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MWRA- Private Equity RFP

Posted on: November 4, 2019

The Massachusetts Water Resource Authority Employees’ Retirement System (the “System”) is accepting proposals from investment firms to manage a private equity/debt mandate for the System's $552 million, defined benefit pension fund. In order to be considered, the candidates must be raising Growth Equity/Buyouts, Opportunistic Credit, and/or Secondaries strategies.  Fund of Funds and Direct Lending will not be considered.  The System may commit up to $20 million with the new manager(s) through 2019/20.  Importantly, the Board reserves the right to reject any and all proposals at its discretion.  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 experience managing the proposed strategies and must have at least one prior fund focusing in these areas.
  5. Candidates must complete the attached RFI, along with each appendix.  Responses which do not have a completed RFI may be rejected.
  6. The funds final close may not be earlier than Q1 2020
  7. It is preferred that the proposed fund is raising at least $250 million, however, lower amounts may be considered at the Boards discretion.

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.

Furthermore, in order to be included in the search, all candidates must fill out the linked Massachusetts Public Employees Retirement Administration Commission (PERAC) disclosure and certification forms. 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, November 22, 2019.  If received after this deadline, proposals will not be accepted. 

Lebo McCallum

NEPC, LLC

lmccallum@nepc.com

 

Colton Lavin

NEPC, LLC

CLavin@nepc.com

 

Private Equity Search Document

Sample Side Letter

Closed-End RFI

 

VC & GE Fund & Deal-Level Data Request

Buyouts & Special Situations Fund & Deal-Level Data Request

Distressed & Opportunistic Credit Fund & Deal-Level Data Request

Secondaries Fund & Deal-Level Request

 

PERAC Forms

Placement Agent Form

Vendor Certification Form

Vendor Contact Information

Vendor Disclosures

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