HOPE02-23 - Investing Consulting Services

The California Hope, Opportunity, Perseverance, and Empowerment (HOPE) for Children Trust Account Program is seeking proposals from qualified investment consulting firms to assist in designing an investment policy and plan for the HOPE Program. The selected contractor will work with HOPE Program staff, consultants, and the governing board to create an investment plan that maximizes the number of eligible children enrolled and the amounts distributed to their HOPE Accounts annually. The contractor will also help determine the criteria for selecting an investment manager and program manager, and make recommendations to ensure equitable fund distribution. The initial contract term is six months from June 28, 2024 to December 31, 2024, with an optional six-month extension. The total contract amount shall not exceed $150,000. The RFP states that $145 million is currently expected to be available in the HOPE Fund by 2025 to fund individual HOPE Accounts for an estimated 58,500 eligible children, including 10,000 COVID-bereaved and 48,500 long-term foster youth.

The selected contractor will be expected to help inspire additional public and private investment to expand the HOPE Program and benefit more low-income youth in California. There are no set-aside designations or restrictions on the types of organizations that can respond to this RFP. The RFP does not identify any incumbent vendors or current contractors, and it does not mention any existing infrastructure or technology that requires integration. The RFP does not provide any listed award values or budget ranges beyond the total contract amount of $150,000.