Introduction

Income Generating Investment Management Services

SERVICES TO BE PROVIDED

The purpose of the “Income Generating RFP” for Chicago PABF is to allocate $10 million to $40 million to one-to-three managers whose investment strategies focus on producing returns through strong contractual cash-flows versus price appreciation or trading acumen. This RFP is meant to be inclusive of both public and private credit instruments in both primary and secondary markets across the US and globally, as well as equity-based income generating strategies. Managers may focus on all of these areas broadly or only a small subset of this universe (provided they meet the general requirements and are not a specifically excluded strategy).

The RFP is meant to exclude the following: dedicated direct lending strategies; MLPs; dedicated real estate equity funds; mezzanine funds; and “traditional fixed income strategies” (i.e. bank loan portfolios, high yield portfolios, emerging market debt portfolios, etc.).

Among the minimum qualifications for this RFP are the following:

The proposed product can be either open-ended or closed-ended (defined as a draw-down, private equity style vehicle). If closed-ended, if the Fund term does not exceed seven (7) years (inclusive of any fund-life extensions) the Fund should have a minimum annual cash coupon of 5%. If the Fund term exceeds seven (7) years but is less than twelve (12) years (inclusive of any fund-life extensions) the Fund should have a minimum annual cash coupon of 10%. Closed-ended funds with fund terms exceeding twelve (12) years (inclusive of any fund-life extensions) will not be considered.

Open-ended funds must have delivered a minimum annualized cash yield of 5% for the past three (3) years in the submitted strategy and must have an audited track record of at least three (3) years and must have the ability for Chicago PABF to select quarterly distributions of cash-on-cash returns up to an annualized rate of 5% per annum, even during the investment period.

More Information:
http://www.nepc.com/investment_managers/advertised_searches/160-cpabf_income_generating_rfp

Professional Advisors

Legal Advisor

  • David R. Kugler, ESQ

Medical Advisor

  • Peter Orris, M.D.

Investment Consultant

Consulting Actuary

Auditor

Master Custodian

Commercial Bank

RFP Documents

Archived

Awarded

  • Pending

Active Search

RFP Submission

RFP Documents

SUBMISSION OF PROPOSALS

The Board’s investment consultant NEPC, LLC shall oversee the RFP process. If you are interested, you must submit a complete Proposal by 3:00 CST on October 3, 2016, responses submitted after this time and date will not be considered. All responses should be submitted electronically to:

Search Contact

NEPC, LLC
DeAnna I. Jones
ChicagoPoliceRFP@nepc.com
- and -

Chicago Policemen's Annuity and Benefit Fund
Aoifinn Devitt
adevitt@chipabf.org

The subject line of your email submission should be “Chicago Police Income Generating RFP”.

You must also send one (1) bound hard copy of all your proposal materials (also by 3:00 pm CST on October 3, 2016) to:

Aoifinn Devitt
Chief Investment Officer
Chicago Policemen's Annuity and Benefit Fund
221 North LaSalle Street, Suite 1626
Chicago, Illinois 60601
-and-
DeAnna I. Jones
Senior Analyst
NEPC
10 South Wacker Drive, Suite 1230
Chicago, IL 60606

An RFP submission would be deemed complete only when ALL required documents have been completed in full and submitted as instructed above. Incomplete submissions or responses not submitted as instructed will be rejected and any follow on submissions in support of an application filed earlier will not be entertained under any circumstances. Also, failure to provide requested information in the enclosed template will disqualify respondents from further consideration.

RFP Disclaimers

PABFProposals become the property of the Fund and these and any late submissions will not be returned. Your Proposal will be open to the public under the Illinois Freedom of Information Act (FOIA) (5 ILCS 140) and other applicable laws and rules, unless you request in your Proposal that we treat certain information as exempt. We will not honor requests to exempt an entire Proposal. You must show the specific grounds in FOIA or another law or rule that support exempt treatment. Regardless, we will disclose the successful Bidder’s name, and the substance of the Proposal. If you request exempt treatment, you must submit an additional copy of the Proposal with exempt information deleted. This copy must tell the general nature of the material removed and shall retain as much of the Proposal as possible. You will be responsible for any costs or damages associated with our defending your request for exempt treatment. You agree the Fund may copy the Proposal to facilitate evaluation, or to respond to requests for public records. You warrant that such copying will not violate the rights of any third party.

Non-Discrimination: No decisions regarding Bidders will be influenced by race, sex, color, religion, national origin, age, disability, veteran status, marital status, or any other unlawful basis.

Exceptions

Exceptions: (i) sole source procurements, (ii) emergency procurements, and (iii) at the discretion of the pension fund, retirement system, or board of investment, contracts that are nonrenewable and one year or less in duration, so long as the contract has a value of less than $20,000.