Project Information

Bid Title

RFP 26-003 - Investment Valuation Services Related to Privately Placed Debt and Equity Investments

Issuing Agency

The Retirement Systems of Alabama

Location

Alabama

Published Date

Apr 2, 2026

Closing Date

Apr 14, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP 26-003 - Investment Valuation Services Related to Privately Placed Debt and Equity Investments

The purpose of this Request for Proposals (RFP) is to solicit proposals from qualified firms to provide investment valuation services to the Teachers’ Retirement System of Alabama (TRS), the Employees’ Retirement System of Alabama (ERS), and the Judicial Retirement Fund (JRF), collectively the Retirement Systems of Alabama (RSA), related to privately placed debt and equity investments held by the RSA.

RFP 26-003

RFP 26-003 Questions and Answers

Contact:
David Adams
ValuationRFP@rsa-al.gov

Deadline for receipt of questions:
March 31, 2026 5:00 p.m. CST

Proposals Due:
April 14, 2026 5:00 p.m. CST

Attachment Preview

REQUEST FOR PROPOSALS

FOR

INVESTMENT VALUATION SERVICES RELATED TO

PRIVATELY PLACED DEBT AND EQUITY INVESTMENTS

FOR

THE

Retirement Systems of Alabama

RFP 26000000003

Issue Date: March 16, 2026

THIS RFP CONTAINS INFORMATION UNDER THE FOLLOWING HEADINGS:

SECTION I—General Information for the Proposer

A. Purpose

B. Background

C. Description of the RSA’s Management and Investment Authority

D. Investments to be Valued

E. Other Information

F. Proposal Opening

G. Delivery Schedule

H. Payment Schedule

I. Selection of Firm

J. Economy of Preparation

K. News Releases

L. Addenda to the RFP

M. Contact Point

N. Minimum Experience Qualifications

O. State of Alabama Contract Requirements

P. Confidentiality

SECTION II—Nature of Services Required

A. Purpose

B. Required Services

SECTION III-- Information Required from Proposers

SECTION IV-- Criteria for Evaluation

A. Evaluation Process

B. RSA Rights

C. Cost and Price Analysis

D. Proposal Evaluation Form

E. Proposal Form

SECTION V--Attachments

A. State of Alabama Disclosure Statement

B. Immigration Compliance Certificate

C. Proposer Profile Form

D. Proposer Reference Form

E. IRS Form W-9

F. Certification of Bidder or Proposer Form

G. Confidentiality and Non-Disclosure Agreement

H. Sample RSA Contract Terms

RSA RFP # 26000000003

Page |2

SECTION I—GENERAL INFORMATION FOR THE PROPOSER

A. PURPOSE OF THE REQUEST FOR PROPOSALS:

The purpose of this Request for Proposals (RFP) is to solicit proposals from qualified firms to provide

investment valuation services to the Teachers’ Retirement System of Alabama (TRS), the Employees’

Retirement System of Alabama (ERS), and the Judicial Retirement Fund (JRF), collectively the

Retirement Systems of Alabama (RSA), related to privately placed debt and equity investments held

by the RSA.

B. BACKGROUND INFORMATION:

The RSA share certain executive personnel, investment management, accounting, and information

system services, the costs of which are allocated to the funds on an equitable basis.

The TRS, a cost-sharing multiple-employer public employee retirement plan, was established as of

September 15, 1939, pursuant to the Code of Alabama 1975, Title 16, Chapter 25 (Act 419 of the

Legislature of 1939) for the purpose of providing retirement allowances and other specified benefits

for qualified persons employed by State-supported educational institutions. The responsibility for

the general administration and operation of the TRS is vested in its Board of Control.

The ERS, an agent-multiple employer public employee retirement plan, was established as of October

1, 1945, pursuant to the Code of Alabama 1975, Title 36, Chapter 27 (Act 515 of the Legislature of

1945). The purpose of the ERS is to provide retirement allowances and other specified benefits for

state employees, State Police, and on an elective basis, to all cities, counties, towns, and quasi-public

organizations. Assets of the ERS are pooled for investment purposes. However, separate accounts are

maintained for each individual employer so that each employer’s share of the pooled assets is legally

available to pay the benefits of its employees only. The responsibility for the general administration

and operation of the ERS is vested in its Board of Control.

The JRF, a cost-sharing multiple-employer public employee retirement plan, was established as of

September 18, 1973, pursuant to the Code of Alabama 1975, Title 12, Chapter 18 (Act 1163 of the

Legislature of 1973) for the purpose of providing retirement allowances and other specified benefits

for any Justice of the Supreme Court of Alabama, Judge of the Court of Civil Appeals, Judge of the Court

of Criminal Appeals, Judge of the Circuit Court, or office holder of any newly created judicial office

receiving compensation from the State Treasury. The Code of Alabama 1975, Title 12, Chapter 18,

Articles 3 & 4 (Act 1205 of the Legislature of 1975) enlarged the scope and coverage of the JRF to

include District and Probate Judges, respectively. The responsibility for the general administration

and operation of the JRF is vested in the Board of Control of the ERS.

C. DESCRIPTION OF THE RSA’S MANAGEMENT AND INVESTMENT AUTHORITY:

The TRS and ERS have jointly employed the Secretary-Treasurer as the Chief Executive Officer (CEO)

and several other administrative personnel. This has allowed greater efficiencies by consolidating

operations of the systems by function.

Investment Authority is granted to the Boards of Control, as Trustees of the systems, by Alabama

statutes. Each of the system’s Board of Control, therefore, has full power, through each system’s

RSA RFP # 26000000003

Page |3

secretary-treasurer, to invest and reinvest system funds in accordance with the prudent person rule:

“with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent

man acting in like capacity and familiar with such matters would use in the conduct of an enterprise

of like character and with like aims.” An important component of any investment strategy is the

decision regarding allocation of investments among the various asset classes. The purpose of

formulating asset allocation guidelines is to maximize investment returns within the standards of

prudence established for the whole portfolio.

Each system’s Board of Control is responsible for approving an Investment Policy Statement (IPS)

that outlines investment strategies and the related asset allocation guidelines.

The current Investment Allocation Guidelines are:

Asset Class

Domestic Equity

International Equity

Fixed Income

Alternative Investments

Real Estate

Short-term investments

TRS

Target Strategic

Allocation Range

45%

30%-60%

15%

10%-25%

15%

10%-50%

10%

0%-20%

10%

0%-15%

5%

1%-10%

ERS

Target Strategic

Allocation Range

45%

30%-60%

15%

10%-25%

15%

10%-40%

10%

0%-15%

10%

0%-15%

5%

1%-10%

JRF

Target Strategic

Allocation Range

55%

30%-60%

15%

10%-25%

22%

10%-40%

1%

0%-15%

2%

0%-15%

5%

1%-10

Asset allocation is a dynamic process and, as such, the allocation decision is revisited as Market

conditions change.

Additional information about RSA and its investments may be found on RSA’s website,

https://www.rsa-al.gov.

D. INVESTMENTS TO BE VALUED:

RSA’s valuation report for privately placed investments valued as of January 31, 2026, includes

valuations for the following investments:

Name

Gray Television, Inc.

CNHI, LLC

2 Broadway, LLC

Westport Investors, LLC

Charter Communications, Inc.

American Spirit Media, LLC

Investment Type

Preferred Stock

Membership Interest

Debt

Membership Interest

Debt

Debt

E. OTHER INFORMATION:

Additional terms and conditions appliable to, and hereby incorporated within, this RFP and all

proposals submitted in response to this RFP are located at https://www.rsa-al.gov/about-rsa/itb-

rfp/ and titled:

RSA RFP # 26000000003

Page |4

• RSA Reservation of Rights and Requirements for ITBs and RFPs

• RSA Standard Terms and Conditions for Solicitation sand Contracts

• RSA Procedure for Resolution of Controversies

By submitting a proposal, all proposers are deemed to have agreed to all terms and conditions

included within the above documents unless a proposer provides RSA with a document clearly

stating its exceptions to any term or condition, along with a detailed justification therefor.

Other documents that are considered as part of this RFP may be located via the Internet at

http://www.rsa-al.gov/about-rsa/publications and include:

1. Retirement Systems of Alabama 2025 Annual Comprehensive Financial Report

2. Retirement Systems of Alabama 2025 Annual Report

E. PROPOSAL OPENING:

Please submit four (4) printed non-redacted and one printed redacted copy of your proposal, and a

digital copy of each on a USB drive in a sealed envelope with the following plainly marked on the

front:

INVESTMENT VALUATION SERVICES RELATED TO PRIVATELY PLACED DEBT AND

EQUITY INVESTMENTS

RFP 26000000003

DEADLINE FOR RECEIPT OF PROPOSALS: Tuesday, April 14, 2026

Proposals will be sent to:

Via UPS or FedEx:

Via US Mail:

C. David Adams

Asst. Chief Financial Officer

Retirement Systems of Alabama

201 South Union Street

Montgomery, Alabama 36104-0001

C. David Adams

Asst. Chief Financial Officer

Retirement Systems of Alabama

PO Box 302150

Montgomery, Alabama 36130-2150

Proposals may be hand delivered to Room 792 of the Retirement Systems Building, 201 South Union

Street, Montgomery, Alabama. Proposals will be accepted until 3:00 p.m. central time on April 14,

2026. Proposals will not be accepted after this time. The RSA reserves the right (but has no

obligation) to reject any and all responses to this RFP, to waive minor variances in proposals, and to

modify the RFP or extend its timeline. Questions related to this RFP may be addressed to

ValuationRFP@rsa-al.gov. Questions must be received by 5:00 p.m. central time, on Tuesday, March

31, 2026.

All responses to this solicitation may be subject to public disclosure upon request. Proposers should

be aware of the Open Records Act (Ala. Code §36-12-40), the Alabama Trade Secrets Act (Ala. Code

§8-27-1 and §8-27-6), and the Public Record Status of Certain Procurement Information statute (Ala.

Code §41-4-115).

RSA RFP # 26000000003

Page |5

Commodity Codes

• NAICS 523930Investment Advice
• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 561440Collection Agencies

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