RFP OIC 1063– REAL ESTATE PORTFOLIO

STATE OF OREGON

COVER PAGE

State of Oregon Office of the State Treasurer

16290 SW UPPER BOONES FERRY RD

TIGARD, OREGON 97224

ON BEHALF OF THE

OREGON INVESTMENT COUNCIL

REAL ESTATE PORTFOLIO CONSULTANT SERVICES

Request for Proposal (RFP)

#OIC1063

Date of Issue: September 23, 2026 Closing Date and Time: December 4, 2026 @ 12:00 PM PT

RFP OIC 1063 –Real Estate Portfolio

TABLE OF CONTENTS

RFP OIC 1063 –Real Estate Portfolio

LIST OF ATTACHMENTS

ATTACHMENT A SAMPLE CONTRACT

ATTACHMENT B DISCLOSURE EXEMPTION AFFIDAVIT

ATTACHMENT C PROPOSER INFORMATION AND CERTIFICATION SHEET

ATTACHMENT D COVER SHEET & REFERENCE LIST

ATTACHMENT E FEE SCHEDULE FORM

ATTACHMENT F COBID CERTIFICATION / OUTREACH PLAN

ATTACHMENT G RESPONSIBILITY INQUIRY

ATTACHMENT H OPERF REAL ESTATE INVESTMENT PORTFOLIO

ATTACHMENT I REAL ESTATE INVESTMENTS PORTFOLIO STANDARDS & PROCEDURES

GENERAL INFORMATION

INTRODUCTION

The State of Oregon, acting by and through the Office of the State Treasurer (“Treasury” or “Agency”) on behalf of the Oregon Investment Council (“OIC” or the “Client”), is issuing this Request for Proposals (“RFP”) for Real Estate Portfolio Consulting Services (the “Services”). All firms submitting proposals are referred to as Proposers in this document. After negotiations, the awarded Proposer will be designated as Real Estate Portfolio Consultant (“Consultant”).

At the direction of the Treasurer and consistent with OIC investment policies, the Investment Division of the Treasury administers a series of state funds (the “Investment Funds”) listed in ORS 293.701 and other Oregon statutes, including the Oregon Public Employees’ Retirement Fund (“OPERF”), a trust fund for public employees of the State of Oregon (“State”) with approximately $100 billion in assets. A brief summary of the OPERF Real Estate Portfolio as of 12/31/25 is attached as Attachment H.

OPERF is a trust fund that supports a large defined benefit pension plan and the fund’s investment strategy is widely diversified. Oregon law delegates broad administrative authority to Treasury staff to invest OPERF and certain other Investment Funds under the policy direction of the OIC. Treasury employs an Investment Division staff including 5 individuals dedicated exclusively to the Real Estate Portfolio. This allows the OIC to focus on policy, strategic programs and monitoring the implementation and success of the investment portfolio.

The Real Estate Program was created to a) participate in attractive long-term investment opportunities for OPERF and other Investment Funds for which OIC has oversight responsibilities and b) provide diversification opportunities for OPERF and other Investment Funds. To date, the Real Estate Program investments have included participation in diversified strategies including separately managed accounts, joint ventures, co-investments, commingled funds, publicly-traded REITs, real estate debt and equity investments, and other diversifying real estate assets and special situation strategies.

In this RFP, Treasury is seeking to understand the capabilities of firms providing institutional real estate investment consulting services with the goal of hiring one such firm to provide expert advice on policies, strategies, due diligence and monitoring at all phases of the investment for the Real Estate Portfolio.

The OIC currently meets eight times a year but can meet more frequently as needed. The meetings are typically every six weeks and take place near Portland, Oregon. If called upon, the Consultant is expected to attend OIC meetings in person when the Real Estate Portfolio is on the agenda. The complete agenda and materials of past meetings are available online at:

https://www.oregon.gov/treasury/invested-for-oregon/pages/oregon-investment-council.aspx.

Proposers are encouraged to review this website to gain a better understanding of OIC activities.

Additional meetings for Consultant to attend.

· Treasury Investment Committee, comprised of the Deputy State Treasurer, the Treasury Chief Investment Officer, the Director of Capital Markets, and the Director of Private Markets, may be called from time-to-time to review and approve Real Estate portfolio transactions, which are subject to policy limits. The Consultant usually attends these meetings virtually.

· Real Assets Committee, comprised of the Deputy State Treasurer, the Treasury Chief Investment Officer, and an OIC member invited by Treasury. The Committee meets quarterly. The Consultant usually attends these meetings virtually.

SCHEDULE

The table below represents a tentative schedule of events. All times are listed in Pacific Time. All dates listed are subject to change. N/A denotes that event is not applicable to this RFP.

SINGLE POINT OF CONTACT (SPC)

The SPC for this RFP is identified on the Cover Page, along with the SPC’s contact information. All communications related to any provision of the RFP must be directed solely to the SPC.

Authority, OVERVIEW, AND SCOPE

AUTHORITY AND METHOD

Agency is issuing this RFP on behalf of the OIC pursuant to its authority under ORS Chapter 293.

Agency is using the Competitive Sealed Proposal method, pursuant to ORS 279B.060 and OAR 137-047-0260. Agency may use a combination of the methods for Competitive Sealed Proposals, including optional procedures: a) Competitive Range; b) Discussions and Revised Proposals; c) Revised Rounds of Negotiations; d) Negotiations; e) Best and Final Offers; and f) Multistep Sealed Proposals.

DEFINITION OF TERMS

For the purposes of this RFP, capitalized words are defined in OAR 137-046-0110 or as defined herein.

1.

2.

2.1.

2.2.

2.2.1. Agency Overview and Background

The OIC is a policy-setting body and fiduciary to the Investment Funds. Oregon Revised Statutes (ORS) 293.706 establishes the five-member council. Four members, required to be qualified by training and experience in the field of investment or finance, are appointed by the Governor and confirmed by the Senate. The State Treasurer is the fifth voting member, and the Director of the Public Employees Retirement System is a sixth, ex officio member, with no voting power.

2.2.2. The OIC is charged with formulating policies for the investment and reinvestment of moneys and the acquisition, retention, management and disposition of investments in the Investment Funds. The OIC finds formal guidelines are invaluable to the professional management of the Investment Funds, and regularly reviews its policies and guidelines to ensure they reflect best practices. The OIC also regularly reviews performance of investment managers and accounts, asset allocation, and some investment proposals and recommendations.

2.2.3. Purpose

Treasury and the OIC seek responses from firms or individuals with the capacity to provide creative, non-conflicted real estate investment consulting services. Proposers should have: (i) demonstrable “hands-on” real estate investment expertise; (ii) experience reporting to a public pension fund board managing a portfolio of similar size; and (iii) available senior staff resources to assist the OIC and Treasury staff in performing due-diligence, structuring, negotiating, monitoring, and implementing individual transactions and programs with domestic and international real estate investment managers.

Treasury anticipates it will choose one Real Estate Portfolio Consultant from the Proposers, and will negotiate a contract with that consultant (the “Agreement”). The initial term of the Agreement is anticipated to be three (3) years, with options for two (2) extensions, each two years in duration for a seven (7) year maximum term.

SCOPE OF WORK

The Consultant will provide expert guidance to Treasury and the OIC, as further described below. The following services (the “Services”) will be requested primarily for OPERF, but also for other Investment Funds, including but not limited to the Common School Fund, State Accident Insurance Fund, Oregon Environmental Restoration Fund and other accounts designated by Client. The Services will include, but are not limited to:

Consultant Services

1) Attend Real Assets Committee and Treasury Investment Committee meetings virtually or in person, and OIC meetings in person, as requested.

2) Assist in the development of Real Estate Portfolio policies, objectives, guidelines, procedures and portfolio strategy.

3) Research real estate investment market trends and capital market trends and provide results or summaries to Treasury, upon request.

4) Identify, analyze and report on new investment trends.

5) Review and consider investment proposals and transactions from potential and existing investment managers.

6) Conduct manager due diligence for prospective new relationships.

7) Provide written recommendations (including a summary of due diligence findings, investments merits and risks, portfolio fit, etc.) to Treasury on every Real Estate Portfolio proposal presented to the Treasury Investment Committee or OIC.

8) Assist with the negotiation of partnership terms and legal documents, as requested. Assist with the modeling of distribution waterfalls and incentive compensation arrangements.

10) Assist staff with the preparation of the annual review of the overall Real Estate Portfolio strategy, risk levels and performance and generate a presentation to the OIC for the annual review.

11) Other activities may be required periodically to assist Treasury or OIC, upon request. These activities may include, but will not necessarily be limited to the following:

a. Market research on a specialized sector or geography;

b. Landscaping of all relevant managers/investment partners within a given strategy space;

c. Research on new investment structures;

d. Fee analysis on prospective transactions;

e. Assessment of manager/partner property-level underwritings;

f. Review of manager contracts, consent and amendment requests, and advisory board consent requests/issues, as requested; and

g. Peer analysis of OPERF relative to similar public pension plan real estate portfolios.

12) Attendance at meetings with advisors/managers/partners, upon request.

13) Attendance at partnership annual meetings and/or meetings of fund Advisory Boards, upon request.

14) Review and validate incentive fee calculations from investment funds and partnerships.

Quarterly Performance Reporting (to be priced separately):

Agency is requesting separate pricing for quarterly performance reporting of the real estate portfolio. The quarterly report should include aggregate performances, individual fund and separate account performance, breakouts by geographies and property types, among other performance drivers, including but not limited to:

1) Performance reports, financial statements and other related materials provided to the Client or Consultant by the investment managers (or their representatives) of the investment partnerships invested into by any Investment Funds which describe each of such investment partnerships’ investment activities and the overall performance of their respective investments;

2) Contributions and commitments by any Investment Funds to the investment partnerships as well as any distributions from such investment partnerships that such Investment Funds may receive; and

3) such other documents, reports and financial information relating to an investment partnership as the Client may request and identify to Consultant to, or as Consultant shall deem reasonably necessary to enable Consultant to: (i) measure and evaluate accurately the investment activities and performance of an investment partnership during any calendar quarter; (ii) prepare its quarterly and annual monitoring reports as required pursuant to the terms of the Agreement; and (iii) fulfill its other duties and obligations under the Agreement.

Procurement requirements 1.

MINIMUM QUALIFICATIONS

Provide specific responses demonstrating that you meet each of the following minimum qualifications. These questions and the key person requirements are included in Attachment D, Cover Sheet and References. If you do not document and support your firm’s response to the following minimum qualifications, your proposal will not be considered further.

Licensing requirements The firm must be a registered investment adviser with the Securities Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. Provide Form ADV, Parts 1 and 2.

Key Person Requirements The primary key person assigned to the account must have a minimum of five (5) years of experience providing real estate portfolio consulting services to public and/or private pension plans or other highly comparable, relevant experience.

The primary key person assigned to the account must commit a minimum level of time and attention sufficient to support the account’s ongoing needs.

Other Requirements:

The firm and its principals must have experience providing real estate portfolio consulting services or other highly comparable, relevant experience to clients with aggregate real estate portfolio assets of at least $3 billion. The firm and its principals must have experience providing consulting services to clients with separately managed accounts and/or joint ventures as well as open- and closed-end funds. The firm’s real estate portfolio consulting client roster must also include at least one US public pension plan with at least $10 billion of total assets across all asset classes.

MINIMUM SUBMISSION REQUIREMENTS

Proposal Submissions To be considered for evaluation, Proposal must be submitted by: November 20, 2026 by 12:00 PM PT via email.

DELIVERY ADDRESS:

Oregon State Treasury Attn: Josh Woodmansee 867 Hawthorne Ave SE Salem, OR 97301 purchasing@ost.state.or.us Proposal Page Limits Proposal may not exceed 20 total pages, double sided, 12 pt. font, 1” margins

The following items do not count toward the page limit:

· Disclosure Exemption Affidavit (Attachment B)

· Proposer Information and Certification Sheet (Attachment C)

· Cover Sheet and References (Attachment D)

· Fee Schedule (Attachment E)

· COBID Certification / Outreach Plan (Attachment F)

· Responsibility Inquiry (Attachment G)

· Oregon Department of Revenue (DOR) Tax Compliance Certification Letter

· Appendix A

· Appendix B

· Appendix C

· Appendix D

· Appendix E Proposal Format and Quantity Proposal should follow the format listed in the Proposal Requirements section and be organized in accordance with the list of scored criteria in section 4.10.2. Responses to each section and subsection should be labeled to indicate the item being addressed.

Proposer shall submit response via email to the SPC indicated on the front page of this RFP. The total combined size of the Proposal should be compressed so it does not exceed 10 megabytes.

The Proposer Information and Certification Sheet (Attachment C) and Cover Sheet and References (Attachment D) must bear the Proposer’s authorized representative’s signature. If Proposer believes any of its Proposal is exempt from disclosure under Oregon Public Records Law (ORS 192.311 through 192.478), Proposer shall submit a Disclosure Exemption Affidavit (Attachment B) signed by Proposer’s authorized representative and a fully redacted version of its Proposal, clearly identified as the redacted version.

Proposer’s electronic copy of the Proposal must be formatted using Adobe Acrobat (pdf), Microsoft Word (docx), or Microsoft Excel (xlsx).

Authorized Representative Failure of the authorized representative to sign the Proposer Information and Certification Sheet and Cover Sheet and References may subject the Proposal to rejection by Agency.

PROPOSAL REQUIREMENTS

Proposal must address each of the items listed in this section and all other requirements set forth in this RFP. Proposer shall describe the services to be performed. A Proposal that merely offers to provide the services as stated in this RFP may be considered non-Responsive to this RFP and may not be considered further.

Proposal should not include extensive artwork, unusual printing or other materials not essential to the utility and clarity of the Proposal. Do not include marketing or advertising material in the Proposal, unless requested. Proposal should be straightforward and address the requests of the RFP. Proposal containing unsolicited marketing or advertising material may receive a lower evaluation score if specific information is difficult to locate.

[ ] Proposer Information and Certification Sheet (Not counted in the page limitation)

The Proposal must include a completed, signed Proposer Information and Certification Sheet (refer to Attachment C). Failure to demonstrate compliance with Oregon Tax Laws and sign the Proposer Information and Certification Sheet may result in a finding of non-Responsibility.

[ ] Proposal Cover Sheet with References (Not counted in the page limitation)

The Proposal must include a completed, signed Proposal Cover Sheet with References (refer to Attachment D).

Provide 3 references from current or former client firms for similar projects performed for any clients within the last 5 years. References must be able to verify the quality of previous, related work.

Agency may check to determine if references provided support Proposer’s ability to comply with the requirements of this RFP. Agency may use references to obtain additional information, or verify any information needed. Agency may contact any reference (submitted or not) to verify Proposer’s qualifications.

Proposer shall submit reference names and contact information. Agency will make three attempts to contact each of the references provided by the Proposer. Treasury does not intend to score references but may contact references to verify information provided in Proposals.

Treasury reserves the right to investigate additional references beyond those supplied in the proposal, and investigate Proposer(s) prior performance of similar services.

[ ] Proposal (not to exceed 20 total pages, double sided, 12 pt. font, 1” margins) The Proposal must be organized in accordance with the list of scored criteria in section 4.10.2.

[ ] Proposal Appendix A (see section 4.10.2.2) (Not counted in the page limitation) Include a current organization chart for your firm and note changes to the organization (promotions, additions and departures) over the past three (3) years.

[ ] Proposal Appendix B (see section 4.10.2.3) (Not counted in the page limitation) Attach detailed biographies on all senior employees and analysts within your firm. Include on each biography a description of all commitments and responsibilities to existing clients, as well as other firm duties, noting the percent of time spent on each. Place the biographies of any professionals and analysts who will be assigned to the Investment Funds account first.

[ ] Proposal Appendix C (Not counted in the page limitation) Include the typical quarterly performance report (or portfolio review) that your firm currently provides to clients with large Real Estate portfolios.

[ ] Proposal Appendix D (see section 4.10.2.6) (Not counted in the page limitation) Provide a copy or example of a recommendation or due diligence report prepared for a client investing in a commingled real estate fund. Provide a list of up to the last 10 commingled real estate funds in which your clients have invested, for which your firm provided a positive recommendation or due diligence report. List a commingled real estate fund, if applicable, where you provided a negative recommendation; and

Also provide a copy or example of a recommendation or due diligence report prepared for a client investing in a real estate separately managed account or fund-of-one. Provide a list of up to the last 10 real estate investment managers or partners with which your clients have invested on a separate account basis for which your firm provided a positive recommendation or due diligence report. List a real estate investment manager or partner, if applicable, where you provided a negative recommendation for a proposed separate account.

[ ] Proposal Appendix E (see section 4.10.2.6) (Not counted in the page limitation) Provide an overview of the firm’s market coverage including the number of opportunities reviewed over the past three (3) years by strategy, fund size and geography, along with a description of the resources allocated to covering each of the market segments highlighted.

[ ] Fee Schedule (Not counted in the page limitation) Firms providing a response must submit their fee schedule for consulting services in the format prescribed below. The fee schedule shall include all costs and expenses for providing services to the OIC as described in this RFP. The Fee Schedule should reflect the Proposer’s best and final offer for fees, but fees may be further negotiated in the Agreement.

Firms providing a response must submit an annual fee of all services as described in the Scope of Work (see section 2.3) of this RFP (Attachment E - Fee Schedule must be completed).

SOLICITATION PROCESS

PUBLIC NOTICE

The RFP and attachments are published in OregonBuys at https://oregonbuys.gov/. The RFP and attachments will be posted to the Treasury Website at https://www.oregon.gov/treasury. RFP documents will not be mailed to prospective Proposers.

Modifications, if any, to this RFP will be made by written Addenda published in OregonBuys and the Treasury website. Prospective Proposer is solely responsible for checking OregonBuys to determine whether or not any Addenda have been issued. Addenda are incorporated into the RFP by this reference.

PRE-PROPOSAL CONFERENCE

A Pre-Proposal conference will not be held for this RFP.

QUESTIONS / REQUESTS FOR CLARIFICATIONS

All inquiries, whether relating to the RFP process, administration, deadline or method of award, or to the intent or technical aspects of the RFP must:

· Be delivered to the SPC via email;

· Reference the RFP number;

· Identify Proposer’s name and contact information;

· Refer to the specific area of the RFP being questioned (i.e. page, section and paragraph number); and

· Be received by the due date and time for Questions/Requests for Clarification identified in the Schedule.

SOLICITATION PROTESTS

Protests to RFP Prospective Proposer may submit a written protest of anything contained in this RFP, including but not limited to, the RFP process, specifications, Scope of Work, and the proposed Sample Contract. This is prospective Proposer’s only opportunity to protest the provisions of the RFP, except that Proposer may protest Addenda as provided below and Proposer may take exception to the terms and conditions of the Sample Contract marked as negotiable as set forth in the Negotiation Section.

Protests to Addenda Prospective Proposer may submit a Written protest of anything contained in the respective Addendum. Protests to Addenda, if issued, must be submitted by 12 p.m. Pacific Time of the second Business Day after issuance of the respective Addendum or the date/time specified in the respective Addendum, or they will not be considered. Protests of matters not added or modified by the respective Addendum will not be considered.

All Protests must:

· Be delivered to the SPC via email;

· Reference the RFP number;

· Identify prospective Proposer’s name and contact information;

· Be sent by an authorized representative;

· State the reason for the protest, including:

· the grounds that demonstrate how the procurement process is contrary to law, unnecessarily restrictive, legally flawed, or improperly specifies a brand name; and

· evidence or documentation that supports the grounds on which the protest is based

· State the proposed changes to the RFP provisions or other relief sought; AND

· Protests to the RFP must be received by the due date and time identified in the Schedule.

PROPOSAL DELIVERY OPTIONS

Proposer is solely responsible for ensuring its Proposal is received by the SPC in accordance with the RFP requirements before Closing. Agency is not responsible for any delays in transmission, or for any mis-delivery for any reason. A Proposal submitted by any means other than email will be rejected.

PROPOSAL MODIFICATION OR WITHDRAWAL

If a Proposer wishes to make modifications to a submitted Proposal it must submit its modification in one of the authorized methods listed in the Proposal Delivery Options section. To be effective the notice must include the RFP number and be submitted to the SPC prior to Closing.

If a Proposer wishes to withdraw a submitted Proposal, it must submit a Written notice signed by an authorized representative of its intent to withdraw to the SPC via email prior to closing in accordance with OAR 137-047-0440. To be effective the notice must include the RFP number.

PROPOSAL DUE

A Proposal (including all required submittal items) must be received by the SPC on or before Closing. All Proposal modifications or withdrawals must be received prior to Closing.

A Proposal received after Closing is considered LATE and will NOT be accepted for evaluation. A late Proposal will be returned to the Proposer or destroyed.

PUBLIC OPENING

A public opening will not be held.

PROPOSAL REJECTION

Agency may reject a Proposal for any of the following reasons:

· Proposer fails to substantially comply with all prescribed RFP procedures and requirements, including but not limited to the requirement that Proposer’s authorized representative sign the Proposal.

· Proposer has liquidated and delinquent debt owed to the State or any department or agency of the State.

· Proposer fails to meet the responsibility requirements of ORS 279B.110.

· Proposer makes any contact regarding this RFP with State representatives such as State employees or officials other than the SPC or those the SPC authorizes, or inappropriate contact with the SPC.

· Proposer attempts to influence a member of the Evaluation Committee (as defined below).

· Proposal is conditioned on Agency’s acceptance of any other terms and conditions or rights to negotiate any alternative terms and conditions that are not reasonably related to those expressly authorized for negotiation in the RFP or Addenda.

EVALUATION PROCESS

SECTION 1:

SECTION 2:

SECTION 3:

SECTION 4:

4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10

4.10.1 Responsiveness and Responsibility determination

4.10.1.1 Responsiveness determination

A Proposal received prior to Closing will be reviewed to determine if it is Responsive to all RFP requirements including compliance with the Minimum Qualifications section and Minimum Submission Requirements section. If the Proposal is unclear, the SPC may request clarification from Proposer. However, clarifications may not be used to rehabilitate a non-Responsive proposal. If the SPC finds the Proposal non-Responsive, the Proposal may be rejected, however, Agency may waive mistakes in accordance with OAR 137-047-0470.

4.10.1.2 Responsibility determination

Agency will determine if an apparent successful Proposer is Responsible prior to award and execution of the Contract. Proposers shall submit a signed Responsibility Inquiry form (Attachment G) with Proposal.

At any time prior to award, Agency may reject a Proposer found to be not Responsible.

4.10.2 Evaluation Criteria

Each Proposal meeting all Responsiveness requirements will be independently evaluated by members of an “Evaluation Committee.” Evaluation Committee members may change and Agency may have additional or fewer evaluators for optional rounds of competition. Evaluators will assign a score for each evaluation criterion listed below in this section.

SPC may request further clarification to assist the Evaluation Committee in gaining additional understanding of Proposal. A response to a clarification request must be to clarify or explain portions of the already submitted Proposal and may not contain new information not included in the original Proposal.

4.10.2.1 Evaluation Item 1 (Key Person)

Proposer must employ a key person that meets all of the requirements in this section.

The primary key person assigned to the account must have a minimum of five (5) years of experience providing real estate portfolio consulting services to public and/or private pension plans or other highly comparable, relevant experience.

The primary key person assigned to the account must commit a minimum level of time and attention sufficient to support the account’s ongoing needs.

Explain how you would staff the Oregon relationship. Please describe the role of the key individuals and include the number of clients for which they serve a similar role. Please also certify that the key person satisfies the above criteria.

4.10.2.2 (b) Describe the ownership structure of your firm. Identify affiliated or subsidiary organization(s). Explain changes in firm ownership over time, and describe in detail all incentive compensation programs and profit sharing arrangements (if any). Attach an Appendix A to include a current organization chart for your firm and note changes to the organization (promotions, additions and departures) over the past three (3) years.

4.10.2.2 (c) Provide on a percentage basis your firm’s sources of revenue over the past three (3) years, and a projection for 2026. Please use the following table format:

Retainer-based real estate portfolio consulting

Project-based consulting

Discretionary outsourced general portfolio management/ consulting

Discretionary outsourced real estate portfolio management/consulting

Other consulting services

Investment management

Investment transactions or placement fees

Other*

* List by name any other business line that represents more than 10% of your revenue.

4.10.2.2 (d) Describe any services, other than investment consulting services to the pension plan community, currently offered or services your firm plans to offer for which you receive a fee (e.g., placement, investment management, etc.).

4.10.2.2 (e) Provide a list of all current clients for whom you provide real estate investment advice, inception date for each relationship, portfolio size, services provided, and primary liaison within your firm. Identify at least your five (5) largest revenue clients by name and provide a list in descending order.

4.10.2.2 (f) Provide a list of former firm clients (for at least the period 2015 to present) and an explanation as to why the relationship ended. Identify consulting clients gained during each of the past five (5) years.

4.10.2.2 (g) Explain any potential for conflicts that would be created by your firm representing OPERF.

4.10.2.2 (h) Briefly describe what you consider to be your firm’s strengths, weaknesses, opportunities and threats.

4.10.2.2 (i) Please describe the level of coverage for errors and omissions insurance and any fiduciary or professional liability insurance your firm carries. List the insurance carrier(s) supplying the coverage.

4.10.2.3 Evaluation Item 3 (Firm Personnel)

4.10.2.3 (a) As Appendix B of your proposal, attach detailed biographies on all senior employees and analysts within your firm. Include on each biography a description of all commitments and responsibilities to existing clients, as well as other firm duties, noting the percent of time spent on each. Place the biographies of any professionals and analysts who will be assigned to the Investment Funds account first.

4.10.2.3 (b) Provide a list of senior professionals and analysts who have left your firm over the last five (5) years. Do you anticipate these departed employees would provide a good reference? Why or why not?

4.10.2.4 Evaluation Item 4 (Services)

4.10.2.4(a) Review Article I., Consultant Responsibilities, of Section 2.3 Scope of Work and describe how your firm would provide these services. Does your firm participate in the negotiation of fund terms?

4.10.2.4(b) Does your firm have any selection biases? Does your firm advocate allocation of capital to first-time funds? Describe your firm’s view regarding geographic allocations.

4.10.2.4(c) When you compare your firm to the other consulting firms, what makes your firm unique? What is your competitive advantage?

4.10.2.4(d) How is your firm helping position client portfolios, or what changes is your firm currently recommending to outperform the National Council of Real Estate Fiduciaries (NCREIF) Fund Index ("NFI") Open-end Diversified Core Equity Index ("ODCE"), over the next five (5) years?

4.10.2.5 Evaluation Item 5 (Due Diligence Process & Capabilities)

4.10.2.5(a) Describe your firm’s processes for performing investment due diligence on potential managers. Describe the process used to monitor existing manager relationships and client performance.

4.10.2.5 (b) Describe your firm’s processes for performing operational due diligence on potential managers. Does your firm have operational due diligence expertise? If so, please describe.

4.10.2.5 (c) Describe how your firm tracks existing market offerings and current fundraising efforts. What tools or databases does your firm employ to monitor existing offerings in the marketplace? If you maintain a database, please note if it is proprietary or a third-party solution and if you provide access to clients.

4.10.2.5 (d) If applicable, describe any other technological resources that you provide to your clients.

4.10.2.6 Evaluation Item 6 (Investment Recommendations)

4.10.2.6(a) Create an Appendix D to your proposal and provide a copy or example of a recommendation or due diligence report prepared for a client investing in a commingled real estate fund. Provide a list of up to the last 10 real estate funds in which your clients have invested for which your firm provided a positive recommendation or due diligence report. List a commingled real estate fund where you provided a negative recommendation.

4.10.2.6(b) Also in Appendix D, provide a copy or example of a recommendation or due diligence report prepared for a client investing in a real estate separately managed account or fund-of-one. Provide a list of up to the last 10 real estate investment managers or partners, with which your clients have invested on a separate account basis, for which your firm provided a positive recommendation or due diligence report. List a real estate investment manager or partner, if applicable, where you provided a negative recommendation for a proposed separate account.

4.10.2.6 (c) Create an Appendix E to your proposal and provide an overview of your firm’s market coverage including the number of opportunities reviewed over the past three (3) years by strategy, fund size and geography, along with a description of the resources allocated to covering each of the market segments highlighted.

4.10.3 Fee Schedule

Provide a fee schedule in the format prescribed in Fee Schedule, Attachment E. The Fee Schedule must be inclusive of all services, travel, standard fees, rates, expenses and other fees (including payroll expenses – hours/rate/title, Admin, Overhead, etc.). The Fee Schedule should reflect the Proposer’s best and final offer for fees, but fees may be further negotiated in the Agreement. Following scoring and ranking of Proposals, based on the qualifications-based criteria, the sealed Price Proposals will be opened and scored as follows:

Proposer with the third lowest Fee Schedule Proposal will receive 15 points.

All other Proposers will receive 10 points.

4.10.4 Preferences

Recycled Materials In comparing goods from two or more Proposers, if at least one Proposer offers goods manufactured with Recycled Materials, and at least one Proposer does not, Agency will select the Proposer offering goods manufactured from Recycled Materials if each of the conditions specified in ORS 279A.125 (2) exists following any adjustments made to the price of the goods according to any applicable reciprocal preference.

Tiebreakers Oregon Supplies: If Agency receives Proposals identical in price, fitness, availability and quality and chooses to award a Contract, Agency shall award the Contract in accordance with the procedures outlined in OAR 137-046-0300.

POINTS POSSIBLE

POINT AND SCORE CALCULATIONS

Scores are the values (0 through 10) assigned by each evaluator for each section.

Points are the total possible for each section as listed in the table above.

RANKING OF PROPOSERS

Agency will rank all Proposers at the conclusion of the evaluation and scoring and may, in Agency’s sole discretion, determine an apparent successful Proposer with no additional rounds of competition. But Agency currently anticipates conducting interviews/presentations at its offices in Tigard, Oregon, as an additional round of competition, and it may conduct further rounds of competition. If additional rounds are conducted, Agency will rank advancing Proposers at the conclusion of each subsequent round and may determine an apparent successful Proposer at any time during the solicitation process.

NEXT STEP DETERMINATION

At the conclusion of a round of competition, Agency may choose to conduct additional round(s) of competition if in the best interest of the State. Additional rounds of competition may consist of, but are not be limited to:

· Interviews/Presentations/Demonstrations (in Tigard, Oregon)

· Onsite Visits

· Additional Submittal Items

· Discussions and submittal of revised Proposals

· Serial or simultaneous negotiations

· Best and Final Offers

SECTION 5: AWARD AND NEGOTIATION

5.1 AWARD NOTIFICATION PROCESS

5.1.1 Award Consideration

Agency, if it awards a Contract, shall award a Contract to the highest ranking Responsible Proposer(s) based upon the scoring methodology and process described in Section 4. Agency may award less than the full Scope defined in this RFP.

5.1.2 Intent to Award Notice

Agency will notify all Proposers in Writing that Agency intends to award a Contract to the selected Proposer(s) subject to successful negotiation of any negotiable Contract provisions.

5.2 INTENT TO AWARD PROTEST

5.2.1 Protest Submission

An Affected Proposer shall have 10 calendar days from the date of the Intent to Award notice to file a Written protest.

A Proposer is an Affected Proposer only if the Proposer would be eligible for Contract award in the event the protest was successful and is protesting for one or more of the following reasons as specified in ORS 279B.410:

· All higher ranked Proposals are non-Responsive.

· Agency has failed to conduct an evaluation of Proposals in accordance with the criteria or process described in the RFP.

· Agency abused its discretion in rejecting the protestor’s Proposal as non-Responsive.

· Agency’s evaluation of Proposal or determination of award otherwise violates ORS Chapter 279B or ORS Chapter 279A.

If Agency receives only one Proposal, Agency may dispense with the evaluation process and Intent to Award protest period and proceed with Contract negotiations and award.

5.2.1.1 Protests must:

· Be delivered to the SPC via email

· Reference the RFP number

· Identify Proposer’s name and contact information

· Be signed by an authorized representative

· Specify the grounds for the protest

· Be received within 10 calendar days of the Intent to Award notice

5.2.2 Response to Protest

Agency will address all timely submitted protests within a reasonable time and will issue a Written decision to the respective Proposer. Protests that do not include the required information may not be considered by Agency.

5.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

Proposer who is selected for a Contract award under this RFP will be required to submit additional information and comply with the following:

5.3.1 Insurance

Prior to award, Proposer shall secure and demonstrate to Agency proof of insurance as required in this RFP or as negotiated. Insurance Requirements are found in Exhibit B of Attachment A.

5.3.2 Taxpayer Identification Number

Proposer shall provide its Taxpayer Identification Number (TIN) and backup withholding status on a completed W-9 form when requested by Agency or when the backup withholding status or any other relevant information of Proposer has changed since the last submitted W-9 form, if any.

5.3.3 Business Registry

If selected for award, Proposer shall be duly authorized by the State of Oregon to transact business in the State of Oregon before executing the Contract. Visit http://sos.oregon.gov/business/pages/register.aspx for Oregon Business Registry information.

5.3.4 Responsibility Inquiry

Prior to award, Proposer shall be required to complete and submit Attachment G — Responsibility Inquiry.

5.3.5 Pay Equity Certification

If selected for award and the Contract value exceeds $500,000 and Proposer employs 50 or more full-time workers, Proposer shall submit to Agency a true and correct copy of an unexpired Pay Equity Compliance Certificate, issued to the Proposer by the Oregon Department of Administrative Services. For instructions on how to obtain the Certificate, visit www.oregon.gov/das/Procurement/Documents/SB491PayEquity.pdf.

ORS 279B.110(2)(f) requires that Proposer provide this prior to execution of the Contract.

5.3.6 Nondiscrimination in Employment

As a condition of receiving the award of a Contract under this RFP, Proposer must certify by their Signature on Attachment C - Proposer Information and Certification Sheet, in accordance with ORS 279A.112, that it has in place a policy and practice of preventing sexual harassment, sexual assault, and discrimination against employees who are members of a protected class. The policy and practice must include giving employees a written notice of a policy that both prohibits, and prescribes disciplinary measures for, conduct that constitutes sexual harassment, sexual assault, or unlawful discrimination.

5.3.7 Other Required Information

Prior to award, Proposer shall submit a Certification Letter from the Oregon Department of Revenue (DOR) dated within 6 months of issuance of this solicitation that details Proposer’s State debt status. To request this Certification Letter, visit the following website: www.oregon.gov/dor and follow the links to Revenue Online, under the Help & Resources section select Request Tax Compliance Certification. For agency type, select Individual Taxpayer and the Certification Letter will be sent to Proposer. Allow up to two weeks for delivery.

Agency may use this Certification Letter to determine Proposer’s Responsibility. If the Certification Letter shows non-compliance, Proposer may contact DOR at 503-378-4988 for information on becoming compliant.

5.4 CONTRACT NEGOTIATION

5.4.1 Negotiation

After selection of a successful Proposer, Agency may enter into Contract negotiations with the successful Proposer. By submitting a Proposal, Proposer agrees to comply with the requirements of the RFP, including the terms and conditions of the Sample Contract (Attachment A), with the exception of those terms listed below for negotiation.

Agency intends to enter into a Contract with the successful Proposer substantially in the form set forth in the Sample Contract (Attachment A).

It may be possible to negotiate some provisions of the final Contract; however, Agency is not required to make any changes and many provisions cannot be changed. Proposer is cautioned that the greater the scope of requested changes to the Sample Contract, the greater the risk that Agency and Proposer will not reach mutually agreeable terms within the 30-day negotiation period.

Any subsequent negotiated changes are subject to prior approval of Agency’s legal counsel.

Agency is willing to negotiate all items, except those listed below:

· Choice of law

· Choice of venue

· Constitutional requirements

· Requirements of applicable federal and State law In the event that the parties have not reached mutually agreeable terms within 30 calendar days, Agency may terminate negotiations and commence negotiations with the next highest-ranking Proposer.

SECTION 6: ADDITIONAL INFORMATION

6.1 CERTIFIED FIRM PARTICIPATION

Pursuant to Oregon Revised Statute (ORS) Chapter 200, Agency encourages the participation of small businesses, certified by the Oregon Certification Office for Business Inclusion and Diversity (“COBID”) in all contracting opportunities. This includes certified small businesses in the following categories: disadvantaged business enterprise, minority-owned business, woman-owned business, a business that a service-disabled veteran owns or an emerging small business. Agency also encourages joint ventures or subcontracting with certified small business enterprises. For more information, visit: www.oregon.gov/biz/programs/cobid/pages/default.

If the Contract has potential subcontracting opportunities, the successful Proposer may be required to submit a completed Certified Disadvantaged Business Outreach Plan (Attachment F) prior to contract execution.

6.2 GOVERNING LAWS AND REGULATIONS

This RFP is governed by the laws of the State of Oregon. Venue for any administrative or judicial action relating to this RFP, evaluation and award is the Circuit Court of Marion County for the State of Oregon; provided, however, if a proceeding must be brought in a federal forum, then it must be brought and conducted solely and exclusively within the United States District Court for the District of Oregon. In no event shall this Section be construed as a waiver by the State of Oregon of any form of defense or immunity, whether sovereign immunity, governmental immunity, immunity based on the eleventh amendment to the Constitution of the United States or otherwise, to or from any claim or consent to the jurisdiction of any court.

6.3 OWNERSHIP/PERMISSION TO USE MATERIALS

All Proposals are public record and are subject to public inspection after Agency issues the Notice of the Intent to Award. Application of the Oregon Public Records Law will determine whether any information is actually exempt from disclosure.

All Proposals submitted in response to this RFP become the Property of Agency. By submitting a Proposal in response to this RFP, Proposer grants the State a non-exclusive, perpetual, irrevocable, royalty-free license for the rights to copy, distribute, display, prepare derivative works of and transmit the Proposal solely for the purpose of evaluating the Proposal, negotiating a Contract, if awarded to Proposer, or as otherwise needed to administer the RFP process, and to fulfill obligations under Oregon Public Records Law (ORS 192.311 through 192.478). Proposals, including supporting materials, will not be returned to Proposer unless the Proposal is submitted late.

6.4 CANCELLATION…