Fixed Income Investment Services (Draft Solicitation)
Closed Pre-Solicitation Posted
Not the latest version. See the latest solicitation from .
- Solicitation number
- DRAFT25R0062
- Responses due
- Set-aside
- No set-aside
Opportunity facts
- NAICS code
- 523940 Portfolio Management and Investment Advice
- PSC
- R710 Support- Management: Financial
- Place of performance
- Washington, District of Columbia, United States
- Points of contact
Notice details come from SAM.gov. Updated .
About this opportunity
The Pension Benefit Guaranty Corporation (PBGC) is seeking fixed income investment services through a draft solicitation that will result in approximately seven contract awards across four product categories: Core Fixed Income, Credit Fixed Income, Global Fixed Income, and Emerging Markets Debt. Prospective investment management firms must meet stringent qualification requirements including SEC registration for at least five years, minimum $500 billion in Assets Under Management, positive net worth, and specific product performance metrics with Information Ratios ranging from 0.40 to 0.70 depending on the product category. The evaluation process will be conducted in three phases with the most important factors being Strength of Product Offering and Price, though non-price factors will collectively outweigh price considerations. Firms must be registered in SAM.gov to be considered for the formal solicitation, and the current pre-solicitation phase allows potential offerors to assess their competitive viability and provide feedback to PBGC. The estimated final solicitation release date has been moved to October or November 2025.
This procurement does not utilize any set-aside designations and is open to all qualifying firms regardless of size or socioeconomic status. The contract will manage portions of PBGC's Trust Fund, which is valued at approximately $70 billion as of June 30, 2025, with potential individual award allocations ranging from $250 million to $3 billion per investment strategy. The contract performance period will span ten years from September 30, 2026, through September 29, 2036, consisting of a base period plus nine option years. Each qualifying firm must have at least one tax-exempt institutional account with a minimum $100 million invested in their qualifying product and demonstrate at least five years of live performance history. The solicitation requires comprehensive submissions including GIPS-compliant performance presentations, detailed financial documentation, and extensive technical proposals covering investment philosophy, risk management, and organizational capabilities.
Notice text
4 versions
Update #4 · Latest ·
AMENDMENT 3 DESCRIPTION: PBGC has populated the Industry Feedback Form with all industry questions and comments, as well as PBGC responses, and posted it here for industry review. The estimated release date for the final solicitation is now October or November 2025.
AMENDMENT 2 DESCRIPTION: Updated Industry Feedback Form to remove errant tabs from previous acquisition.
AMENDMENT 1 DESCRIPTION: Attachment 6 has been amended based on initial contractor feedback. Please see new version with track changes. Additionally, as a reminder, please use the Industry Feedback Form – Draft Solicitation to provide PBGC with questions and recommendations.
ORIGINAL POSTING:
This is a draft solicitation for fixed income investment services. This is not a request for proposals or quotes.
Purpose: The purpose of this draft solicitation is to give prospective offerors an advanced opportunity to determine their competitive viability, begin preparing proposal materials as appropriate, and provide PBGC with questions and recommendations.
SAM Registration (**IMPORTANT**): For PBGC to consider your proposal submitted in response to the formal solicitation, your firm will need to be registered and active on www.sam.gov. Please be advised that you must first obtain a Unique Entity ID before you are able to register. Your firm must also be fully registered for All Awards. Please note that the SAM registration process is managed by GSA. PBGC cannot control or influence the process on your firm's behalf (e.g., by contacting GSA Help Desk). Several resources are available regarding the registration process, including the following:
- Check entity status – You can check your current registration status here: https://sam.gov/content/status-tracker.
- Main registration page – Includes a pre-registration process flowchart, an entity registration checklist, and customer service contact information. Located here: https://sam.gov/entity-registration.
- Additional verifications – Once your entity registration status is initiated in SAM, the IRS will validate your TIN and DLA will validate your CAGE code. These steps are required for the SAM process to be completed. Please be on the lookout for emails from either team, as failure to respond in a timely manner may cancel the registration process. If your entity fails either the TIN or CAGE registrations, please reference the “More About the Entity Status Tracker” dropdowns on the righthand side of the page located here: https://sam.gov/content/status-tracker.
At the time of SAM registration, you may be asked for an NAICS code and PSC code. The NAICS code for these services is 523940 – Portfolio Management and Investment Advice; the PSC code is R710 – Support-Management: Financial.
Final Solicitation: PBGC anticipates releasing the formal solicitation in September or October 2025. It is highly likely that there will be differences between this draft solicitation and the formal solicitation. Examples of potential changes include, but are not limited to, new or omitted terms and conditions, revisions to the attachments, and revisions to the instructions and evaluation procedures. Despite this, PBGC expects the draft documents to be substantially similar in both form and substance to the final documents.
Industry Questions and/or Recommendations: PBGC encourages interested parties to submit questions and recommendations concerning this draft solicitation to the points of contact identified below using the Industry Feedback Form – Draft Solicitation template. The agency will consider all feedback received in the prescribed template although it may not necessarily respond to or act on all feedback. It will also publicly post any responses it provides.
Deadline: The current closing date for this draft solicitation is an estimate, which PBGC may shorten or extend as circumstances permit.
**Again, please do not submit quotes or proposals in response to this notice, as PBGC will not consider them.**
Update #3 ·
AMENDMENT 2 DESCRIPTION: Updated Industry Feedback Form to remove errant tabs from previous acquisition.
AMENDMENT 1 DESCRIPTION: Attachment 6 has been amended based on initial contractor feedback. Please see new version with track changes. Additionally, as a reminder, please use the Industry Feedback Form – Draft Solicitation to provide PBGC with questions and recommendations.
ORIGINAL POSTING:
This is a draft solicitation for fixed income investment services. This is not a request for proposals or quotes.
Purpose: The purpose of this draft solicitation is to give prospective offerors an advanced opportunity to determine their competitive viability, begin preparing proposal materials as appropriate, and provide PBGC with questions and recommendations.
SAM Registration (**IMPORTANT**): For PBGC to consider your proposal submitted in response to the formal solicitation, your firm will need to be registered and active on www.sam.gov. Please be advised that you must first obtain a Unique Entity ID before you are able to register. Your firm must also be fully registered for All Awards. Please note that the SAM registration process is managed by GSA. PBGC cannot control or influence the process on your firm's behalf (e.g., by contacting GSA Help Desk). Several resources are available regarding the registration process, including the following:
- Check entity status – You can check your current registration status here: https://sam.gov/content/status-tracker.
- Main registration page – Includes a pre-registration process flowchart, an entity registration checklist, and customer service contact information. Located here: https://sam.gov/entity-registration.
- Additional verifications – Once your entity registration status is initiated in SAM, the IRS will validate your TIN and DLA will validate your CAGE code. These steps are required for the SAM process to be completed. Please be on the lookout for emails from either team, as failure to respond in a timely manner may cancel the registration process. If your entity fails either the TIN or CAGE registrations, please reference the “More About the Entity Status Tracker” dropdowns on the righthand side of the page located here: https://sam.gov/content/status-tracker.
At the time of SAM registration, you may be asked for an NAICS code and PSC code. The NAICS code for these services is 523940 – Portfolio Management and Investment Advice; the PSC code is R710 – Support-Management: Financial.
Final Solicitation: PBGC anticipates releasing the formal solicitation in September or October 2025. It is highly likely that there will be differences between this draft solicitation and the formal solicitation. Examples of potential changes include, but are not limited to, new or omitted terms and conditions, revisions to the attachments, and revisions to the instructions and evaluation procedures. Despite this, PBGC expects the draft documents to be substantially similar in both form and substance to the final documents.
Industry Questions and/or Recommendations: PBGC encourages interested parties to submit questions and recommendations concerning this draft solicitation to the points of contact identified below using the Industry Feedback Form – Draft Solicitation template. The agency will consider all feedback received in the prescribed template although it may not necessarily respond to or act on all feedback. It will also publicly post any responses it provides.
Deadline: The current closing date for this draft solicitation is an estimate, which PBGC may shorten or extend as circumstances permit.
**Again, please do not submit quotes or proposals in response to this notice, as PBGC will not consider them.**
Update #2 ·
AMENDMENT 1 DESCRIPTION: Attachment 6 has been amended based on initial contractor feedback. Please see new version with track changes. Additionally, as a reminder, please use the Industry Feedback Form – Draft Solicitation to provide PBGC with questions and recommendations.
ORIGINAL POSTING:
This is a draft solicitation for fixed income investment services. This is not a request for proposals or quotes.
Purpose: The purpose of this draft solicitation is to give prospective offerors an advanced opportunity to determine their competitive viability, begin preparing proposal materials as appropriate, and provide PBGC with questions and recommendations.
SAM Registration (**IMPORTANT**): For PBGC to consider your proposal submitted in response to the formal solicitation, your firm will need to be registered and active on www.sam.gov. Please be advised that you must first obtain a Unique Entity ID before you are able to register. Your firm must also be fully registered for All Awards. Please note that the SAM registration process is managed by GSA. PBGC cannot control or influence the process on your firm's behalf (e.g., by contacting GSA Help Desk). Several resources are available regarding the registration process, including the following:
- Check entity status – You can check your current registration status here: https://sam.gov/content/status-tracker.
- Main registration page – Includes a pre-registration process flowchart, an entity registration checklist, and customer service contact information. Located here: https://sam.gov/entity-registration.
- Additional verifications – Once your entity registration status is initiated in SAM, the IRS will validate your TIN and DLA will validate your CAGE code. These steps are required for the SAM process to be completed. Please be on the lookout for emails from either team, as failure to respond in a timely manner may cancel the registration process. If your entity fails either the TIN or CAGE registrations, please reference the “More About the Entity Status Tracker” dropdowns on the righthand side of the page located here: https://sam.gov/content/status-tracker.
At the time of SAM registration, you may be asked for an NAICS code and PSC code. The NAICS code for these services is 523940 – Portfolio Management and Investment Advice; the PSC code is R710 – Support-Management: Financial.
Final Solicitation: PBGC anticipates releasing the formal solicitation in September or October 2025. It is highly likely that there will be differences between this draft solicitation and the formal solicitation. Examples of potential changes include, but are not limited to, new or omitted terms and conditions, revisions to the attachments, and revisions to the instructions and evaluation procedures. Despite this, PBGC expects the draft documents to be substantially similar in both form and substance to the final documents.
Industry Questions and/or Recommendations: PBGC encourages interested parties to submit questions and recommendations concerning this draft solicitation to the points of contact identified below using the Industry Feedback Form – Draft Solicitation template. The agency will consider all feedback received in the prescribed template although it may not necessarily respond to or act on all feedback. It will also publicly post any responses it provides.
Deadline: The current closing date for this draft solicitation is an estimate, which PBGC may shorten or extend as circumstances permit.
**Again, please do not submit quotes or proposals in response to this notice, as PBGC will not consider them.**
Update #1 ·
This is a draft solicitation for fixed income investment services. This is not a request for proposals or quotes.
Purpose: The purpose of this draft solicitation is to give prospective offerors an advanced opportunity to determine their competitive viability, begin preparing proposal materials as appropriate, and provide PBGC with questions and recommendations.
SAM Registration (**IMPORTANT**): For PBGC to consider your proposal submitted in response to the formal solicitation, your firm will need to be registered and active on www.sam.gov. Please be advised that you must first obtain a Unique Entity ID before you are able to register. Your firm must also be fully registered for All Awards. Please note that the SAM registration process is managed by GSA. PBGC cannot control or influence the process on your firm's behalf (e.g., by contacting GSA Help Desk). Several resources are available regarding the registration process, including the following:
- Check entity status – You can check your current registration status here: https://sam.gov/content/status-tracker.
- Main registration page – Includes a pre-registration process flowchart, an entity registration checklist, and customer service contact information. Located here: https://sam.gov/entity-registration.
- Additional verifications – Once your entity registration status is initiated in SAM, the IRS will validate your TIN and DLA will validate your CAGE code. These steps are required for the SAM process to be completed. Please be on the lookout for emails from either team, as failure to respond in a timely manner may cancel the registration process. If your entity fails either the TIN or CAGE registrations, please reference the “More About the Entity Status Tracker” dropdowns on the righthand side of the page located here: https://sam.gov/content/status-tracker.
At the time of SAM registration, you may be asked for an NAICS code and PSC code. The NAICS code for these services is 523940 – Portfolio Management and Investment Advice; the PSC code is R710 – Support-Management: Financial.
Final Solicitation: PBGC anticipates releasing the formal solicitation in September or October 2025. It is highly likely that there will be differences between this draft solicitation and the formal solicitation. Examples of potential changes include, but are not limited to, new or omitted terms and conditions, revisions to the attachments, and revisions to the instructions and evaluation procedures. Despite this, PBGC expects the draft documents to be substantially similar in both form and substance to the final documents.
Industry Questions and/or Recommendations: PBGC encourages interested parties to submit questions and recommendations concerning this draft solicitation to the points of contact identified below using the Industry Feedback Form – Draft Solicitation template. The agency will consider all feedback received in the prescribed template although it may not necessarily respond to or act on all feedback. It will also publicly post any responses it provides.
Deadline: The current closing date for this draft solicitation is an estimate, which PBGC may shorten or extend as circumstances permit.
**Again, please do not submit quotes or proposals in response to this notice, as PBGC will not consider them.**
Files
| File | Type | Posted |
|---|---|---|
| Industry Feedback Form with PBGC Responses - Draft Solicitation - Public.xlsx | XLSX spreadsheet | |
| Industry Feedback Form - Draft Solicitation.xlsx | XLSX spreadsheet | |
| Attachment 6 - DRAFT Solicitation Phase 1 Forms_Amendment 1.docx | DOCX document | |
| Industry Feedback Form - Draft Solicitation.xlsx | XLSX spreadsheet | |
| Attachment 1 - DRAFT Instructions to Offerors.pdf | ||
| Attachment 5 - DRAFT Clauses and Provisions.pdf | ||
| Attachment 2 - DRAFT Evaluation Criteria.pdf | ||
| Attachment 3 - DRAFT Statement of Work.pdf | ||
| Attachment 4 - DRAFT Fixed Income Pricing Template.xlsx | XLSX spreadsheet | |
| Attachment 6 - DRAFT Solicitation Phase 1 Forms.docx | DOCX document | |
| Attachment 8 - DRAFT Data Table Templates.xls | XLS spreadsheet | |
| Attachment 7 - DRAFT Solicitation Phase 2 Forms.docx | DOCX document |
Show all 12
Notice history
| Notice | Type | Posted |
|---|---|---|
| Fixed Income Investment Services (Amendment 2) | Solicitation | |
| This notice | Pre-Solicitation |
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