Request for Proposals for

PRIVATE EQUITY & PRIVATE CREDIT

INVESTMENT CONSULTING SERVICES

January 21, 2026

State of Connecticut Office of the State Treasurer

Deadline:

Wednesday, February 18, 2026 – 4:00 p.m. EST

STATE OF CONNECTICUT

OFFICE OF THE TREASURER

REQUEST FOR PROPOSALS

FOR

PRIVATE EQUITY & PRIVATE CREDIT

INVESTMENT CONSULTING SERVICES

This Request for Proposals (RFP) includes the following: Page

Section I Introduction and Purpose of the RFP 3

Section II Scope of Services 4 – 7

Section III Fees 7

Section IV Contract Term 7

Section V Minimum Qualifications 7 - 8

Section VI Submission Deadline 8

Section VII Evaluation Criteria 8 - 9

Section VIII Form and Content of Responses 10 - 18

Section IX RFP Conditions 18 – 20

Personal Services Agreement 21-47

Section I - Introduction and Purpose of the RFP

The Office of the Treasurer of the State of Connecticut (the “State”) hereby requests proposals from qualified consulting firms (each, a “Respondent”) interested in providing private equity and private credit (“Private Capital”) investment consulting services (“Private Capital Investment Consulting Services”) as set forth herein.

The Treasurer, elected quadrennially, serves as the principal fiduciary of the Connecticut Retirement Plans and Trust Funds (the “CRPTF”), which had a market value of $68.4 billion as of November 30, 2025.

The Pension Funds Management Division manages six pension plans and eleven trusts collectively known as the “CRPTF.” These 17 plans and trusts may invest in 11 combined investment funds, which invest in various asset classes including public equities, fixed income, private equity, private credit, real estate, infrastructure/natural resources and alternative assets. An independent Investment Advisory Council (“IAC”), appointed pursuant to Connecticut General Statutes §3-13b, is charged with advising the Treasurer on matters pertaining to the investment of the CRPTF’s assets, and the Chief Investment Officer (“CIO”) of the Office of the Treasurer oversees the day-to-day operations.

The CRPTF’s Investment Policy Statement (“IPS”) includes asset allocation targets for Private Capital.

The CRPTF’s private equity related investments are included in the allocation established for the Private Equity Fund (“PEF”) while its private credit related investments are primarily included in the allocation established for the Private Credit Fund (“PCF”). As of November 30, 2025, the CRPTF’s private equity portfolio represented approximately 11.5% of total CRPTF asset value, with a target policy allocation of 15%. The CRPTF’s private credit portfolio represented approximately 5.7% of total CRPTF asset value as of November 30, 2025, with a targeted allocation of 10%.

The primary purpose of this Request for Proposals (“RFP”) is to identify and retain the most qualified firm or firms to provide Private Capital Investment Consulting Services on an ongoing basis, as described below in Section II, Scope of Services, to the Office of the Treasurer (the “Treasurer”). The State expects to select Respondent(s) to provide Private Capital Investment Consulting Services on an ongoing basis for a five (5) year period. The selected Respondent(s) will be expected to execute a personal service agreement with the Treasurer, with an anticipated term of five (5) years.

Respondent(s) to this RFP are not precluded from being considered for investment management services for the State. The selected Respondent(s) may be eligible to be considered for selection as an investment manager; provided, that the Respondent has adequate policies, procedure, and other controls in place to disclose and ameliorate conflicts of interest, and the engagement of the Respondent otherwise complies with the use of investment management services in this context, meets applicable laws, and subject to the Treasurer’s approval following an independent due diligence process conducted by an independent consultant.

The State requires respondents to complete all the legal and policy attachments (1 through 7A) in accordance with the directions provide (https://portal.ct.gov/OTT/Doing-Business/Compliance- Reporting). Failure to complete the Legal and Policy Attachments may result in the proposal not being reviewed.

Section II - Scope of Services

The selected Respondent(s) will be required to perform the following services:

A. Policy Development and Strategic Planning

1) Annually review the IPS and recommend any revisions related to the purpose, structure as well as performance, diversification, and risk objectives of the Private Capital allocations.

The IPS review may be done more frequently as necessitated by market conditions or the

CRPTF.

2) Assist in the development and structuring of strategies for the Private Capital portfolios, including the development of annual strategic pacing plans for the PEF and PCF allocations.

The strategic pacing plans should include the development of both near- and long-term portfolio construction objectives consistent with both the IPS requirements and the Consultant’s assessment private equity and private credit market conditions and opportunities.

3) Support the development of a strategic plan for the private equity and private credit asset classes, which include portfolio construction objectives consistent with the IPS requirements and Staff's assessment of the private equity and private credit markets, macroeconomic environment conditions and opportunities.

4) Support the development and implementation of investment related policy objectives, which may include co-investment initiatives or programs focused on emerging, diverse, or geographically targeted managers.

5) Provide strategic reviews of the Private Capital portfolios as well as broader private market trends and conditions to the Treasurer, the IAC, and investment staff as requested.

B. Investment Sourcing and Due Diligence

1) Support the identification of new investment opportunities consistent with the investment objectives for the Private Capital portfolios.

2) Provide the CRPTF with forward calendars (e.g., quarterly, semi-annually) identifying the Consultant’s highest conviction Private Capital managers in the relevant sub-strategies.

3) Maintain and share with the investment staff active deal logs for opportunities considered for the Private Capital portfolios.

4) Provide written initial screenings of opportunities as requested by the Treasurer or designated investment staff.

5) Conduct full due diligence on prospective investment opportunities at the request of the Treasurer or designated investment staff. The Consultant’s due diligence shall include, but not be limited to, the thorough review and assessment of the following:

a. Investment strategy, market opportunity, and strategic fit in the private equity or private credit portfolios.

b. Investment management team skill, experience, and competitive advantages.

c. The Consultant’s onsite and other meetings with the manager, reference, and background checks.

d. Organizational structure, ownership, team stability, incentives, and alignment of interests with prospective investors.

e. Quantitative and qualitative analysis of the prospective manager’s investment track record, including relevant benchmarking and peer comparisons.

f. The prospective manager’s integration of environmental, social, and governance (“ESG”) factors in its investment policies and practices.

g. The prospective manager’s commitment to having a diverse and inclusive employee base.

h. Key terms and conditions of the proposed investment and a comparison to prevailing market terms and conditions.

i. Operational capabilities, including reporting, financial controls, risk management, cybersecurity, and business continuity practices and policies.

6) The Consultant shall prepare and provide a written due diligence report and recommendation on the prospective investment opportunity that summarizes its findings, including the identification of the significant merits and potential risks or concerns with the manager, strategy, fund, or market opportunity.

7) Advise on the negotiations of terms as requested.

8) Provide other due diligence services as requested.

9) Provide feedback on consents, amendments and LPAC considerations as requested.

C. Reporting and Monitoring

The Consultant shall provide reporting, in both hard copy and electronic versions, consistent with the CRPTF’s needs and requirements. The reports, formats thereof, and timing of issuance will be subject to the advance review and approval of the CRPTF. The Consultant’s reporting and monitoring duties will include, but are not limited to, the following:

1) Performance calculations and monitoring of the Private Capital portfolios consistent with the

CRPTF’s needs.

2) Provide a quarterly report for each of the PEF and PCF portfolios, which shall include, but not be limited to, the following. Consultant shall use reasonable efforts to provide reports within a timeline established by the State

a. Reviews and analyses of the absolute and relative performance, including the relevant benchmark comparisons, of each private equity and private credit investment as well as the overall PEF and PCF portfolios.

b. Compliance reporting to the standards outlined in the IPS.

c. Provide additional reporting as needed and requested by the State, including a comparative review and performance analysis of the Connecticut Inclusive Investment Initiative (“Ci3”) emerging manager program and Ci3 designated investments in the PEF and PCF portfolios.

3) Monitoring and review of all capital calls and distributions, including providing written certification that the Consultant has ensured all capital calls and distributions are consistent with the terms and conditions of the Private Capital manager’s contract. Provide backup data to support detailed accounting entries for items including fees, Net Asset Value, and capital calls and distributions. The Consultant may be asked to prepare a schedule which will include the management fee policy of each fund.

4) Provide timely updates on any significant developments with an existing investment manager or fund, including, but not limited to, organization or ownership changes, performance, legal or regulatory matters.

5) Review and provide guidance on proposed actions related to legal documents or advisory committees, including amendments, consents, waivers, and extensions as requested.

6) Assist in forecasting capital calls and distributions for the CRPTF cash flow budget.

7) Assist the Treasurer, or designated investment staff, in the preparation and drafting of the Private Capital sections of the Treasurer’s Annual Report and any other interim reports as may be requested by the Treasurer, CIO, or designated investment staff.

D. Information & Education

1) Provide the CRPTF with on-line access to information services and technology platforms used for portfolio monitoring, reporting, manager research and due diligence, including benchmarking.

2) Apprise the CRPTF of new investment strategies, vehicles, and techniques as well as major changes in existing practices within the industry and, upon request, prepare comprehensive analyses and reports regarding these activities for the CRPTF.

3) Provide research and training in such areas as investment and portfolio management best practices, ESG, and emerging investment strategies, including the related risks and benefits to the Private Capital portfolios.

E. Other Responsibilities

1) The Consultant may be asked to assist the Treasurer, CIO, or designated investment staff in designing and recommending processes for identifying and selecting prospective investment advisors, managers, or investment funds that may be sourced through processes including RFPs, Requests For Information, Requests For Qualifications, and questionnaires.

2) Prepare comprehensive research, analysis, and advice on specific investment issues, or conduct special projects or other activities, as reasonably requested by the Treasurer. Such reports shall be billed separately at an agreed upon hourly or project fee.

F. Consultant Personnel

1) A senior member of the Consultant’s team assigned to the CRPTF may be requested to attend meetings of the IAC when private equity or private credit investment issues or proposals are scheduled to be discussed.

2) A senior member of the Consultant’s team assigned to the CRPTF may be requested to be available to meet with the Treasurer, CIO, or designated investment staff on a quarterly basis to discuss strategy and action plans.

Section III - Fees

Please provide your fee proposal for the services as outlined in Section II. Please see Section VIII B(2) for more information on the required Fee Proposal submission.

Section IV – Contract Term

The Treasurer intends to enter into a contract(s) for a five-year term, expected to begin approximately August 31, 2026. The contract shall include a 30-day termination provision at the Treasurer’s sole discretion.

Section V – Minimum Qualifications

Respondents submitting a proposal in response to this RFP must demonstrate the following minimum qualifications in order to be considered:

1. At least five (5) years of experience by the firm’s key professionals and the firm in providing investment consulting services to large pension funds with a minimum of $40 billion in assets.

2. During the last five (5) years, the firm has provided investment consulting services to at least five (5) public pension plans with private equity and private credit allocations with minimum market values of $5 billion and $2 billion, respectively, as of September 30, 2025.

3. The firm must be willing to designate a consultant(s) with more than ten (10) years of Private Capital Investment Consulting Services experience to serve as the CRPTF’s primary point of contact(s) and work extensively on the CRPTF’ account.

4. Firm must be properly authorized, registered, and/or licensed to perform the Private Capital Investment Consulting Services required in this RFP. Proof of licensure or registration must be furnished.

5. Neither key professionals nor the firm have any material or potential conflicts of interest that are not disclosed on Attachment 4B of the Legal and Policy Attachments.

6. Respondents must agree in writing to serve as a fiduciary to the extent it exercises any discretionary authority or discretionary control with respect to the management or disposition of assets, or renders investment advice, with respect to the Office of the Treasurer.

Section VI – Submission Deadline

Proposals must be received by 4:00 PM EST on Wednesday, February 18, 2026. All proposals must be emailed to PFM.RFP@ct.gov and include the words “PE & PC INVESTMENT CONSULTING SERVICES RFP” in the subject line.

See Section VIII for instructions on the required format and content for response.

Section VII – Evaluation Criteria

The following criteria will be used to evaluate each respondent’s proposal. In addition, the respondents will be evaluated against: (1) meeting the Minimum Qualifications set forth in Section V; (2) their written responses to Section VIII questions; (3) any additional written information requested by the Treasurer’s Office; and (4) conformance with RFP instructions and specifications:

A. Firm:

1. Firm’s focus on and experience with providing Investment Consulting Services to institutional investors in private equity and private credit as outlined in the Scope of Services in Section II.

2. Demonstrated experience of providing Investment Consulting Services to institutional investors, especially public pension plans of similar size to the CRPTF.

3. Financial soundness of the firm and financial capability to provide the requested services.

4. Evidence of organizational stability, depth and breadth.

5. Commitment of firm resources dedicated to this mandate.

6. Client references.

B. Professional Staff:

1. Expertise and experience of the firm’s professionals providing Investment Consulting Services to institutional investors in private equity and private credit as outlined in the Scope of Services in Section II.

2. Experience and tenure of investment teams in this particular area.

3. Deep understanding and relationships of Private Capital markets, managers, and investors.

4. Demonstrated success achieving client’s objectives with their Private Capital portfolios.

5. High quality client service with demonstrated commitment to understanding and serving client needs.

6. Evidence that neither key professionals nor the firm have any material or potential material conflicts of interest.

7. Expertise and experience of firm’s resources to ensure efficient execution of required administrative, marketing, and legal processes to support the Scope of Services.

C. Cost:

1. Competitiveness of the Respondent’s fee proposal.

2. The State reserves the right to negotiate the final contract terms, including pricing, with any respondent.

3. Fees and compensation will be an important factor in the evaluation process. The Treasurer, however, is not required to select the lowest-cost respondent.

D. Connecticut-Specific Requirements and Considerations:

1. Connecticut presence, although not required, as evidenced by the number of offices the Respondent maintains in Connecticut and the number of Connecticut residents employed in those offices or by the firm.

2. Corporate Citizenship policies, as reflected in firm’s response to Legal and Policy Attachment 2, Section 1, question 7.

3. Equal employment opportunity record as evidenced by the composition of the Respondent’s personnel and the Respondent’s affirmative action and equal employment opportunity policies and practices (see Legal and Policy Attachment 1A)

4. Overall compliance with State and Federal laws and policies as evidenced in the completion of the Legal and Policy Attachments and the required submissions.

Section VIII – Form and Content of Responses

A. Instructions:

1. Official Agency Contact. All communications with the Office of the Treasurer must be directed to the Official Agency Contact. The Official Agency Contact for purposes of this RFP is Katherine Loomis, whose contact information is as follows:

Katherine Loomis Pension Funds Management, 2nd floor Office of the Treasurer 165 Capitol Avenue Hartford, CT 06106 Email address: PFM.RFP@ct.gov (include the words “PE & PC INVESTMENT CONSULTING SERVICES RFP” in the subject line) Phone: 860.702.3000

2. Respondent’s Representatives. Respondents must designate an authorized representative and one alternate. Provide the name, title, address, telephone number, and e-mail address for each representative.

3. Communications Notice. All communications with the agency or any person representing this agency concerning this RFP are strictly prohibited, except as permitted by this RFP. Any violation of this prohibition by respondents or their representatives may result in disqualification or other sanctions, or both.

4. RFP Timeline (Schedule of Events). The following timeline, up to and including the Deadline for Submitting Proposals, shall be changed only by an amendment to this RFP. Dates after the Deadline for Submitting Proposals are target dates only.

January 21, 2026 RFP Released

February 4, 2026 Deadline for Submitting RFP Questions

February 11, 2026 Responses to RFP Questions Posted on Agency Website

February 18, 2026

4:00 PM ET

Deadline for Submitting Proposals

February – March 2026 Approximate date of Interviews with Respondents

May – July 2026 Approximate dates for IAC Review of the Recommendation and Contractor(s) to be Selected

No later than October 2026 Approximate Start of Contract(s)

5. Inquiry Procedures. Respondents may submit questions about the RFP to the Official Agency Contact on or before 4:00 PM EST on February 4, 2026. Questions must be in writing and submitted by e-mail with the words “PE & PC INVESTMENT CONSULTING SERVICES RFP” in the subject line. Questions will not be accepted over the telephone.

Anonymous questions will not be answered. The agency reserves the right to provide a combined answer to similar questions. The agency will post official answers to the questions no later than 5:00 PM EST on February 11, 2026 on the agency’s website at https://portal.ct.gov/OTT/Doing-Business/Requests-for-Information-Proposals-Bids.

6. Confidential Information. Respondents are advised that the Office of the Treasurer is a constitutional Office of the State of Connecticut and its records, including responses to this RFP, are public.

All responses to this RFP shall become the property of the Treasurer and will be kept confidential until such time as a contract is executed or negotiations for the award of such contract have ended. Thereafter, submissions are subject to public inspection and disclosure under the State of Connecticut Freedom of Information Act, Connecticut General Statutes Sections 1-200 et seq., as may be amended from time to time (“FOIA”).

If a respondent in good faith believes that any portion of its submission is exempt from public disclosure under FOIA, then, in order to maintain confidentiality, the Respondent (a) should include an explanation containing the precise statutory basis for such exemption from disclosure under FOIA and (b) the material claimed to be exempt should be clearly marked “Confidential.” The Treasurer will use reasonable means to ensure that such confidential information is safeguarded but will not be held liable for any inadvertent or intentional disclosure of such information, materials or data. Submissions marked as “Confidential” in their entirety will not be honored as such and the Treasurer will not deny public disclosure of all or any part of such submissions so marked. Only information marked “Confidential” that is accompanied with a precise statutory basis for such exemption under FOIA shall be safeguarded.

By submitting information with portions marked as “Confidential,” the Respondent (a) represents that it has a good faith reasonable belief that such information is exempt from disclosure under FOIA pursuant to the precise statutory basis for such exemption, and (b) agrees to reimburse the Treasurer for, and to indemnify, defend and hold harmless the Treasurer, its officers, fiduciaries, employees and agents from and against, any and all claims, damages, losses, liabilities, suits, judgments, fines, penalties, costs and expenses including, without limitation, attorneys’ fees, expenses and court costs of any nature whatsoever arising from or relating to the Treasurer’s non-disclosure of any such designated portions of a proposal if disclosure is deemed required by law or court order.

7. Minimum Submission Requirements. At a minimum, proposals must (a) be submitted before the deadline, (b) follow the required format, (c) be complete, and (d) include the required Attachments. Proposals that fail to meet these minimum submission requirements may be disqualified and not reviewed further.

8. Contract Compliance Requirements. The State of Connecticut is an Equal Opportunity and

Affirmative Action employer and does not discriminate in its hiring, employment, or business practices. The State is committed to complying with the Americans with Disabilities Act of 1990 (ADA) and does not discriminate on the basis of disability, in admission to, access to, or operation of its programs, services, or activities.

The Treasurer is required to consider the following factors in considering the Respondent’s qualifications: (a) success in implementing an affirmative action plan; (b) promise to develop and implement a successful affirmative action plan; (c) submission of bidder employment information indicating that the composition of the Respondent’s workforce is at or near parity in the relevant labor market area; and, (d) promise to set aside a portion of the contract for legitimate minority business enterprises.

9. Consultants. Any respondent that has entered into any consulting agreements whereby the duties of the consultant include communications concerning business of the Office of the Treasurer, whether or not direct contact with the agency, any agency or public official or state employee was expected or made, must disclose such consulting agreements in the Affidavit of Third Party Fees and Disclosure of Consulting Agreements, Attachment D of the Legal and Policy Attachments. The selected vendor will be required to provide an updated disclosure at the time the contract is executed. See the Directions accompanying the Legal and Policy Attachments for instructions.

10. Style Requirements. Proposals must conform to the following requirements: (a) be word processed or typewritten, (b) use font size of not less than 12 points, (c) have margins of not less than 1” on the top, bottom, and sides of all pages, (d) display the Respondent’s name on the header of each page, and (e) display page numbers at the bottom of each page.

11. Interviews with Respondents. At its discretion, the agency may convene interviews with respondents. The interviews may involve virtual or in-person meetings. If the agency decides interviews are warranted, the Official Agency Contact will contact respondents to make an appointment. Any such interviews are expected to be scheduled in February and March 2026.

B. Required Format and Content for Responses: All proposals must follow the required format (below) and address all requirements listed in the prescribed order, using the prescribed numbering system. Failure to follow the required format may result in the disqualification of a proposal.

1. Cover Letter

The proposal should contain a cover letter with the following information:

a. Respondent Information

i. Name of Respondent

ii. Business Location

iii. Mailing Address

b. Respondent’s Representatives

The Respondent must designate an authorized representative and one alternate who may speak and act on behalf of the Respondent in all dealings with the agency, if necessary.

Provide the following information for each individual.

i. Name and title

ii. Telephone Number

iii. Email address

c. A statement that the Respondent has the capability to provide the requested services.

d. A statement that the Respondent meets the minimum qualifications set out in Section V. If the Respondent does not meet any of the minimum qualifications, the Respondent must identify which qualification(s) are not met and make a detailed case as to why the Treasurer should consider the Respondent’s firm and services.

e. A statement that the Respondent has thoroughly reviewed the RFP and acknowledges and accepts all terms and conditions included in the RFP.

f. A statement that the Respondent has read and accepts the agency’s Personal Services Agreement and conditions in their entirety and without amendment, or has submitted proposed revisions.

g. A statement that the Respondent has read and accepts the State’s contract compliance requirements.

The cover letter must be signed by a person authorized to bind the Respondent to all commitments made in its proposal. The signature should include the printed name and title of the authorized person.

2. Fee Proposal

a. Provide your fixed fee proposal for providing all of the investment consulting services outlined in Section II. The fee proposal should include the Respondent’s proposed fee for each year of the anticipated term of five (5) years as well as the total proposed fee for the full anticipated term of five (5) years.

b. Please provide an estimate of any additional fees and expenses that may be incurred by the State in conjunction with the services outlined in Section II, including whether such fees and expenses are expected to be paid to the Respondent or third-parties.

3. Compliance

a. Legal and Policy Attachments. Complete all Legal and Policy Attachments (1 through 7A) in accordance with the directions provided. The Legal and Policy Attachments may be found here: (https://portal.ct.gov/OTT/Doing-Business/Compliance-Reporting). Failure to complete the Legal and Policy Attachments may result in the Proposal not being reviewed.

b. Please state whether your firm employs a Compliance Officer. If so, what are the duties of the Compliance Officer? Describe your firm’s policies and practices for monitoring employee ethics and compliance with law and firm policies. To whom does your Compliance Officer report? If you do not have a Compliance Officer, please describe who has this responsibility and how it is integrated into the individual’s other responsibilities.

This information should also be indicated on the required organizational chart.

4. Firm Questionnaire

The following must be incorporated and included with your response to this RFP. Submit your responses in the same order as the questionnaire, listing the question first (including the letter and number) followed by your answer.

a. Firm Overview

i. Provide your firm’s complete name and primary address, include the name, title, address, telephone number and email address of a primary and an alternate contact person who is authorized to act for the firm for this RFP. Briefly list the other geographic locations of your offices and describe the functions performed in each of those offices.

ii. Provide a brief history of your firm, including any parent organization.

b. Firm Ownership

i. Describe the firm’s ownership structure. Detail the percentages owned by employees and its distribution. What percentage does the majority owner hold?

Please provide the name, relationship and percentage ownership of:

1) Each parent organization

2) Other affiliated organizations

3) Describe the concentration of the firm’s economic ownership by listing the percentage owned by the three largest owners.

4) Describe the concentration of the firm’s voting ownership by listing the percentage voting interest owned by the three largest owners.

ii. Describe any significant ownership changes, restructurings or personnel reorganizations over the past three years. Are any significant organization changes anticipated during the next one to five years? If yes, please describe.

iii. If your firm is part of a larger company, provide the parent company’s credit rating.

iv. Is your firm a separate legal entity? Does it have a separate credit rating? If so, please provide the firm’s credit rating.

v. If your firm is part of a larger company, how are profits remunerated to the advisory services group?

vi. Is your firm considered a minority or emerging investment consulting firm?

c. Organization – Legal, Insurance, Audit and Data Security

i. Within the last five (5) years, has your organization, or an officer or principal, or any key personnel that would be assigned to this engagement, been involved in any business litigation or other legal or regulatory proceedings? If so, provide an explanation and indicate the current status or disposition.

ii. List substantive issues raised by independent auditors in your Form ADV, SAS 70 / SSAE 16 and issues published in your annual audited financial statements or Form 10K (if applicable). Provide a copy of the most recent Form ADV, annual report, Form 10-Q (if applicable) and SAS 70 / SSAE 16 and label appropriately.

iii. Please describe the level of coverage for errors and omissions insurance, professional liability insurance, and cyber insurance. List the insurance carrier(s) supplying the coverage.

iv. Does the firm carry fiduciary liability insurance? If so, please provide the name of the insurance carrier and level of coverage?

v. Describe anti-fraud and cyber-security measures that are currently in place to ensure the integrity of the firm’s database, transfer and storage of electronic information, and the protection from unauthorized access.

vi. Who is the firm’s auditor? Has the firm changed auditors in the past three years? If so, explain.

5. Clients:

a. Provide the firm’s total number of investment consulting clients, the number of clients that are public pension funds, the number of clients that are public pension funds with over $40 billion in assets, and the total assets under advisement for each of the past five years as of December 31, 2025.

b. For private equity and private credit investment consulting services, provide the total number of clients and the value of assets under advisement for each of the past five years as of December 31, 2025.

c. Provide the number of investment consulting clients that have terminated your firm’s services in the last five years ended December 31, 2025. In each case, detail the reason for termination.

6. Personnel – Qualifications, Roles and Compensation:

a. Provide an organizational chart for the firm’s executive management, senior investment officers, and the investment consulting services team. Denote geographic locations.

Describe experience, education, training, and certifications; number of years of industry experience; and firm tenure for each employee listed in the organizational chart.

b. Supply information, including the start date, on any programs and initiatives that the firm has in place that supports minority and/or women in the workplace.

c. Identify any emerging, minority, and/or woman-owned service providers that would be utilized to deliver the Scope of Services contemplated. Describe these relationships and provide an indication of the volume of business conducted through these firms. Indicate the length of time the firm has worked with these service providers.

d. Quantify the number of professionals employed by the firm across all business lines.

Provide a table listing all professional turnover (hires and departures) for the past three (3) years, specifying roles and responsibilities. Please ensure that this list includes all the decision-making professionals on the private equity and/or private credit investment consulting services team(s).

e. Quantify the total number of employees dedicated to providing investment consulting services. How many dedicated private equity and private credit investment consulting professionals do you have and how are they organized? Provide position descriptions for each of the investment professionals dedicated to providing private equity and private credit investment consulting services. To what extent do you leverage other teams within your organization, if applicable?

f. Describe the roles of the private equity and private credit investment consulting services team members and how they interact.

g. Please describe how the firm’s compensation structure for its private equity and private credit investment consulting services professionals aligns their interests with that of the State of Connecticut.

a. Is any part of compensation deferred? If so, what proportion is deferred and for how long?

7. Outline of Work

a. Work Plan - Provide a detailed, task-oriented breakdown based on the pertinent Scope of Services. Respondents wishing to add activities to those specified must show the additions as separately numbered tasks.

b. Methodologies - Describe how each activity will be accomplished, providing a detailed explanation of the procedures or processes that will be used to attain the expected outcomes; include a description of the proposed method of working with the agency, the resources or services requested of the agency, if any, and the proposed method of receiving agency approval of deliverables.

c. Deliverables - List and describe the form and content of each work product, report and recommendation you would provide to the State during the search process. Provide samples of each.

d. Schedule - Include a proposed work schedule, by activity, indicating when each activity will be accomplished. Identify any significant milestones or deadlines. Include due dates for all deliverables.

e. Personnel Resources:

i. Staffing Plan - Identify the personnel resources that will be assigned to each activity delineated in the work plan (above). State the proportion of time that personnel will allocate to each task of the project.

ii. Key Personnel - Identify the key personnel that will be assigned to this project.

Attach resumes reflecting their qualifications, including related work experience.

Note: The Office of the Treasurer must be notified in writing and in advance regarding the departure of any key personnel from the project.

f. Information Resources and Systems – Provide a list and description of all information resources and systems that will be made available to the State to conduct investment research, diligence, and portfolio monitoring and analytics.

8. Organization Relationships:

Identify all subcontractors the Respondent plans to hire in the performance of the services outlined in this RFP and explain how your firm will ensure that those subcontractor(s) comply with all contractual requirements, including those related to confidentiality, double fees and conflicts of interest.

a. Subcontractors - If you intend to use any subcontractors to deliver any of the services, please identify the subcontractors as follows:

i. Name of firm

ii. Address of firm

iii. Primary contact person and key personnel (Name, title and contact information)

iv. Specific services the firm will provide

v. Ownership of firm

vi. Three (3) references

9. References:

For both private equity and private credit, provide the following information from three (3) current or recent (within the past 12 months) investment consulting services clients: client name and address, contact name, title, phone number, email address, and a brief statement of services rendered.

10. Financial Condition:

If the Respondent is a firm or corporation, include the two most recent annual financial statements prepared by an independent Certified Public Accountant, and reviewed or audited in accordance with Generally Accepted Accounting Principles (USA). If a respondent has been in business for less than two years, such respondent must include any financial statements prepared by a Certified Public Accountant, and reviewed or audited in accordance with Generally Accepted Accounting Principles (USA) for the entire existence of such respondent or corporation. Non-U.S. firms must provide audited financial statements that comply with International Accounting Standards.

Section IX - RFP Conditions

1. All proposals submitted in response to this RFP will become the sole property of the Office of the State Treasurer.

2. The State Treasurer shall be required, as a part of the procurement process, to certify that the

Respondent awarded this contract was not selected as a result of collusion, the giving of a gift or the promise of a gift, compensation, fraud or inappropriate influence from any person.

3. The successful Respondent will be required to complete Attachment 6 of the Legal and Policy

Attachments regarding the giving of gifts. The failure to provide such affidavit shall be grounds for disqualification.

4. Inclusion of Taxes in Prices – The Office of the Treasurer is exempt from the payment of excise, transportation, and sales and use taxes imposed by the Federal Government or any state or local government. Such taxes must not be included in your fee proposal.

5. Any product, whether acceptable or unacceptable, developed under a contract awarded as a result of the RFP will become the sole property of the Office of the State Treasurer.

6. Timing and sequence of events resulting from this RFP will ultimately be determined by the Office of the State Treasurer.

7. The Respondent agrees that the proposal will remain valid for a period of 180 days after the deadline for submission and may be extended beyond that time by mutual agreement.

8. The Office of the State Treasurer may amend or cancel this RFP, prior to the due date and time, if the agency deems it to be necessary, appropriate or otherwise in the best interests of the State. Failure to acknowledge receipt of amendments, in accordance with the instructions contained in the amendments, may result in a proposal not being considered.

9. Any costs and expenses incurred by Respondents in preparing or submitting proposals, including travel expenses incurred to attend Respondents’ meetings or interviews are the sole responsibility of the Respondent.

10. No additions or changes to the original proposal will be allowed after submission. While changes are not permitted, clarification of proposals may be required by the Office of the State Treasurer at the Respondent’s sole cost and expense.

11. The Respondent represents and warrants that the proposal is not made in connection with any other Respondent and is in all respects fair and without collusion or fraud. The Respondent further represents and warrants that the Respondent did not participate in any part of the RFP development process, had no knowledge of the specific contents of the RFP prior to its issuance, and that no agent, representative or employee of Office of the State Treasurer participated directly in the Respondent’s proposal preparation.

12. All responses to the RFP must conform to the instructions. Failure to include any required signatures, provide the required number of copies, to meet deadlines, answer all questions, follow the required format, or failure to comply with any other requirements of this RFP may be considered appropriate cause for rejection of the response.

13. The Respondent must accept Office of the State Treasurer’s standard contract language and conditions. If there are areas of the State’s standard contract that Respondent cannot agree to, please notify us of those areas in your response to the RFP. See Personal Services Agreement, attached hereto.

14. The Office of the State Treasurer reserves the right to award in part or to reject any and all proposals in whole or in part for misrepresentation or if the Respondent is in default of any prior State contract, or if the proposal limits or modifies any of the terms and conditions and/or specifications of the RFP. The Office of the State Treasurer also reserves the right to waive technical defects, irregularities and omissions if, in its judgment, the best interest of the State will be served.

15. The Office of the State Treasurer reserves the right to correct inaccurate awards resulting from its clerical errors. This may include, in extreme circumstances, revoking the awarding of a contract already made to a Respondent and subsequently awarding the contract to another Respondent. Such action on the part of the Office of the State Treasurer shall not constitute a breach of contract on the part of the agency since the contract with the initial Respondent is deemed to be void ab initio and of no effect as if no contract ever existed between Office of the State Treasurer and the Respondent.

16. Prior to its engagement by the Office of the Treasurer, the successful Respondent shall furnish the Office of the Treasurer with a current and valid Letter of Good Standing issued by the State of Connecticut Department of Revenue Services, pursuant to Connecticut General Statutes 12-

2. The failure of the successful Respondent to timely provide a Letter of Good Standing prior to engagement may result in the removal and replacement of the successful Respondent.

PERSONAL SERVICES AGREEMENT

BETWEEN

THE STATE OF CONNECTICUT

OFFICE OF THE TREASURER

AND

[SELECTED PARTY]

PERSONAL SERVICES AGREEMENT

This PERSONAL SERVICES AGREEMENT (“Agreement” or “Contract”) is entered into as of ____________ (the “Commencement Date”), between the STATE OF CONNECTICUT, acting through its Treasurer (the “Treasurer” or the “State”) and _________________, having a principal place of business at (the “Contractor”).

WHEREAS Section 3-11a of the Connecticut General Statutes authorizes the Treasurer to enter into contracts as may be necessary and proper for the discharge of his duties;

WHEREAS having engaged in a process designed to solicit and evaluate bids, the Treasurer has selected the Contractor based on the Contractor’s proposal to provide Private Capital Investment Consulting Services . The Treasurer wishes to appoint the Contractor to provide such services, and the Contractor wishes to accept this appointment, on the terms and conditions set forth below; and

WHEREAS the Contractor hereby reaffirms the reliability and accuracy of the written and oral representations made to the Treasurer in Contractor’s solicitation of this Agreement, including without limitation the disclosures and certifications set forth in Exhibit A (Compliance Reporting).

NOW, THEREFORE, in consideration of the foregoing recitals that are incorporated herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Term

This Agreement shall commence on the Commencement Date and shall expire on the earlier of (i) ________, or (ii) termination by either party as set forth in Section [33] hereof (Termination).

2. Definitions

“Agreement” shall mean this Personal Services Agreement, which may also be referred to herein as the “Contract.”

“C.G.S.” shall mean the Connecticut General Statutes.

“Commencement Date” shall have the meaning set forth in the introductory paragraph hereto.

“Commission” shall mean the Connecticut Commission on Human Rights and Opportunities.

“Confidential Information” shall mean any name, number or other information that may be used, alone or in conjunction with any other information, to identify a specific individual including, but not limited to, such individual's name, date of birth, mother's maiden name, motor vehicle operator's license number, Social Security number, employee identification number, employer or taxpayer identification number, alien registration number, government passport number, health insurance identification number, demand deposit account number, savings account number, credit card number, debit card number or unique biometric data such as fingerprint, voice print, retina or iris image, or other unique physical representation. Without limiting the foregoing, Confidential Information shall also include any information that the Department classifies as “confidential” or

“restricted.” Confidential Information shall not include information that may be lawfully obtained from publicly available sources or from federal, state, or local government records which are lawfully made available to the general public.

“Confidential Information Breach” shall mean, generally, an instance where an unauthorized person or entity accesses Confidential Information in any manner, including but not limited to the following occurrences: (1) any Confidential Information that is not encrypted or protected is misplaced, lost, stolen or in any way compromised; (2) one or more third parties have had access to or taken control or possession of any Confidential Information that is not encrypted or protected without prior written authorization from the Treasurer; (3) the unauthorized acquisition of encrypted or protected Confidential Information together with the confidential process or key that is capable of compromising the integrity of the Confidential Information; or (4) if there is a substantial risk of identity theft or fraud to the client, the Contractor, the Treasurer or State

“Contractor” shall have the meaning set forth in the introductory paragraph hereto.

“Contractor Parties” shall mean the Contractor’s members, directors, officers, shareholders, partners, managers, principal officers, representatives, agents, servants, consultants, employees or any one of them or any other person or entity with whom the Contractor is in privity of oral or written contract and the Contractor intends for such other person or entity to perform under the Contract in any capacity.

“Election Laws” shall mean C.G.S. Section 9-612, 9-613, et seq, as amended from time to time.

“Internal Investigation” shall have the meaning set forth in Section [21] (Legal proceedings) hereof.

“Proceeding” shall have the meaning set forth in Section [21] (Legal Proceedings) hereof.

“State” shall mean the State of Connecticut, acting through its Treasurer.

“State Ethics Code” shall mean Chapter 10 of the Connecticut General Statutes.

“Treasurer” shall mean (i) the Office of the State Treasurer; (ii) the then-current Treasurer of the State of Connecticut in his capacity as trustee; and/or (iii) the State Treasurer’s authorized agent, employee or designee.

3. Scope of Services

A. [Insert from RFP]

4. Compensation

A. The Treasurer shall pay the Contractor a fee of _____________________, for each of the [______] years of the Term (the “Fee”). The Fee shall be paid on a quarterly basis in arrears in accordance with this Section [4](Compensation). The maximum value of this

Agreement is $______________.

B. For the quarter in which this Agreement commences or terminates, the Fee shall be prorated based upon the number of days in that quarter during which this Agreement is in effect.

The Fee shall be calculated as follows: the regular quarterly Fee shall be multiplied by a fraction, the numerator of which is the number of days in the quarter during which the Agreement is in effect and the denominator of which is the total number of days in the quarter.

C. The Contractor shall submit an invoice for payment of the Fee no later than 15 calendar days following the last business day of the quarter for which the Fee is due. In no event shall the Fee for any quarter be due or payable sooner than 30 calendar days following the end of the quarter for which the invoice is rendered.

D. The Treasurer shall review any request for changes in Fees proposed by the Contractor. If the Treasurer approves a change in Fees, such change shall be implemented by amending this Agreement as provided in Section [25](Entire Agreement; Integration; Amendments) hereof.

E. The Contractor shall submit to the Treasurer invoices only covering work already performed; no compensation shall be paid to, or requested by, the Contractor in advance of services rendered. Invoices shall be mailed to:

Office of the Treasurer State of Connecticut 165 Capitol Avenue Hartford, CT 06106 Attention: Pension Funds Management

The Treasurer may change the above address for invoices under this Section upon prior written notification to the Contractor.

5. Representations and Warranties of the Contractor

A. The Contractor…