RFP-Private Equity Consultant Services

The Maryland State Retirement Agency, on behalf of the Board of Trustees for the Maryland State Retirement and Pension System, is soliciting proposals for non-discretionary private market investment consulting services under an RFP posted October 29, 2026, with proposals due December 15, 2026, at 5:00 p.m. Eastern Time. Questions are due November 20, 2026. No set-aside applies. Minority Business Enterprises are encouraged to respond, but no minimum MBE subcontract participation goal has been established.

Scope covers private equity, private credit, private infrastructure, and private real assets excluding real estate. Deliverables include strategic private market consulting, deal sourcing and due diligence, portfolio monitoring, database management, quarterly performance reporting, trustee education, and staff training. Offerors must demonstrate five years of experience providing similar consulting to at least five public pension funds, private pensions, foundations, or endowments with aggregate assets under advisement of at least $1 billion, and must not be in bankruptcy, conservatorship, or receivership. Required insurance includes directors and officers liability coverage of at least $5 million and errors and omissions/professional liability coverage of at least $3 million per claim and in annual aggregate. Offerors must register with the Maryland Department of Assessments and Taxation before award consideration.

The initial term is five years beginning March 1, 2027, with up to two additional one-year renewals at the System's sole option. No contract value is stated. The System reports $24.0 billion in private equity commitments to 370 partnerships with a current net asset value of $15.7 billion, plus $9 billion in private credit commitments and $3.5 billion in real assets commitments.

Evaluation prioritizes the technical response to scope requirements, questionnaire responses, offeror experience and references, and economic benefit to Maryland. Technical proposals are submitted electronically, and financial proposals are submitted in both physical and electronic formats. The RFP is exempt from most Maryland procurement regulations, though procurement article requirements apply to the extent practicable. Required affidavits address compliance with law, conflicts of interest, tax payment, debarment, and false statements.