Secondary Market Brokers/Agent Services

The Teacher Retirement System of Texas (TRS) is requesting proposals for secondary market brokers and agent services to support its Investment Management Division, with proposals due September 23, 2026 at 3:00 p.m. Central Time.

Mandatory qualifications require a minimum of five years of experience providing advisory services related to private markets secondary transactions and successful completion of at least three private markets secondary transactions of similar size, scope, and complexity to those anticipated by TRS. No VetHUB subcontracting plan is required, though respondents intending to subcontract must obtain prior written approval from TRS.

The scope encompasses market intelligence and analysis, advisory recommendations on potential transactions, quarterly LP secondary interest lists, market data on historical pricing, transaction structure and timing recommendations, competitive transaction process facilitation, buyer evaluation and identification, stakeholder communication coordination, negotiation support, and transaction execution assistance. Core deliverables include pre-market reports with portfolio summaries and valuation analyses, marketing reports with updated buyer tracking logs and bid analyses, and transfer and closing reports with final transaction summaries. All deliverables must be submitted in TRS-approved electronic formats. Compensation is structured as transaction fees based on a percentage of transaction value (total record date Net Asset Value multiplied by the discount or premium achieved on the sale, excluding unfunded capital); respondents may propose single or tiered percentage pricing.

The initial contract term is five years from the effective date with no optional renewal terms. Contractor must maintain professional liability insurance with minimum coverage of $1 million per occurrence and $2 million in aggregate. The contract requires extensive data security compliance, including encryption of data in transit and at rest and maintenance of TRS data exclusively within the continental United States. Venue is Travis County under Texas law.

Evaluation criteria are past performance and client references (25%), performance details including transaction execution capability (45%), respondent key personnel (20%), and proposed pricing (10%). A non-mandatory pre-proposal conference is scheduled for August 31, 2026 at 10:00 a.m. Central Time. Questions are due September 3, 2026 at 3:00 p.m. Central Time. TRS may conduct presentations, demonstrations, interviews, and site visits with top-ranked respondents in October 2026. Proposals must be submitted through TRS' Procurement and Vendor E-System (PAVES) using a confirmed bidder account. All proposals must include a certificate of interested parties (Form 1295) if applicable, and respondents must disclose any known conflicts of interest.