RFI - U. S. REIT Equity Investment Management Services - PBGC

The Pension Benefit Guaranty Corporation (PBGC) is conducting a Request for Information (RFI) to gather industry input on Active U.S. Real Estate Investment Trust (REIT) Equity Investment Management services through their Corporate Investment Department. The agency seeks investment management firms capable of actively managing a REIT equity portfolio with the objective of outperforming the FTSE Nareit Equity REITs Index. Key requirements include having an investment team with at least one member possessing five years of REIT equity investment experience, SEC registration, ERISA fiduciary responsibility, and maintaining robust middle and back-office compliance departments. Investment managers must demonstrate a repeatable investment process, maintain full discretionary authority in accordance with PBGC policies, and provide comprehensive monthly and quarterly reporting including holdings, performance metrics, market commentary, and compliance certifications. Responses to this information-gathering exercise must be submitted by 3:00 PM on September 4, 2025, to specified PBGC contacts via email in Microsoft Word or PDF format.

This opportunity does not include any set-aside designations and is open to all qualifying firms. No current incumbents or contractors are identified in the documentation. The portfolio allocation is expected to range from $250 million to $500 million in managed assets, representing a significant investment management opportunity. The RFI explores potential contract structures including a "fixed rate variable quantity" approach where management fees would be calculated as a percentage of assets under management, with contract terms potentially spanning 5-10 years. The selected investment manager will be required to meet twice annually with PBGC's Corporate Investment Department and work closely with the agency's custodian bank. This RFI serves purely as an information-gathering mechanism and does not constitute a commitment to issue a future solicitation, with all response costs borne solely by interested parties.