Specifications include, but are not limited to: The firm must be (i) registered as an investment adviser under the Federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.) or (ii) a bank, as defined in the Federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.). − Proposed product must be domestic small cap value, not core or growth. − Separate accounts, commingled funds and mutual funds will be considered. − The firm must have an institutional capability and the ability to manage a $18 million mandate. − The firm must have a minimum “live” track record of five (5) years for the strategy proposed as of September 30, 2019. − The firm must have a minimum of $300 million in assets under management in the proposed product as of September 30, 2019. − The proposed product must have multiple institutional investors already invested as of September 30, 2019. − Performance data submitted must include information on CFA Institute GIPS compliance and/or audited correspondence.