Specifications include, but are not limited to: • Developing and/or providing a detailed fee recalculation model that is: o In a format that will be easily transferred to the System (please provide recalculation model systems in response); o Customizable for up to 100 percent (approximately 406 accounts across approximately 155 general partners) of alternative investments held within the System’s private equity, real assets, and income portfolios, to account for all management fees, including offsets, waivers, etc., all partnership expenses allocated to the System, and carried interest (deal by deal/American, modified, or European models). Private equity: approximately 248 accounts across 87 general partners, Real assets: approximately 86 accounts (including 9 separately managed direct real estate investment accounts) across 31 general partners; includes open end and closed end funds, Income: approximately 72 accounts (including 8 customized separately managed/fund of one accounts) across 37 managers, o Based upon legal terms as agreed to by the System and external investment management, including operating memorandums, limited partnership agreements, investment management agreements, side letters/provisions, etc. o And adjustable to account for the changing fee structure during each investment’s life cycle from inception to wind-down (i.e. waterfalls, investment period, postinvestment period, additional closings creating interest payments to the System and percentage changes for income, fees, expenses, etc.), amendments, side letters, MFN, etc. • Demonstrating expertise to present fee information analysis in a timely manner, and in a user-friendly, easy-to-understand and transferrable format. o The System looks to utilize deliverables to properly account for alternative investment expenses in a timely and accurate manner. o Prospective Vendor should deliver a summary report of alternative investment manager fee methodology for reference by the System....
