RFP 170-4438-25 External Audit Services - Private Markets

The Oregon State Treasury is seeking an external audit firm to conduct comprehensive audits of its Private Markets investment sub-programs, specifically targeting Real Assets and Private Equity. The Request for Proposal (RFP 170-4438-25) solicits proposals for audit services for the Oregon Public Employees Retirement Fund (OPERF) and State Accident Insurance Fund (SAIF) private market investments. Key deliverables include detailed audit work across three primary phases: Audit Planning (35%), Audit Fieldwork (40%), and Reporting (25%), with specific documentation requirements for both Real Assets and Private Equity audit tracks. Minimum qualifications for key personnel include professional certifications such as CPA & CFA, or CIA & CFA. The evaluation will be comprehensive, with a total possible score of 1,200 points, including 700 points for technical evaluation (firm qualifications, audit plan, key personnel, and references) and 250 points for pricing. The solicitation is open from June 18, 2025, to July 18, 2025, at 12:00 PM Pacific Time, with anticipated audit periods in October/November 2025 for Real Assets and February/March 2026 for Private Equity.

The RFP includes a strong emphasis on business diversity through its Certified Disadvantaged Business Outreach Plan, which encourages participation from Disadvantaged Business Enterprises (DBE), Minority-Owned Businesses (MBE), Woman-Owned Businesses (WBE), Service-Disabled Veteran-Owned Businesses (SDV), and Emerging Small Businesses (ESB). Proposers must disclose their certification status and detail strategies for soliciting subcontracting opportunities from certified firms. While no specific budget range is explicitly stated, the contract will be deliverable-based with a maximum compensation limit to be negotiated. The Treasury anticipates awarding one contract to a single proposer, though vendors can propose for one or both programs, with a potential preference given to firms proposing services for both Real Assets and Private Equity. Proposers must demonstrate robust information security capabilities, including compliance with recognized security standards, data protection protocols, and incident response capabilities. The contract includes provisions for potential amendments and is contingent on the Treasury receiving sufficient funding and expenditure authority. Successful vendors will be required to maintain specific insurance coverages and provide comprehensive documentation throughout the audit process.