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MWRA - International Growth Equity RFP

Posted on: June 3, 2020

The Massachusetts Water Resource Authority Retirement System (the “System”) is accepting proposals from investment firms to manage an International Growth Equity mandate for the System's ~$500 million, defined benefit, pension fund. Developed market only, International Value and Global Equity funds will not be considered.  The System may invest up to $30 million with the new International Growth Equity manager(s).

In order to be considered, the candidates must meet the following criteria:

  1. Candidates must have familiarity with and agree to comply (in writing) with Massachusetts G.L. Chapter 32 and Chapter 176 of the Acts of 2011.  Additionally, candidates must have familiarity and agree to comply with the reporting and investment guidelines administered by PERAC.  Guidelines can be found in the attached links. https://malegislature.gov/Laws/SessionLaws/Acts/2011/Chapter176 https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIV/Chapter32
  2. Candidates must read and agree to the attached side letter pertaining to mandatory contractual language, based on the guidelines above.
  3. Candidates must be registered with the SEC or Massachusetts Secretary of State
  4. Candidates must have at least $500 million in assets in the fund that is being suggested
  5. Fund must have a track record of at least five years, and
  6. Fund must have exposure to emerging markets

By submitting a formal response to this RFP, the Manager acknowledges that the Investor, MWRA Employees’ Retirement System, is bound by both Massachusetts Open Meeting Law as governed by Massachusetts General Laws Chapter 30A § 18-25 and 940 CMR 29.00, and the Massachusetts Public Records Law as governed by Massachusetts General Laws Chapter 66 and 950 CMR 32.00.  Any document submitted by the Manager to the Investor or discussed in open session at a public meeting will be presumed to be a public record unless it otherwise qualifies under an exemption as specified in the statute.

If you are interested in participating in the search, please complete the attached form in Appendix I and update eVestment Alliance through 1Q 2020 at www.evestmentalliance.com. In addition, please provide NEPC with the following information:

  1. A cover letter indicating your firm’s interest in the search. Please include the vehicle you are proposing for this search and the fee schedule you are proposing for this mandate, as well as confirmation regarding the attached side letter.
  2. An email copy of all eVestment Alliance information at the firm and product level for the proposed strategy. Please clearly indicate the product type category in which you classify your product.  All historical information surrounding investment market capitalization must be included.
  3. Completion of the following PERAC disclosure and verification forms. These are available on both the PERAC and NEPC website.

You may download the RFP and PERAC documents on NEPC’s website (www.nepc.com).  All questions and responses should be directed via email, no hard copies, to the following contacts, (no phone calls please).  The RFP should be received no later than 4:00 pm EDT, Friday, June 19, 2020.  If received after this deadline, proposals will not be accepted.

Lebo McCallum

NEPC, LLC

lmccallum@nepc.com

John Lutz

NEPC, LLC

JLutz@nepc.com

 

International Growth Equity RFP

Sample Side Letter

 

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

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