.08.08.

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1.25 False Statements

1.26 Conflict of Interest Affidavit and Disclosure

SECTION 2 OFFEROR MINIMUM QUALIFICATIONS

An Offeror must demonstrate in its Technical Proposal that they satisfy each of the minimum qualifications set forth in RFP Section 2.3.

Failure to satisfy the minimum qualifications stated in this RFP will result in an Offeror being classified as not reasonably susceptible of selection for award, and failure to maintain compliance with any of these qualifications during the term of the Contract may be considered an event of default.

An Offeror must demonstrate in its Technical Proposal that the following minimum qualifications have been met:

2.3.1 The Offeror has provided non-discretionary private market investment consulting services similar to those described in Section 3, Scope of Services, during the last five (5) years to at least five (5) public pension funds, private pensions, foundations, or endowments whose assets under advisement aggregate to at least one billion dollars.

2.3.2 The Offeror is not in bankruptcy, conservatorship, receivership, or in the possession of a regulatory agency.

Failure to maintain compliance with any of these qualifications during the term of the Contract may be considered an event of default; the Contractor must notify the Agency of the Contractor’s non-compliance within ten (10) calendar days of the precipitating event.

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Demonstrating Minimum Qualifications

Failure to Satisfy Minimum Qualifications

Minimum Qualifications

SECTION 3 REQUIREMENTS; SCOPE OF SERVICES

The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System. The System was established by the State Personnel and Pensions Article of the Annotated Code of Maryland (SPP) to provide retirement allowances and other benefits to State employees, teachers, and other State and local employees. Responsibility for the System’s administration and operations is vested in a 15-member Board of Trustees (Board).

More information about the System can be found in its Comprehensive Annual Financial Report. This RFP, as well as the Comprehensive Annual Financial Report, can be found on the System’s website (http://www.sra.state.md.us).

Whether the Agency contracts with a single Contractor or several Contractors will depend upon the cost of such services in relation to the level and quality of service anticipated by the Agency as determined in its sole judgment. An Offeror may propose to subcontract or otherwise offer the required services in partnership with another firm, but delivery of the services must be transparent to the Agency. It is possible that none of the submitted Proposals will be satisfactory to the Agency, in which case no selection will be made.

The Agency is seeking a comprehensive, high quality, cost-effective solution for non-discretionary private market investment consulting services. The Contractor must provide the following services (“Required Services”):

1. Strategic Private Market Consulting: The Contractor shall:

a. Assist the CIO and Investment Division Staff in the development of goals, strategy, and objectives for the various Private Market Programs.

b. Provide regular reporting and analyses and/or research as required by the Investment Division Staff to define goals and objectives, monitor portfolio risk, model program cash flows/commitment pacing, or for other purposes relating to the Private Market Programs.

c. At the request of the Investment Division Staff, prepare an annual plan in coordination with Staff that includes but is not limited to targeting funds and strategies for investment and pacing of subscriptions and redemptions.

d. Appear as requested at Investment Committee and/ or Board of Trustees meetings or other meetings to

(i) present research, analyses, written reports, and recommendations or (ii) respond to questions relating to the Private Market Programs or industry.

e. Provide other consulting services consistent with or required in connection with the Private Market Programs and its goals, strategy and objectives.

f. Conduct and prepare comprehensive written research, analysis and advice on specific investment issues, or conduct special projects or other activities, as requested, and propose investment strategies based on research conducted.

Background

Purpose/Objectives

Scope of Services – Requirements http://www.sra.state.md.us/

g. Attend meetings with Investment Division Staff to provide investment advice on matters relating to the Private Market Programs as requested.

h. Coordinate and communicate with the System, other System investment consultants and the managers of the funds and partnerships in the Program on an ongoing basis as required to ensure the effective and successful administration of the Private Market Programs.

2. Deal Sourcing and Due Diligence

The Contractor shall conduct deal sourcing and due diligence concurrently with Investment Division Staff. The Contractor and Investment Division Staff shall work closely to coordinate this activity. As part of the regular investment process, the Contractor and Investment Division Staff will also endeavor to identify and evaluate “Emerging Managers”, defined generally as U.S. based managers with less than $2B in assets under management.

a. Investment Screening: The Contractor shall develop a structured process that will analyze the full universe of available investments, including emerging managers, and efficiently identify those most appropriate for investment. This should be a coordinated process including a detailed analysis of prospective investments identified by both the Contractor and Investment Division Staff.

b. Direct and Co-investment strategies: The Consultant shall develop a process to assist Investment Division Staff with evaluating and monitoring direct and co-investments with a focus on improving portfolio gross performance and reducing the fee drag on the net performance.

c. Manage Investment Pipeline: The Contractor shall develop a proactive program to coordinate with Investment Division Staff in the creation of an investment pipeline for a rolling three-year period. The pipeline shall include expected investments with existing managers as well as identify new investment opportunities for the System.

d. Due Diligence: at the request of Investment Division Staff, conduct due diligence on current investments and on those prospective investments that the Investment Division Staff has selected for consideration. Prospective investments may be sourced by the Consultant or Investment Division Staff.

This includes:

i. Operational Due Diligence: at the request of Investment Division Staff, the Consultant shall conduct Operational Due Diligence on all managers currently in the Program, and on prospective investments selected either by Investment Division Staff or the Consultant.

ii. Identification of New Opportunities: at the request of Investment Division Staff, identify new strategies or managers, including opportunities in Maryland for the System in coordination with Investment Division Staff.

iii. Recommendations: at the request of Investment Division Staff, present written recommendations to the Investment Division Staff. The recommendations will include the full results of the due diligence process, strategic considerations, and fit with either the Total Plan or the Program. The recommendations must include an ESG and DEI evaluation of the proposed investment.

iv. Negotiation and Structuring: at the request of Investment Division Staff, work with Investment

Division Staff and legal counsel in the negotiation of contract terms and conditions. Provide advice on market terms and structuring.

3. Monitoring of the Private Markets Portfolio

As of June 30, 2026, the System had made over $24.0 billion in private equity commitments to 370 partnerships and co-investments (over 60 managers), with a current NAV of $15.7B. The annual commitment pace is expected to be between $1.5 billion and $2.5 billion for the duration of the proposed contract. The System has $9B of Private credit commitments of which $7B has been invested in 90 commingled funds/funds of one with an annual pacing of $1- 1.5B. In addition, the System has $3.5B in Real Assets commitments to 36 funds of which $2.402 B has been invested.

Please see Exhibit A for a list of the System’s investments through its Private Market Programs.

a. General Portfolio Monitoring: the Consultant will take responsibility for the timely reporting of key events to the Investment Division Staff that may affect the System or the Program. Such events may include market changes, changes in key personnel at the manager, industry related issues, or substantial reductions in portfolio value. This will be conducted through the monitoring of the media, personal contacts, the systematic review of managers’ reports, and the Consultant’s internal monitoring systems.

b. Involvement with Managers: The Contractor shall assist, where necessary, in actions to protect the interests of the System as an investor, and to ensure manager compliance with the terms of their contracts.

c. The Contractor shall review and make recommendations on any issues related to the portfolio that would require action by the Agency.

d. Review of Proposed Amendments: Review and recommend courses of action on all document amendments as requested.

e. Review of Proposed Amendments: Review and recommend courses of action on all document amendments as requested.

4. Database Management

The Contractor shall develop and maintain a database that will, at a minimum, include the following information:

a. Historical Data: Historical information on all cash flows, net asset values, unfunded commitments by fund, fee payments, cost basis, and return on each investment.

b. Performance Data: Performance data, including IRR and multiple calculations and measured against private market performance benchmarks and a public market equivalent basis.

c. Classification Capabilities: Ability to review cash flows and performance data by individual investment, asset class and the total portfolio over quarterly periods.

d. Fees and Carried Interest – Ability to maintain a detailed accounting of fees and carried interest for each investment.

5. Reporting: The Contractor shall provide the following reports:

a. Quarterly Performance Report: to include, at a minimum:

i. Allocation breakdown by geography, sector and industry

ii. Updated information on each fund

iii. Listing of each fund by sector

iv. Date of commitment to each fund

v. Commitment amount to each fund

vi. Drawdown amounts by fund

vii. Outstanding commitment by fund

viii. Distribution amounts by fund

ix. Fund NAVs

x. Multiples by fund

xi. IRR of each fund

xii. Items v – xi aggregated for the total program

b. Reconciliation with Custodian Bank and Agency: A reconciliation of the Contractor’s quarterly reports with the reports/records of the Agency and the Agency’s custodian bank for accuracy.

6. Ongoing Board of Trustees Education

Upon request, the Contractor shall conduct trustee education workshops on specific issues designated by the System and/or recommended by the Contractor.

7. External Relations

Upon request, the Contractor shall support the Chief Investment Officer, the Investment Committee and/or the Board of Trustees through written and/or oral presentations at their meetings with legislative and executive branch staff and other parties as necessary.

8. Training of Investment Division Staff

The Consultant will be expected to make available resources to train Investment Division Staff in areas of operational due diligence, manager due diligence, risk management, and other areas necessary to monitor the Program.

9. External Relations

The Consultant may be required to support the Chief Investment Officer, the Investment Committee and/or the Board of Trustees with written and/or oral presentations at their meetings with legislative and executive branch staff and other parties as necessary.

10. Agency Meetings

The Contractor shall meet with the Investment Division Staff at least quarterly to review potential opportunities, the current pipeline and discuss funds in due diligence.

11. Other

a. The Consultant shall act as a fiduciary to the System.

b. The Consultant will meet with the Investment Division Staff at least quarterly to review contract issues, to inform the Agency of new services/technologies, and to plan improvements in services.

c. The Consultant and its principal subcontractor(s), if any, performing the services described in this RFI will agree to provide access to the Agency or its representatives, the Legislative Auditor of the State of Maryland or other third parties identified for the purpose of performing any audits or reviews that are deemed necessary by the Agency.

3.4.1 The Contractor shall maintain directors and officers liability insurance coverage of at least five million dollars ($5,000,000).

3.4.2 The Contractor shall maintain errors and omissions/professional liability

(including cyber liability) insurance with a minimum limit of three million ($3,000,000) per claim and annual aggregate.

3.4.3 Within five (5) Business Days of recommendation for Contract award, and before any work begins, the Contractor shall provide the Procurement Officer with current certificates of insurance, and shall update such certificates periodically, but no less than annually in multi-year contracts, as directed by the Contract Manager.

3.4.4 Workers’ compensation and other insurance as required by State of Maryland and federal law, and shall maintain such insurance at levels acceptable to the System in full force and effect during the term of this Contract. The Contractor agrees to furnish satisfactory evidence of this insurance coverage to the System upon request.

3.4.5 The Contractor shall require that any subcontractors providing primary services (as opposed to non-critical, ancillary services) under this Contract obtain and maintain the same levels of insurance and shall provide the Contract Manager with the same documentation as is required of the Contractor.

3.5.1 The State Ethics Law, State Government Article, §15-508, might limit the selected Contractor’s ability to participate in future related procurements or to provide advice or consultation services to organizations or companies that do business with or plan to do business with the State, depending upon specific circumstances.

3.5.2 The Contractor shall perform the duties required by this RFP impartially and without any conflict of interest. The Contractor’s first priority in performing the duties of the Contract shall be the protection of the State’s interests.

3.5.3 The Contractor shall provide periodic updates to the Agency and the Contract Manager, providing information such as that required by the Conflict of Interest affidavit attached as ATTACHMENT F, certifying whether a conflict of interest or potential conflict of interest exists. The Contractor shall notify the Agency and Contract Manager whenever the Contractor provides services to, contracts with, or receives any compensation or remuneration from an organization or company that is involved in a matter related to this RFP.

Insurance Requirements

3.5 Conflicts of Interest

SECTION 4 PROPOSAL SUBMISSION FORMAT

Offerors must submit separate proposals in two separate volumes:

• Volume I – (TECHNICAL PROPOSAL)

• Volume II – (FINANCIAL PROPOSAL)

Volume I - Technical Proposal, and Volume II - Financial Proposal shall be delivered separately from one another. Volume I – Technical Proposal must be submitted in electronic versions only (see below for formatting preferences). Volume II – Financial Proposal must be submitted in a physical (i.e., paper) version and an electronic version separate from Volume I. Both volumes must be received by the Procurement Officer prior to the Closing Date and Time (see RFP Key Information Summary Sheet).

It is preferred, but not required, that the name, email address, and telephone number of a contact person for the Offeror be included on the outside of the packaging for Volume II.

An electronic version of Volume 1 - Technical Proposal must be provided in searchable Adobe .pdf or Microsoft Word format. An electronic version of Volume II - Financial Proposal must be provided.

A second electronic version of Volume I and Volume II in searchable Adobe .pdf format shall be submitted for Public Information Act (PIA) requests. This copy shall be redacted so that information that the offeror views as confidential and/or proprietary information has been removed (see RFP Section 1.17).

Except as required by the PIA or other law, proposals and any modifications to Proposals will be shown only to State employees, members of the Evaluation Committee (defined below), and other persons deemed by the Agency to have a legitimate interest in them.

Electronic files should be sent via e-mail to peconsultant@sra.state.md.us .

4.4.1 Format of Technical Proposal; Required Submissions

The Offeror’s Technical Proposal should be organized and numbered in the same order as this RFP.

This proposal organization will allow the Evaluation Committee (defined below) to “map” Offeror responses directly to RFP requirements by paragraph number.

The Offeror should use the sub-headings provided by this RFP to organize the response (i.e., to describe in detail how Offeror meets the minimum qualifications as a response to RFP Section 2.3 and proposes to provide the services enumerated in RFP Section 3.3).

4.4.2 The Technical Proposal

Two Part Submission

Proposals

Delivery

Volume I – Technical Proposal

The Technical Proposal shall include the following sections in this order:

4.4.2.1 Title Page

The Technical Proposal should begin with a title page bearing the name and address of the Offeror and the name and number of this RFP.

4.4.2.2 Confidential, Proprietary Commercial Information or Trade Secrets

Any information which is claimed to be confidential is to be noted by reference and included after the Title Page and before the Table of Contents, and if applicable, also in the Offeror’s Financial Proposal. An explanation for each claim of confidentiality shall be included (see RFP Section 1.17 “Public Information Act Notice”). The entire Proposal should not be given a blanket confidentiality designation. Any confidentiality designation must apply to specific sections, pages, or portions of pages of the Proposal.

4.4.2.3 Table of Contents

A table of contents for the Technical Proposal should follow the title page or the Offeror’s confidential, proprietary information or trade secrets claims.

4.4.2.4 Transmittal Letter

A transmittal letter must accompany the Technical Proposal. The purpose of this letter is to transmit the proposal and acknowledge the receipt of any addenda/amendments. The transmittal letter should be brief and signed by an individual who is authorized to commit the Offeror to the services and requirements as stated in this RFP.

4.4.2.5. Executive Summary

The Offeror shall condense and highlight the contents of the Technical Proposal in a separate section titled “Executive Summary”. The Executive Summary shall reflect the RFP subject, name of the firm, address, telephone number, contact person, date of preparation, and names of persons who are authorized to make representations on behalf of the Offeror (include their titles, addresses, telephone numbers and other contact information). This section shall include a summary description of the firm’s background and history in providing the services requested by the RFP. Any marketing materials included in the Offeror’s proposal to more fully describe the Offeror’s services should be clearly referenced in the proposal.

The Executive Summary must include a statement that the Offeror, if chosen for award, shall comply with all terms and conditions stated in this RFP, including without limitation, the terms of the form of Contract set forth in ATTACHMENT G to this RFP. Exceptions to the RFP or attachments may result in rejection of the proposal.

4.4.2.6 Minimum Qualifications Demonstration and Documentation

The Offeror shall address each minimum qualification specified in RFP Section 2.3 and shall demonstrate how the Offeror meets each of these minimum qualifications. The Offeror must also complete the Statement of Minimum Offeror Qualifications included as ATTACHMENT A to this RFP. The response must contain sufficient information to assure the Agency of its accuracy. If the Offeror provides any publications, pamphlets or other written materials to further demonstrate its capacity to meet the minimum qualifications, such materials must be clearly referenced in each response to the minimum qualifications.

4.4.2.7 Offeror’s Technical Response to RFP Scope of Services Requirements

In a concise manner, the Offeror shall address each requirement in RFP Section 3.3 of this RFP and shall describe how the Offeror’s proposed services, including the services of any proposed subcontractor(s), will meet or exceed the requirement(s), will meet these requirements. The Offeror should use the sub-headings provided by this RFP to organize the response. If the State is seeking Offeror agreement to any requirement(s), the Offeror shall state its agreement or disagreement. Any paragraph in the Technical Proposal that responds to a requirement in RFP Section 3.3 shall include an explanation of how the services will be provided. Any exception to a requirement, term, or condition may result in having the Proposal classified as not reasonably susceptible of being selected for award or the Offeror deemed not responsible.

4.4.2.8 Offeror’s Responses to Proposal Questionnaire

Each Offeror must complete the Proposal Questionnaire (ATTACHMENT B). The information requested must be provided in the prescribed format. Responses that in the opinion of the Evaluation Committee (defined below) materially deviate from the prescribed format may be rejected. All responses to the questionnaire will be subject to verification for accuracy. Proposals containing false or misleading information may be rejected at the discretion of the Evaluation Committee (defined below).

4.4.2.9 Offeror’s Experience and References

The Offeror shall include information on past experience with similar projects and/or services, including the following information:

• A description of any services required by this RFP performed by the Offeror during the most recent five (5) year period;

• A minimum of five (5) references, using the “Form for References” provided in the Proposal Questionnaire, from pension funds or endowments, for which the Offeror has provided the services required by this RFP. Include complete addresses and telephone numbers for each reference, as well as the name, title and the telephone number of a contact individual; and

• Any additional services or alternative approaches that the Offeror believes are in the Agency’s best interest.

4.4.2.10 Subcontractors

The Offeror shall provide a complete list of all subcontractors that will work on the Contract if the Offeror receives an award. This list shall include a full description of the duties each subcontractor will perform and why/how each subcontractor was deemed the most qualified for this project.

4.4.2.11 Economic Benefit Factors

The Offeror shall submit with its Proposal a narrative describing benefits that will accrue to the Maryland economy as a direct or indirect result of its performance of this contract.

Proposals will be evaluated to assess the benefit to Maryland’s economy specifically offered. The economic benefit offered should be consistent with the Offeror’s Financial Proposal Form.

Proposals that identify specific benefits as being contractually enforceable commitments will be rated more favorably than Proposals that do not identify specific benefits as contractual commitments, all other factors being equal.

Offerors shall identify any performance guarantees that will be enforceable by the State if the full level of promised benefit is not achieved during the Contract term.

As applicable, for the full duration of the Contract, including any renewal period, or until the commitment is satisfied, the Contractor shall provide to the Contract Manager or other designated agency personnel reports of the actual attainment of each benefit listed in response to this RFP Section 4.4.2.11. These benefit attainment reports shall be provided quarterly, unless elsewhere in these specifications a different reporting frequency is stated.

In responding to this RFP Section 4.4.2.11, the following do not generally constitute economic benefits to be derived from this Contract:

(1) Generic statements that the State will benefit from the Offeror’s superior performance under the Contract;

(2) Descriptions of the number of Offeror employees located in Maryland other than those that will be performing work under this Contract; and

(3) Tax revenues from Maryland-based employees or locations, other than those that will be performing, or used to perform, work under this Contract.

Discussion of Maryland-based employees or locations may be appropriate if the Offeror makes some projection or guarantee of increased or retained presence based upon being awarded this Contract.

Examples of economic benefits to be derived from a contract may include any of the following.