Specifications include, but are not limited to: • Developing a detailed management fee recalculation model that is: o in a format that will be easily transferred to OPERS (please provide recalculation model system in response); o customized for 100 percent (approximately 230) of OPERS Private Equity and Private Real Estate funds to account for all management fees including offsets, waivers, etc., all partnership expenses allocated to OPERS, carried interest (Deal by Deal, Modified, or European Models), interest payments, etc.; and o including any recalculation adjustments to account for the changing fees during the fund’s life cycle from inception to wind-down (i.e. Waterfalls, Investment Period, PostInvestment Period, additional closings creating interest payments to OPERS and percentage changes for income, fees, expenses, etc.), amendments, side letters, MFN, etc. • Demonstrating expertise to present the fee analysis in a timely manner, and in a user-friendly, easy-to-understand and transferrable format. • Expertise to train OPERS staff on the modeling and analysis of fees.