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

REQUEST FOR PROPOSALS
FOR
INVESTMENT VALUATION SERVICES RELATED TO
PRIVATELY PLACED DEBT AND EQUITY INVESTMENTS
FOR
THE
Retirement Syst ems of Alabama
RFP 26000000003
Issue Date: March 16, 2026

THIS RFP CONTAINS INFORMATION UNDER THE FOLLOWING HEADINGS:
SECTI ON 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
SECTI ON II-Nature of Services Required
A. Purpose
B. Required Services
SECTION III-- Information Required from Proposers
SECTI ON IV-- Criteria for Evaluation
A. Evaluation Process
B. RSA Rights
C. Cost and Price Analysis
D. Proposal Evaluation Form
E. Proposal Form
SECTI ON 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
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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.
Code of Alabama 1975, Title 16, Chapter 25
The TRS, a cost-sharing multiple-employer public employee retirement plan, was established as of
September 15, 1939, pursuant to the (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.
Code of Alabama 1975, Title 36, Chapter 27
The ERS, an agent-multiple employer public employee retirement plan, was established as of October
1, 1945, pursuant to the (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.
Code of Alabama 1975, Title 12, Chapter 18
The JRF, a cost-sharing multiple-employer public employee retirement plan, was established as of
September 18, 1973, pursuant to the (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 ofC tohdee C oofu Artla obfa Cmivail 1A9p7p5e,a Tlsit, lJeu d1g2e, oCfh tahpet eCro u1r8t,
oAfr tCicrliems i3n a&l A4ppeals, Judge of the Circuit Court, or office holder of any newly created judicial office
receiving compensation from the State Treasury. The
(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 op eration 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
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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:
TRS ERS JRF
Target Strategic Target Strategic Target Strategic
Asset Class
Allocation Range Allocation Range Allocation Range
Domestic Equity 45% 30%-60% 45% 30%-60% 55% 30%-60%
International Equity 15% 10%-25% 15% 10%-25% 15% 10%-25%
Fixed Income 15% 10%-50% 15% 10%-40% 22% 10%-40%
Alternative Investments 10% 0%-20% 10% 0%-15% 1% 0%-15%
Real Estate 10% 0%-15% 10% 0%-15% 2% 0%-15%
Short-term investments 5% 1%-10% 5% 1%-10% 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 Investment Type
Gray Television, Inc. Preferred Stock
CNHI, LLC Membership Interest
2 Broadway, LLC Debt
Westport Investors, LLC Membership Interest
Charter Communications, Inc. Debt
American Spirit Media, LLC 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:
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*
*
* 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://ww w.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
IfrNoVnEt: S TMENT 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 C. David Adams
Asst. Chief Financial Officer Asst. Chief Financial Officer
Retirement Systems of Alabama Retirement Systems of Alabama
201 South Union Street PO Box 302150
Montgomery, Alabama 36104-0001 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).
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Any confidential, trade secret, or proprietary commercial information contained in a proposal must
be clearly marked as such. Identification of an entire proposal as confidential is not acceptable unless
the proposer states in detail the specific grounds and applicable laws which support treatment of the
entire proposal as protected from disclosuRreF.P Timetable
RFP Issued On or before March 16, 2026
Deadline for receipt of questions March 31, 2026 at 5:00 p.m. CST
Issue responses to questions April 3, 2026
Proposals Due April 14, 2026
Conduct Finalist Interviews Week of April 27 - May 1
Award Contract May 2026
F. SERVICES DELIVERY SCHEDULE:
There will be two deliverable valuation periods annually (collectively, the "valuation periods")
st st
regarding the fair value of the desired assets, as of July 31 and January 31 (the "valuation dates"),
for semiannual reporting purposes. Draft valuations are due 15 days following the valuation dates,
and final valuations are due no later than 30 days following the valuation dates. Valuations may begin
after the contract has been signed by all required signatories, with the first valuation period as of July
31, 20 26.
G. PAYMENT SCHEDULE:
Payment for valuation services will be made upon the firm's completion and submission of each
valuation period's written valuation report and receipt of a detailed invoice. RSA requires payment
terms to be payable 30 days from receipt of invoice.
H. SELECTION OF FIRM:
The RSA expects to employ the successful proposer(s) to perform the semi-annual investment
valuation related to privately placed debt and equity investments, beginning with the July 31, 2026
valuation, and terminating following the January 31, 2031 valuation. All responding vendors will be
notified of RSA's decision in writing within a reasonable length of time following the selection. Prior
to the selection, one or more firms may be requested to make oral presentations to the evaluation
comm ittee. All proposals shall become the property of the RSA.
I. ECONOMY OF PREPARATION:
Proposals should be prepared simply and economically and provide a concise description of the
Proposer's response to the requirements of this RFP. Emphasis should be on clarity. The RSA will
not be responsible for any costs incurred by any Proposer in the preparation of a proposal or in
relati on to any presentations(s) to the evaluation committee.
J. NEWS RELEASES:
News releases pertaining to this RFP or the actuarial services to which it relates will be made only
with prior written approval of RSA's CEO or his representative.
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K. ADDENDA TO THE RFP:
RSA reserves the right to modify this RFP in accordance with the provisions contained herein,
including without limitation, by extending the RFP timeline. Any modifications made to the RFP prior
to the proposal due date will be provided in writing on the RSA website at: http://www.rsa-
al.gov /index.php/about-rsa/itb-rfp/.
L. CONTACT POINT:
Any qu estions that arise concerning this RFP may be directed to ValuationRFP@rsa-al.gov.
M. MINIMUM EXPERIENCE QUALIFICATIONS:
Prop*o sals will be accepted from firms that meet the following minimum experience qualifications:
All professionals key to the valuation engagement must be FINRA licensed Series 7 or Series
* 79, as well as Series 63.
The firm has worked on portfolio valuation engagements for at least 100 clients each of the
* past five years.
The firm has provided portfolio valuation services to at least 10 clients with assets under
* management of $10 billion or greater over the last 12 months.
The firm has provided recurring portfolio valuation work for public pension funds of at least
* the size of RSA for each of the past five years.
The firm must be a top 30 M&A advisor and top 30 financial restructuring advisor for each of
the past 3 years based on total deal value for all US completed transactions according to
* Thomson Reuters or another recognized source.
The firm must have dedicated industry groups in a variety of industries, including at a
* minimum, a dedicated media and communications group and a dedicated industrial group.
The firm must have at least 500 investment professionals.
N. STATE OF ALABAMA CONTRACT REQUIREMENTS:
The State of Alabama requires all providers of professional services to submit a Disclosure Statement
with each contract. Accordingly, the Disclosure Statement included in Section V of this Request for
Proposals (RFP) must be completed and submitted with the proposal.
The State of Alabama requires that state agencies and political subdivisions entering into contracts
as defined under section 31-13-9(l) have an affirmative duty to insure that the language set out in
section 31-13-9(k) is included in each contract and that contractors entering into such contracts
provide appropriate verification that they have enrolled in E-Verify and have complied with its
requirements. Accordingly, the Immigration Compliance Certificate included in Section V of this
Request for Proposals (RFP) must be completed and submitted with each vendor's proposal.
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The State of Alabama requires all contracts to contain certain language in a specific format. This
langua ge is included in the Contract shell in Section V.
O. CONFIDENTIALITY:
All material and information received by any proposer as part of this RFP, including by the successful
proposer, shall be kept confidential by the proposer(s) unless disclosure is specifically authorized in
writing by RSA. Confidential information may not be used by any proposer or successful proposer
except in the fulfillment of a contract resulting from the RFP and must be kept confidential and
handled in conformity with all applicable federal and state laws.
Successful Proposer must sign a Non-Disclosure Agreement (NDA) with RSA. See Attached NDA in
SSeEcCtioTnI VO. N II-NATURE OF SERVICES REQUIRED
A. PURPOSE:
The purpose of this Request for Proposals (RFP) is to solicit proposals from qualified firms to provide
investment valuation services to the RSA for privately placed debt and equity investments held by
the RS A.
B. REQUIRED SERVICES:
The fo llowing services are to be provided:
1. Perform an analysis of the fair value of certain investments held by the RSA semiannually in
February and August. The engagement will commence with the July 31, 2026, valuation
period and conclude with the January 31, 2031, valuation period. The successful proposer
will conduct and complete its services, including providing all required written analysis
and/or reports, with draft valuations due 15 days following the valuation date and final
valuation due no later than 30 days following the valuation date.
2. Provide up to 10 hours of additional consulting time to RSA to review these valuation reports
with RSA officials. This additional time shall be included in the fixed fee for each of the
reports. Any hours needed beyond 10 shall be charged at the hourly billing rate proposed in
the Cost Proposal.
3. Provide a formal report for each valuation period which must summarize the valuation
methods used and a conclusion based on those methods. Include a high-level explanation of
the primary drivers of the change from the most recent valuation m idpoint to the current
v aluation midpoint. Select information from this report may be presented or otherwise
provided to the RSA's staff, Board of Controls, or committees thereof.
4. Conduct in-person, on-site meetings with the management of each portfolio company at least
once per year as part of the due diligence process. This additional time shall be included in
the fixed fee for each of the reports.
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SECTION III--INFORMATION REQUIRED FROM PROPOSERS
For an y Proposal to be considered, the Proposer must submit the following information:
1. Background information of your firm including services it performs, ownership structure, the
state in which your firm was formed or incorporated (and whether you are currently in good
standing in the state in which you were formed or incorporated), whether your firm is
qualified to transact business in the State of Alabama (and, if so, whether the firm is in good
standing in Alabama), the size of your firm and the location of the staff that will perform the
services. Discuss in detail the services your firm performs relative to the services required
of this RFP.
2. Describe any material changes in your organization's structure or ownership that have
occurred in the past five years. Describe any planned changes to the ownership or
organization structure of your firm, as well as any anticipated assignment of a contract
resulting from this RFP.
3. Provide an organization chart that depicts the structure of the actuarial consulting group and
that identifies this group's key members and the members who will be involved in providing
direct services to RSA.
4. Discuss in general the firm's competitive advantage over other firms in the private placement
debt and equity valuation services industry. Why should RSA hire your firm?
5. Has your firm or any member or employee of your firm, within the last ten years, been
censured or fined by any judicial, governmental, or regulatory body? If so, please indicate the
dates and describe the situation.
6. Is the firm affiliated with any other businesses or companies outside of the valuation services
industry that could represent conflicts of interest for your valuations? If yes, briefly describe
your firm's policies and procedures for doing business with these affiliates while
safeguarding against conflicts of interest.
7. Do you, your parent company, or any affiliated company have any known business
relationships with RSA, any member of an RSA Board of Control, any RSA employee, or with
any company on the list of private placement valuations in Section I Paragraph D? If so,
describe that relationship.
8. How many professionals does your firm employ? How many key executives or professionals
are you anticipating will work on the RSA valuations?
9. For the individuals who would be assigned to RSA, include their resumes in your proposal.
Please also provide a table that lists the key executives and professionals and identifies the
follow ing information for each:
a. Name;
b. Title;
c. Responsibilities within the firm (if a person has multiple responsibilities, indicate the
percentage of time spent on each function);
d. Years of relevant experience;
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e. Years with the firm;
f. Degrees and professional designations;
g . Institution awarding each degree and designation;
h . Publications authored;
i. Role the individual would play in providing services to RSA; and
j. Total number of clients currently assigned to the individual.
10. How long has the current group of key executives and professionals in your firm been
together? How long have the group of professionals expected to work on the RSA valuations
worked together as a team?
11. Describe the specific methodology to be used for the required scope of services identified in
Section II of this RFP.
12. Provide a timeline for completion of the work identified in Section II of this RFP. Include
proposed dates for each key stage or event of the project, indicate dates by which your firm
must have specific input data from RSA or companies to be valued, and indicate points in the
project when your firm would plan to meet with RSA staff at our office or via conference call.
13. Describe the capabilities of your valuation system(s) and your computer system support.
14. Describe your quality control processes for valuations and valuation reports. How are these
services monitored and reviewed?
15. Provide a copy of one recent valuation report delivered to an existing client for a debt
valuation and one for an equity valuation.
16. For th e last five years provide the following data relating to client relationships where
servic es provided are similar to the services required by this RFP:
a. Total number of clients
b. Total number of public pension plan clients
17. For all current public pension plan clients, state the client's name, the first year of your initial
Contract with the plan, year end of the last valuation your firm completed.
18. Provide the name, title, address, and telephone number for the following six client references
for whom your firm has provided either full service actuarial consulting or actuarial audit
servic es similar to this RFP, as specified in each question:
a. The client for whom the team to be assigned to the RSA services most recently
completed private placement debt and equity valuations.
b. The client that most recently terminated your firm's private placement debt and/or
equity valuation contract.
c. The client with the longest private placement debt and/or equity valuation
relationship with your firm.
d. A private placement valuation client that has been assigned for at least two years to
the primary valuation professional proposed for the RSA account.
19. Within the last two years, has your firm been notified by any private placement valuation
services client that your firm is in default of its contract, or that conditions exist endangering
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