Kentucky Retirement Systems Investment Fee for Service

Kentucky Retirement Systems (KRS) issued a Request for Proposal on August 31, 2018, seeking qualified firms to provide investment fee verification services for the state agency's Private Equity Portfolio. The scope of work encompasses the recalculation and verification of fees and expenses for investment managers across up to 75 partnerships, with particular emphasis on 43 partnerships committed prior to 2011. The selected firm must deliver a comprehensive presentation of fee and expense analysis in a user-friendly format to KRS's Investment Staff, with initial findings expected by June 30, 2019. Required qualifications include demonstrated firm history in fee verification services, technical knowledge and expertise in private equity investments, specific experience with private equity fee verification for governmental entities, professional references from public or private organizations, and appropriate firm location and team structure. Proposals are evaluated on a total of 1,025 points, comprising 625 technical points and 400 cost points. Technical evaluation criteria include firm history (50 points), technical knowledge and expertise (250 points), experience with private equity fee verification for governmental entities (200 points), professional references (50 points), firm location and team structure (50 points), and oral presentations if applicable (25 points). Cost proposals are scored with the lowest price receiving maximum points, and remaining proposals scored proportionally. The initial contract term is anticipated to run from October 25, 2018, through June 30, 2020, with renewal options available for up to two additional two-year periods subject to approval by the Secretary of the Finance and Administration Cabinet and the Legislative Research Commission's Government Contract Review Committee. Written questions were due by September 15, 2018, with the initial proposal deadline of October 4, 2018, extended to October 19, 2018, at 4:00 PM Eastern Time. All proposals must be submitted under separate sealed covers for technical and cost solutions, with no electronic or facsimile submissions accepted.

No set-aside designations or restrictions on organizational types responding to this procurement have been identified in the solicitation documents. KRS does not currently have a provider for these services and cannot disclose budget information at this time, indicating no incumbent vendor or existing contract infrastructure to consider. The Commonwealth of Kentucky reserves the right to award multiple personal service contracts with no guarantee of minimum work volume, suggesting the potential for multiple awards. Offerors must comply with Kentucky procurement regulations, including certifications regarding debarment and suspension, conflict-of-interest laws, campaign finance requirements, and tax and employment law compliance. Travel expenses may be reimbursed pursuant to the Finance and Administration Cabinet Travel Policy, with all other expenses requiring prior written authorization. The specific award value or budget range for this contract has not been disclosed by KRS at this time.