Open Procurement 1: CTF Active Global Equity Managers

The Washington State Investment Board (WSIB) is conducting an open procurement search for firms to actively manage global equity portfolios within their Commingled Trust Fund (CTF). The procurement is seeking SEC-registered investment advisors or firms exempt from registration to manage global equity strategies, with a specific focus on portfolios that can be benchmarked against broad indices like the MSCI All Country World IMI Index. Qualified firms must have at least $500 million in global equity strategies managed for pension funds, endowments, and foundations, with a minimum of three years of actual performance history. Candidates must be GIPS compliant or commit to becoming compliant within 12 months, and demonstrate the ability to provide daily liquidity without lock-up periods. The evaluation process is comprehensive, involving extensive due diligence, multiple meetings, and detailed data requests, with successful candidates required to present to the WSIB Public Markets Committee and ultimately receive Board approval. The procurement will remain open indefinitely, with the WSIB continuously reviewing and evaluating potential firms, and all pertinent documents will be posted on their website at https://sib.wa.gov/hiring.html.

The procurement does not specify explicit set-aside designations or restrictions on respondent types, maintaining an open and competitive approach. The search covers multiple Washington state jurisdictions, including but not limited to Franklin, Grant, Grays Harbor, Chelan, and Yakima Counties, along with numerous cities and census-designated places. While specific award values are not disclosed, the procurement suggests that fee structures will be negotiated based on each firm's proposal, with the understanding that proposed fees cannot be increased after initial negotiations. The WSIB indicates that separate accounts are preferred, though commingled vehicles may be considered. Successful firms will be expected to integrate seamlessly with the existing investment infrastructure of the Commingled Trust Fund, providing sophisticated global equity management services that align with the Board's investment objectives.