Open Procurement 2: CTF Active Emerging Markets Managers

The Washington State Investment Board (WSIB) is conducting an open procurement to identify and select firms capable of actively managing emerging markets equity portfolios within their Commingled Trust Fund (CTF). This procurement is an ongoing, rolling process that will remain open until WSIB staff and the Board determine otherwise, with continuous review and evaluation of potential investment management firms. Interested firms must be SEC-registered investment advisors, GIPS compliant, and possess appropriate fiduciary insurance and operational controls. Minimum qualifications include managing at least $500 million in emerging markets equity strategies for pension funds, endowments, or foundations, with a minimum of three years of verifiable performance history. Candidates must have strategies listed in the eVestment Alliance database and be prepared to manage portfolios against broad benchmarks like the MSCI Emerging Markets IMI Index, focusing on comprehensive emerging markets equity strategies rather than specific countries, sectors, or capitalization segments. The procurement is open to multiple jurisdictions across Washington State, including but not limited to Franklin, Grant, Grays Harbor, Chelan, and Yakima Counties. The posted opportunity was initially announced on December 16, 2024, with a proposed due date of December 31, 2027.

The procurement does not explicitly mention specific set-aside designations or restrictions for disadvantaged enterprises. The evaluation process will be comprehensive, involving multiple meetings and extensive due diligence, with successful candidates ultimately presenting to the WSIB Public Markets Committee and requiring Board approval. While specific award values are not detailed, fees will be negotiated based on individual firm proposals and cannot exceed the initially proposed amount. The WSIB manages globally diversified portfolios serving 17 public employee retirement plans, 21 other public trust funds, and over 500,000 public employee beneficiaries, indicating a significant potential contract opportunity. The board emphasizes long-term partnerships and seeks firms that can provide transparency into their investment processes and reasonable access to decision-makers. All pertinent documents will be posted on the WSIB's website (https://sib.wa.gov/hiring.html), which will eventually include FAQs and notices of apparently successful vendors. Interested firms should carefully review the attached documentation and prepare comprehensive proposals that demonstrate their capabilities in emerging markets equity management.