Project Information

Bid Title

Investment Consultant Services for APERS and AJRS

Issuing Agency

State Government of Arkansas

Location

Arkansas

Published Date

Oct 20, 2025

Closing Date

Nov 21, 2025

Government Level

State & Local

Status

Closed

Ref. #

APERS-2025-02

Original Source

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Bid Documents

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Project Description

Current Solicitations

Bid Information Bid Number: APERS-2025-02 Agency: Arkansas Public Employees Retirement System (APERS Opening Date & Time: 11/21/2025 05:00 PM CST Description: Investment Consultant Services for APERS and AJRS Buyer's Email: richmond.giles@arkansas.gov

Bid Documents PDF XLS Other Web APERS-2025-02 - Request for Qualifications

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ARKANSAS PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, “APERS”

ARKANSAS JUDICIAL RETIREMENT SYSTEM, “AJRS”

https://apers.org/

https://arjrs.org/

REQUEST FOR QUALIFICATIONS (“RFQ”)

APERS: GENERAL INVESTMENT CONSULTING SERVICES FOR PUBLIC MARKETS

AJRS: INVESTMENT CONSULTING SERVICES

I. INTRODUCTION

The APERS Board of Trustees (“APERS Board”) and the AJRS Board of Trustees (“AJRS Board”),

referred to in this RFQ collectively as “APERS/AJRS” or “the plans” or singly as “APERS,” “AJRS,”

or “the plan,” are soliciting proposals from qualified professional investment consulting firms

(“investment consultant”) interested in providing comprehensive investment consulting advice

and services to the plans for their public markets investments (publicly traded global equities and

publicly traded credit/fixed income.) “Respondent” means the party or parties that submit a

response to this RFQ to be considered as an investment consultant.

The Executive Director (“ED”) and administrative staff of APERS are the ED and administrative

staff of AJRS.

APERS is a defined benefit plan with a valuation of approximately $12.4 billion. The asset

allocation may be found on the APERS website: https://apers.org/investments/asset-allocation/.

AJRS is also a defined benefit plan with a valuation of approximately $362.6 million. The asset

allocation may be found on the AJRS website: https://arjrs.org/investments/asset-allocation/.

The purpose of this Request for Qualification (“RFQ”) is to provide information about APERS and

AJRS and to establish the specifications and requirements for submitting qualifications. The term

“investment consultant” as used in this RFQ shall mean the company or firm submitting

qualifications for consideration.

The investment consultant will work directly with, and report directly to, the APERS ED and the

APERS Deputy Director & Chief Investment Officer (“CIO”). The investment consultant will

support the activities and obligations of both the APERS and AJRS staff. The investment

consultant must demonstrate extensive experience and superior capability for providing

investment consulting services to institutional investor clients. The investment consultant will be

expected to provide both plans with market research and education. The investment consultant

will serve in a fiduciary capacity to the plans. In all cases the investment consultant must offer

advice solely in the interest of the plans and their beneficiaries.

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There is no express or implied obligation for either plan to reimburse vendors for any expenses

incurred in preparing proposals in response to this RFQ. APERS and AJRS have the sole right to

determine whether a proposal meets its needs in the selection of an investment consultant and

are under no obligation to select any investment consultant under this RFQ. Proposals submitted

in response to the RFQ become the property of APERS and AJRS and are subject to public

inspection under the Freedom of Information Act, § 25-19-101 et seq. The release of public

records is governed by the Arkansas Freedom of Information Act (Arkansas Code Annotated § 25-

19-101 et. seq.). Submission documents pertaining to this RFQ become the property of the State

and may be subject to the Arkansas Freedom of Information Act (FOIA).

APERS and AJRS reserve the right to modify the RFQ contents and requirements at any time prior

to the submission deadline.

Fees and any other charges or costs are an important factor in the evaluation of the proposals.

However, APERS and AJRS are not required to choose the lowest cost bidder. APERS and AJRS will

select the investment consultant that best meets the requirements of this RFQ and serves the

total needs of the Boards of Trustees, APERS and AJRS, and their members and beneficiaries.

II. SCOPE OF WORK

The general scope of work for this RFQ is to provide non-discretionary professional investment

consulting services for public market investments. The investment consultant will serve in a

fiduciary capacity to the plans. The investment consultant must demonstrate compatibility with

the plans’ goals and the ED’s and CIO’s direction and provide evidence of applicable experience

and superior capability in one or more of the areas described below. The following are the duties

and services that APERS/AJRS requires from the investment consultant:

A. Public Markets Investment Manager Search, Recommendation, and Monitoring.

1. Assist the CIO with investment manager search, recommendation, selection, investment

manager guidelines, and benchmark selection.

a. When the CIO recommends an action, provide a memo, as appropriate, which

includes an evaluation of the recommendation, and the suitability of the

recommendation.

b. Conduct full and independent investment and operational due diligence as

requested by the CIO. Due diligence should be performed in a timely manner, and

complete records of all due diligence items and procedures shall be saved and

maintained by the investment consultant and provided to APERS upon request.

2. Maintain research for all AJRS strategies and for APERS public market strategies including

investment and operational due diligence updated regularly. For any investment strategy

not under current coverage, the investment consultant will establish research coverage

within a year.

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3. Provide recommendations concerning the process for investment manager research,

selection, and subsequent due diligence.

4. Provide on-going monitoring, reporting, and analysis of existing investment managers’

portfolio attributes and characteristics.

5. Provide analysis and semi-annual commentary for public market managers under review.

6. Provide on-going monitoring and reporting with respect to investment manager’s

compliance with investment guidelines and regulations.

7. Provide access to analytical software and/or online portals.

B. Public Markets Structural Review and Portfolio Construction

1. Within the first year of an executed contract with the plans, complete a structural review

of the domestic equity, international equity, and public credit (fixed income) asset classes

to include, but not be limited to the following:

a. A review of portfolio construction, including risk/return profile and attribution,

allocation to strategies, styles, and market segments.

b. Provide CIO with an assessment of the portfolio’s current positioning relative to

the consultant’s view on expected returns and risks.

c. Provide CIO with ideas for maintaining the current portfolio allocation/structure

or restructuring, including new areas or market segments ideas.

2. Provide ongoing analysis and insights on multi-manager portfolio construction and

ongoing attribution analysis and risk management.

C. Performance Measurement Duties

1. Conduct monthly asset value reconciliations between public markets managers and the

plans’ custodian bank (BNY Mellon) and coordinate with APERS CIO to resolve any

material differences.

2. Independently calculate monthly, quarterly, and fiscal year returns for all public markets

managers and reconcile with returns reported by the investment managers and the

systems’ custodian bank.

3. Provide access to analytical software (or cloud-based equivalents) with details of

performance attribution for public market managers.

4. Provide annual fee information for public market managers, including

commingled/Collective Investment Trust (CIT) funds, to comply with fee disclosure

requirements.

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5. Verify investment management and performance incentive fees for public markets

managers as needed.

D. Training, Education, and Client Relations Duties

1. Attend Board meetings and other special meetings as requested by APERS ED or CIO.

2. Prepare special reports as requested by APERS ED or CIO.

3. Provide strategic direction and evaluation of investment decisions and their

implementation.

4. Provide investment education and training on a periodic and as needed basis as mutually

agreed upon by the parties, and as may be requested by APERS ED and CIO.

5. Provide assistance on special projects, as needed.

6. Participate and assist in ad hoc workshops on specific topics designated by APERS/AJRS

staff.

7. Respond to inquiries in an appropriate and timely manner.

8. Share firm research, including white papers, investment manager research reports,

recommendation lists, and provide access to the investment consultant’s research staff.

9. Report any significant changes in the investment consultant’s organizational structure

and staffing in a timely manner.

10. Make no changes in the assigned consultant team without the parties prior review and

approval.

E. Additional Duties and Responsibilities

1. Create performance measurement reports quarterly.

2. Attend and present reports at Quarterly Board meetings.

3. Perform asset/liability study on entire investment portfolio.

4. Perform asset allocation analysis on entire investment portfolio.

5. Review domestic equity structure.

6. Review international equity structure.

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7. Review public credit markets structure.

8. Assist CIO with pacing analysis on private markets as needed.

III. SUBMISSION REQUIREMENTS

A. Blackout Period

For the duration of the RFQ process, the APERS Board of Trustees and the CIO will enter a

“blackout” period during which communications and meetings between any party/parties

interested in, or responding to the RFQ, the CIO, and any member of the APERS or AJRS Board of

Trustees is prohibited. This blackout period is effective upon the issuance of this RFQ by the plans,

which occurred on October 20, 2025, and continues until either the review and evaluation

process is completed and a contract executed with the selected investment consultant, or the

search process is otherwise ended by the Boards.

This blackout period will enable APERS/AJRS to treat all respondents fairly during the RFQ

selection process and permit the review and evaluation of the responses to be fair and unbiased.

B. Blackout Conditions

1. A party/parties expressing an interest in or responding to this RFQ are to refrain from

communications with the APERS Board and the CIO. Communications include meetings,

telephone conversations, letters, and email.

2. The following communications are permitted during the blackout period: written

inquiries submitted; any interviews scheduled as part of the RFQ evaluation process; and

presentations scheduled before the Board for either plan for interviewing one or more

respondents as part of the RFQ evaluation and selection process.

3. A party/parties expressing an interest in or responding to this RFQ may meet with

assigned staff or a Board member only if (a) the meeting is limited to discussions that are

unrelated to (i) this RFQ, (ii) the party’s/parties’ services that are covered by this RFQ, or

(iii) the party’s/parties’ response to the RFQ, and (b) both the assigned staff and the Board

member and the party/parties provide advance written notice of the meeting and the

subject of the meeting to APERS ED.

4. A party/parties expressing an interest in or responding to this RFQ may contact assigned

staff with non-substantive questions at any time prior to the response opening.

5. Nothing in this blackout period shall limit an investment consultant currently engaged by

APERS/AJRS as a service provider from participating in meetings and communications

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Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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