Request Forproposals For

REQUEST FORPROPOSALS FOR:

GLOBALAND/OR U.S. REITINVESTMENTMANAGEMENTSERVICESRFP NO.NM INV-001-FY17

RELEASEDATE:NOVEMBER 9, 2016

DEADLINEFOR CERTIFICATION OFMINIMUM QUALIFICATIONS:NOVEMBER 16, 2016, 5:00P.M.MT

DEADLINEFOR SUBMISSION:DECEMBER12, 2016, 5:00P.M. MT

APPENDIX A: / ACKNOWLEDGEMENT AND CERTIFICATION OFMINIMUMQUALIFICATIONS
APPENDIX B: / SIGNATURE PAGE
APPENDIX C: / QUESTIONNAIRE
APPENDIX D: / FEE PROPOSALFORM
APPENDIX E: / FORMOFPROFESSIONALSERVICESAGREEMENT
APPENDIX F: / INVESTMENT POLICY,INVESTMENT STATUTES, ANDINVESTMENT POLICIESAND PRACTICESRULE
APPENDIX G: / PROCUREMENT POLICY FORINVESTMENT-RELATEDSERVICES

PARTI.INTRODUCTION AND GENERAL INFORMATION

A.SUMMARYOFSOLICITATION

PublicEmployeesRetirementAssociationofNewMexico("PERA")invitessubmittalofsealed,responsiveproposalsfromqualifiedOfferorsfordiscretionaryinvestmentmanagementservicesforaglobaland/ordomesticREITportfolio.AsexplainedinmoredetailinthisRequestforProposals(“RFP”),PERA requeststhatOfferors respond to this solicitationbysubmitting formalacknowledgementsofMinimumQualifications(“MQs”)andaproposalforservicesinaccordancewiththedeadlinesdescribedintheProcurementSchedulethatissetforthinPartIV(E)ofthisRFP.PERAexpectstoselectoneormoreproposalsbynolaterthanFebruary28,2017andexecuteaProfessionalServicesAgreement(“Agreement”)effectiveMarch31,2017.PERA,inits discretion, mayrejectallproposals.

B.STRUCTUREANDCONTRACTINGAUTHORITY OFREQUESTINGPARTY

PERAisthepublicbodyoftheStateofNewMexicothatisresponsibleforadministeringandmanagingtheinvestmentofallmoniesconstitutingtheassetsofthePublicEmployeesRetirementFund,theJudicialRetirementFund,theMagistrateRetirementFund,andtheVolunteerFirefightersRetirementFund(together“theFund”).PERAisaqualifiedplanunderSection401(a) oftheInternal Revenue Code.The Fund’sassetswere valued in excess of$14.5 billionasof September 30, 2016.

PERAisgovernedbythePublicEmployeesRetirementBoard(the“Board”).ArticleXX,Section22oftheNewMexicoConstitutionobligatestheBoardtoadministerandinvesttheFundforthesoleandexclusivebenefitofthemembers,retireesandotherbeneficiariesofPERA.TheUniformPrudentInvestorAct,NMSA1978,§§45-7-601to45-7-612,requirestheBoardtoexercisethereasonablecare,skill,andcautionofaprudentinvestorwhenitinvestsandmanagesassetsinitscapacityastrustee oftheFund.

NMSA1978,§§10-11-130(A)(7),and10-11-133(E)authorizetheBoardtomakeandexecutecontractsforinvestmentmanagementservices.NMSA1978,§13-1-98(CC)exemptsPERAfromcompliancewiththeNewMexicoProcurementCodeforallcontractsforinvestmentadvisoryservices,investmentmanagementservicesor otherinvestment-relatedservices.PERAhasadopted its ProcurementPolicyforInvestment-RelatedServices.SeeAppendixG.

TheBoardhasadopted itsInvestment Policy(revised April 28,2016).SeeAppendixF(A). TheInvestmentPolicyprovidesthatinvestmentmanagersarehiredbyandaccountabletotheBoardthroughtheauthorityofPERA’sExecutiveDirector.TheserviceproviderselectedunderthisRFPshallserveinafiduciarycapacitytoPERAandtheBoardandmustagreetotheindemnificationandotherprovisionssetforthinPERA’sProfessionalServicesAgreement(seeFormofProfessionalServicesAgreementattachedasAppendixEtothisRFP).CopiesofpertinentNewMexico statutesare attachedatAppendixF. Seealso PartVII, KeyContractualProvisions.

C.ETHICALDISCLOSURESANDCONFLICTS OFINTEREST

MembersoftheBoardandPERAemployeesaresubjecttoNMSA1978,§10-11-130.1,whichprohibitsacceptanceofanything ofvaluedirectlyorindirectlyfromapersonororganizationthathasacurrentcontractwithPERA,isapotentialbidder,OfferororcontractorofservicestoPERA,orfromapersonwhoisauthorizedtoinvestpublicfundspursuanttostateorfederallaw.ForpurposesofthisPolicy,potentialbiddermeansanypersonorentitythatmayprovideservicestoPERA within thenexttwelve months.

AllOfferors orincumbent providersare required to disclose anyinterest,direct or indirect,whichwouldconflictinanymannerordegreewiththeperformanceorservicesrequiredunderanycontractwithPERA.Offerorsandincumbentprovidersshallcertify thattherequirementsoftheGovernmentalConductAct,NMSA1978,§§10-16-1through10-16-18,regardingcontractingwith apublic officer orstate employee havebeen followed.

D.OVERVIEW OF PERA INVESTMENTACTIVITIES

PERAinvestsinglobalequities,creditandrealassets.Thesemandatesareimplementedthroughmultipleinvestmentvehiclesincludingseparatelymanagedaccounts,limitedpartnerships,fundsofoneandcommingledfunds.PERA’sinvestmentsincludeactive,passive,long-only,privateandlong-shortstrategies.AllassetsaremanagedexternallybyfirmsretainedbytheBoardinaccordancewiththePERAInvestmentPolicy.TheproposedmandateisclassifiedasaLiquidRealEstatestrategy,andisconsideredasub-assetclasswithinPERA’sRealAssetsallocation.ForOfferor’sinformation,PERA’scurrentReal Assets allocationappears below:

Weights
RealAssets / 20.0% / CustomBlended Benchmark
LiquidRealEstate / 1.0% / WilshireGlobalRealEstateSecuritiesIndex
IlliquidRealEstate / 7.6% / NCREIFODCE+1%
LiquidRealAssets / 2.0% / AlerianMLPIndex
IlliquidRealAssets / 8.4% / CambridgeNaturalResourcesIndex
MarketNeutralHedgeFunds / 1.0% / LIBOR+2%

E.OBJECTIVESOFTHIS SOLICITATION

Asfurtherdescribedbelow,thepurposeofthisRFPistoinviteresponsibleOfferorstosubmitcompetitivesealedproposalstoprovidediscretionaryinvestmentmanagementservicesforaglobaland/ordomesticREITportfolio.SuchservicesshallconformtoPERA’sinvestmentrules,InvestmentPolicy,andstatutoryinvestmentrequirements,astheymaybeamendedfromtimetotime.

PARTII. SCOPE OFWORK

A. DESCRIPTION OFSERVICESSOUGHT

PERArequestsproposalsfromqualifiedOfferorsfordiscretionaryinvestmentmanagementservicesforaglobaland/ordomesticREITportfolio.Proposedproductsmustbeprimarilyfocusedonpublicrealestateinvestmenttrustsandemployastrategythatisclearlyarticulatedandhasbeen

consistentlyappliedovertime.PERA’sproposedinvestmentstrategybenchmarkistheWilshireGlobalRealEstateSecuritiesIndex,butPERAmayalsoselectanybenchmarkdeemedmoreappropriatefortheproposedproduct.Aproposalforaseparatelymanagedaccountispreferred,but commingledvehicleswillalso be considered.

ThefundingfortheproductselectedbyPERAwillbesetatthelevelsthatPERA,atitssolediscretion,seesfit.Theestimatedtargetmandatesizeforsuchservicesisbetween$140-280million.PERAreservestherighttomakeasingleormultiplesourceawardstomanagetheproposedproduct(s).

PERAanticipatesthattheproposedproduct(s)underthisRFPwillbefundedwithcash.PERAmayrequiretheOfferortotransitiontheportfolio,asktheOfferortoworkwithaspecifictransitionmanageror,alternatively,authorizetheOfferortoselectanindependenttransitionmanager,subjecttoPERA’sapproval.PERAwillsupplythesuccessfulOfferorwithalisting oftheassetstobetransitioned.PERAmakesnoguaranteetothesuccessfulOfferorsastotheamounttobefunded,theincrementsofpartialfundingorthetimeframethefundingwillbeginorbecompleted.

PARTIII. MINIMUM QUALIFICATIONS

A.CERTIFICATION REQUIREMENT

EachOfferormustcertify,bynolaterthanthedeadlinesetforthintheProcurementSchedule,thatitmeetsallofthefollowingminimumqualificationsasofthedateitsproposalissubmittedtoPERA.Inordertocertify,theOfferorshallcomplete,sign,andsubmitallformsrequired bythisRFP.Thesedocumentsinclude:AppendixA(MinimumQualificationsCompliance),AppendixB(Signature Page), AppendixC (Questionnaire),andAppendixD (Fee Proposal Form).

FAILURETOMEETANDCERTIFYTOTHEFOLLOWINGSHALLRESULTINTHEREJECTION OFTHE PROPOSALFOR NON-RESPONSIVENESS.

B.LIST OFMINIMUMQUALIFICATIONS

1.TheOfferormustbeaninvestmentadvisorregisteredwiththeSECorotherwiseexemptfromregistration.Ifexempt,thefirmmustexplainthenatureoftheirexemptionfromregistration.

2.TheOfferormustbepreparedtosubmitentireFormADV,includingPart1andPart2brochuresandrelevantSchedules, if selectedasasemi-finalist.

3.TheOfferormustupdateorsubmitalleVestmentAlliancedatathroughSeptember30,2016,forallproductsforwhichthey aresubmittingproposalsbythedeadlineforsubmission.IfthefirmdoesnotalreadyutilizetheeVestmentAlliancedatabase,theymustparticipate byestablishingtheirfirm in the database.

4.As ofthe date theOfferor’sproposal is submitted, the Offeror must:

a.Have at least $2 billion intotalassetsunder managementat the firmlevel;

b.Have at least $1 billion in assets under management in the proposed REITproduct(s);

c.HaveatleastthreemajorU.S.tax-exemptpensionfundclients(publicorcorporate).Thisrequirementisfirm-wideanddoesnotnecessarilyapplytotheproposedproduct;

d.Haveatleastoneseparatelymanagedportfoliointhisproductwithaleast$100million;

e.Agreetoacceptapossibleallocationintheamountof$140-280millionormoreinthe proposed product;

f.HaveaminimumfiveyearhistoryofperformancefortheOfferor’sproposedREITproduct(s).

5.Theinvestmentprofessionals(i.e.:portfoliomanagers,analysts,traders,etc.)musthaveatleastthreecontinuousyearsofperformancehistoryintheproposedstrategyasofSeptember 30, 2016.

6.Theproposedproductmustallowredemptionsonatleastamonthlybasis,withnomorethan 30 daynotice effective immediatelyuponfunding.

7.TheOfferormustagreetokeeptheproposalopenforaperiodofnotlessthan180daysfrom the date theproposal is issued.

8.TheOfferormustagreetoincorporatethewarranties,asstatedinPartVII(sectionH),Contractorwarrantiesandrepresentations,intoanycontractenteredintoastheresultofacontractaward madeunderthis RFP.(See Signature Page, Appendix“B”).

9.TheOfferormustagreetosubmitafeeproposalwiththeRFPresponse,attachedasAppendixD (Fee Proposal Form).

PART IV. THECOMPETITIVEPROCESS

A.GENERALINFORMATION

Inordertoqualifyforawardofacontract,anOfferormustcomplywithalloftherequirementssetforthinthisRFP,includingwithoutlimitationsubmittalofproposalsbynolaterthanthedeadlinessetforth in the ProcurementSchedule.

PERArecognizesthatitmay beadvantageoustoselectmorethanoneproposedproducttofulfilltheScopeofWorkdescribedinPartIIofthisRFP.PERA’sgoalistohireamanagerwhoseexperience can best satisfyits needs.

ThisRFPisgovernedbythePublicEmployeesRetirementAssociationProcurementPolicyforInvestment-RelatedServices(attached, AppendixG).ThisRFPmaybecanceledandanyandallproposalsmay berejectedinwholeorinpartwhenitisinthebestinterestsofPERA.ThisRFPshall not be modifiedexceptbywrittenamendment.

B.WRITTEN QUESTIONS

PERAwillacceptandrespondtowrittenquestionsaboutthisRFPandtheprocurementprocesswithin the perioddescribed in the ProcurementSchedule.

Writtenquestionsshallbe submitted to PERA asfollows:

VIA EMAIL:

PERAwillonlyrespondtowrittenquestionssubmittedtotheemailaddresssetforthabovebyOfferorsthatsubmittheAcknowledgmentofMinimumQualificationsCompliance(AppendixA)toPERAbythedeadlinesetforthintheProcurementSchedule.PotentialOfferorsshallclearlyidentifythesubjectmatterofquestionsbyreferringtotheappropriatesection,paragraph,andpageofthe RFP. PERA is not obligated to answer inappropriatelylabeledquestions.

NowrittenresponsetothequestionsshallbeconstruedasamodificationoftheRFPunlessPERAamendstheRFPinaccordancewithNewMexicoPERA’sInvestment-RelatedServicesProcurementPolicy.

PERAwillpostwrittenquestionsandresponsesassoonasreasonablypracticableonitswebsiteat:

C.COMMUNICATIONSWITH PERA

PERAwillonlycommunicatewithOfferorsbymeansofwrittenquestionsandanswers,asexplainedabove.Afterthedeadlineforsubmittingwrittenquestionspasses,PERAwillnolongercommunicate withOfferorsabout the substance or processofthis procurement.

D.QUALIFICATIONSFOR AWARD

In orderto qualifyforconsideration,anOfferormust demonstratethat it meetsalloftherequirementsofthisRFPincluding,withoutlimitation,formalacknowledgementthattheOfferormeetsalloftheMQssetforthinPartIII, above.PERAwillonlyconsiderproposalssubmittedbyOfferorsthatmeettheMQs.Allformalacknowledgementsandproposalsshallbecomethepropertyof PERA.

E.PROCUREMENTSCHEDULE

AproposalmaybewithdrawnormodifiedpriortothetimeanddateofthesubmittaldeadlinedescribedintheProcurementSchedule.Proposalswithdrawnafterthesubmittaldeadlinemaynotbereconsidered.PERAmayrefusetoconsideranyproposalsubmittedormodifiedafterthedeadlineforsubmittal.OfferorsshallbearinmindthatPERAwillconsidersolicitationssubmittedor modifiedafter thesubmittal deadline onlyunderverylimitedcircumstances.

ThefollowingschedulegovernsprocurementunderthisRFP.IntheeventofanydiscrepancybetweenthedatesintheProcurementScheduleanddateslistedinotherpartsoftheRFP,thosereferencedintheProcurementScheduleshallprevail.PleasenotethattheexactdatesforitemsNo.6-9,andthedatesfornegotiations,ifany,shallbesetatPERA’sdiscretionwithouttheneedto amend the RFP.

Procurement Schedule
Action / Responsibility / DateTime
1.ReleaseofRFP / PERA / November9, 2016
2. ReturnAcknowledgementofCompliancewithMinimumQualifications / OFFEROR / November16, 20165PMMT
3. DeadlineforSubmission ofWrittenQuestions / OFFEROR / November23, 20165PMMT
4. Responseto WrittenQuestions / PERA / November30, 20165PMMT
5. DeadlineforSubmission ofProposals / OFFEROR / December12, 20165PMMT
6. EvaluationofProposals,OralPresentationsofFinalists / EVALUATIONCOMMITTEE / December2016 -
January2017
7. DueDiligence / EVALUATIONCOMMITTEE / TBD
8. ContractAward / PERA / TBD
9. New ContractProposedEffective Date / PERA/OFFEROR / TBD

PART V.SUBMISSION REQUIREMENTS

A.METHOD FOR SUBMISSIONOFPROPOSALS

All submissions andother communicationsshall be addressed to PERA as follows:

VIA EMAIL:

Submissionswillbeacceptedinelectronicformatonly viaemail.Nohardcopysubmissionsorfacsimile transmissionsshall be accepted.

ProposalsmustbesubmittedandreceivedbythesubmissiondeadlinesetforthintheProcurementSchedule in PartIV above.

B.FORMATANDCONTENTOF PROPOSALS

ProposalssubmittedinresponsetothisRFPmustbeorganizedandsubmittedintheformatdescribedbelow,usingtheformsattachedintheappendicestotheRFPandfollowingtheapplicableinstructions.Onlyfinalistswillberequiredtosubmitsignedhardcopyproposals.Withineachsectionoftheproposal,OfferorshouldaddresstheitemsintheRFPintheorderinwhichtheyappearintheRFP.Pleasemakesurethatyouincludeheadingsandpagenumbersinalldeliverables. Proposals should stresscompleteness,clarity,and succinctness.

ANYPROPOSALTHATDOESNOTSTRICTLYADHERETOTHEFOLLOWINGFORMAT,ANDDOESNOTADDRESSEACHSPECIFICATIONANDREQUIREMENTWITHINTHERFPANDTHEAPPLICABLEFORMSMAYBEDEEMEDNON-RESPONSIVE.

1.Eachproposal shall contain acover sheetthat clearlyidentifies theproposed offering.

2.Eachproposalshall contain anindexor table of contentsnear the front ofthe proposal, listingthematerialsincludedintheproposal.Please,makesurethatyouincludingheadingsandpagenumbers in alldeliverables.

3.Offerorsshallcomplete,signandattachtotheproposalacompletedandsignedSignaturePage(AppendixB).BysigningtheSignature Page contained in AppendixB, theOfferoragrees toacceptand complywith all the termsandconditions ofthe RFP.

4.AnyproposalsnotbearingtheappropriatesignaturesontheSignaturePagecontainedinAppendixB,referencedabove,willnotmeettheminimumqualificationrequirementsoftheRFPandwill not be consideredfurther in theevaluation process.

5.TheOfferormayattachsuchothersupplementarymaterialasitseesfittoexplainitsproposalandanyadditionalcontractualtermsand conditions that the Offeror maysuggest.

6.Allproposalssubmittedwillbeconsideredpublic records.TheOfferormayrequestinwritingthenondisclosureofconfidentialinformationcontainedintheproposal.Suchdatashallbeclearlymarkedandidentifiedas“confidential”.IfthesubmissioncontainsmaterialthattheOfferorconsidersconfidential,theOfferorshallprovideaseparateredactedversionoftheproposalinordertofacilitateanyeventualpublicinspectionofthenon-confidentialportionsoftheproposal.Aftercontractaward,eachproposal,exceptthoseportionsforwhichtheOfferorhasmadeavalidwrittenrequestforconfidentiality,shallbeopentopublicinspection.PERAreservestherighttoreviewtheappropriatenessandvalidityofarequestforconfidentiality.

PART VI. EVALUATION OF PROPOSALS

PERAmayawardmultiplecontractsunderthisRFPfortheScopeofWorkdescribedinPartII,above.ThecontractawardshallbemadetotheresponsibleOfferororOfferorswhoseproposalisdeemed most advantageous to PERA.

TheevaluationofproposalswillbeconductedbyanevaluationcommitteeappointedbytheBoardChair.However,anyBoardmember willbeallowedtoattendandparticipateinanyproceedings,meetings,anddeliberationsoftheevaluationcommittee,includingbutnotlimitedtooralpresentations ofthe short-listedOfferorsandpreparation ofthefinal evaluationreport.

Proposalsthatarenon-responsiveduetofailuretomeettheMQs(SeePartIII),orotherwise,shallbeeliminatedfromfurtherconsideration.PERAwillnotifyallOfferorsofitsdecisionatthetimeawardismade.Also,atitssolediscretion,PERAmayatany timeduringtheevaluationprocesseliminatefromfurtherconsiderationproposalswhoseperformancedoesnotrankfavorablyrelativeto others respondingto the RFP.

Aspartoftheevaluationprocess,PERAmay,initssolediscretion,inviteselectedOfferorstoappearforinterviews,discussions,ornegotiations,inaccordancewiththerequirementsofthePERAProcurementPolicyforInvestment-RelatedServices.Itshouldbeclearlyunderstood,however,thatPERAreservestherighttoacceptproposalsandmakecontractawardswithoutconductinginterviews,discussionsornegotiations.Furthermore,asaconditionofsubmittingaproposal,allOfferorsshallagreetoprovidetheservicesrequired bythisRFPandtoadheretoalltherequirements,specifications,terms,andconditionsofthisRFP.Forthesereasons,PERAstronglyrecommendsthatOfferorsreviewtheRFPwiththeircorporatecounselinadvanceofsubmittingaproposal.(SeealsoPartV,SubmissionRequirements,andtheSignaturePagelocatedin AppendixB.)

IfPERAelectstoconductinterviews,discussionsornegotiationswithOfferors,PERAmayestablishacommondateforsubmissionsofbestandfinalfeeoffers,ifappropriate.Offerorsshallbearanyandallcostsincurredbythemintheconductofanydiscussionsornegotiations,includingtraveltoSantaFefororalpresentationsortheircostsassociatedwithduediligencevisitsmadebymembersoftheRFPEvaluationCommittee.Anyadditionaltermsandconditionswhichmaybethesubjectofinterview,discussionornegotiationwillbediscussedonlybetweenPERAandtheOfferorwhosuggeststhemandshallnotbedeemedanopportunitytoamendtheOfferor’sproposal in anyother respect.

TheevaluationcommitteeshallrecommendtotheBoardtheoneormoreOfferorstobe awardedthecontract.Thefinalcontractawardshallbemadeby theBoard,subjecttosuchconditionsastheBoarddeemsappropriate.PERAisnotobligatedtoawardanycontractorfundany mandatedescribed in this RFP.

Theevaluationcommitteeshallcreatearecord,includingbutnotlimitedtouniformevaluationsheets,showingthebasisforitsrecommendationtotheBoardandshallprepareawrittenreportanditsrecommendationtotheBoardofthesuccessfulOfferorsandrunnersup,ifany.TheChiefInvestmentOfficershallretainthescoringsheetsandevaluationcommitteereportforatleastthestatedterm oftheresultingcontract.

ProposalsthataredeemedresponsivetotheinvestmentmanagementservicesrequestedandthecomponentsofScopeofWorkdescribedinPartIIwillbeevaluatedaccordingtothefollowingevaluationfactors:

EvaluationFactors / Points
Offeror’sbackgroundandexperienceasaninvestmentmanagerfortheproposedproduct(s) / 20
Offeror’scapabilities inresearch,trading,compliance,reporting, etc. / 20
Offeror’sinvestmentphilosophyand process / 25
Performance / 25
Feeproposal / 10

TheprocedureforprotestingawardofacontractunderthisRFPissetforthinPERA’sProcurement PolicyforInvestment-RelatedServicesatparagraph 15. SeeAppendixG.

PARTVII.KEY CONTRACTUAL PROVISIONS

ThecontractbetweenPERAandthe successfulOfferor shallcontainsubstantiallythe same termsandconditionsasintheSampleProfessionalServicesAgreementattachedtothisRFPatAppendix

E.ThecontractshallincludeaManagementFeeAgreementthatprovidesforcompensationbasedon the fee proposed bythe Offeror on the Fee Proposal Formattachedas AppendixD andasmaybe negotiatedbythe parties.

CopiesofPERA’scurrentInvestmentPolicy,InvestmentStatutes,andInvestmentPoliciesandPracticesRule(PERARuleNo.2.80.300NMAC)(seeAppendixF),shallbeattachedtothecontract.WhileOfferorsmaysuggestadditionalcontractualtermsandconditions,PERAwill notacceptanytermsandconditionsthatmateriallychangethetermsandconditionssetforthbyPERAinthesamplecontractattachedheretoatAppendixE.AnyadditionaltermsandconditionsthatPERAmay,atPERA’ssolediscretion,acceptwillbeincorporatedintoanyfinalcontract.OfferorsshouldbeawarethatPERAwillnotacceptmaterialchangestotheindemnificationorjurisdictionaltermsandconditionssetforthintheFormofProfessionalServicesAgreement(seeAppendixE).

Pursuanttothetermsof PERA’sInvestmentPolicy,thecontractbetweenPERAandasuccessfulOfferorfortheinvestmentmanagementservicesasdescribedinthisRFPshallincorporateInvestmentandOperationalGuidelinesthatsettheinvestmentguidelinesandadministrativerequirementsfortheservicesprovidedbytheOfferor.KeytermsoftheProfessionalServicesAgreement includethe following:

A.COMPENSATION

SubjecttotheprovisionsofParagraphs B(Termof Agreement)andD(Termination),PERAshallpayContractorforitsinvestmentmanagementservicesanannualfeeinaccordancewithanexecutedManagementFee Agreement.

One quarter ofthe applicable AnnualFee shall be paid to Contractor for eachcalendar quarter forwhichContractorrendersservicesunderthisAgreement.ContractorshallsubmittoPERAacertified billingstatementfor eachcalendar quarter after theendofthequarter forwhichserviceshavebeenrendered.PaymentshallbemadebyPERAwithinareasonabletimefollowingPERA’sreceiptandapproval ofacertified billingstatement.

Payment ofTaxes

Contractorshallberesponsibleforpayinganyandalltaxes,includingNewMexicogrossreceiptstaxes,assessedonthecompensationreceivedunderthisAgreementandshallidentifyandpaythosetaxes under Contractor’sfederalandstate identificationnumber (s).

Waiver ofLate PaymentCharges

Contractor waivesassessment ofanylate paymentcharges.

B.TERM OFAGREEMENT

TheinitialtermoftheAgreementshallbeforeight(8)yearsandshallcommencewhenexecutedbythepartiesandterminateonMarch31,2025.TheAgreementissubject toearlyterminationor

terminationforlackofappropriationsatanytimeduringthetermoftheAgreement,notwithstandingtheforegoingor anyother provision ofthe Agreement.

C.STANDARDSOF PERFORMANCE

1.AllservicesperformedbyContractorundertheAgreementmustconformtoallapplicablestateandfederallawsandregulations,includingbutnotlimitedtoNMSA1978,Sections10-11-1to10-11-142,NMSA1978,Sections10-11A-1to10-11A-7,NMSA1978,Sections10-12B-1to10-12B-19,andNMSA1978,Sections10-12C-1to10-12C-18,assuchactsmaybeamendedfromtimetotimeandapplicablePERAregulations.AllservicesperformedbyContractorundertheAgreementmustalsocomplywithacceptableindustrystandardsandpractices.ContractorshallacquireandholdduringthetermofthisAgreement,includinganyrenewals,alllicensesandpermitsrequired to perform the servicescalled forin thisAgreement.

2.ContractorholdsitselfoutasanexpertindiscretionaryinvestmentmanagementservicesforaGlobaland/orU.S.REITmandate.Accordingly,Contractoracknowledgesandagreesthatinprovidingdiscretionary investmentmanagementservices,itwillusethedegreeofcare,diligenceandskillthataprudentinvestorwoulduseintheintheconductofanenterpriseoflikecharacterandwithlikeaims.Contractorfurther acknowledgesthatitisafiduciarytoPERAandshallatalltimesact in afiduciarycapacityto PERA.Contractor is under adutyto exercise reasonable care,skillandcautionassetforthintheUniformPrudentInvestorAct,NMSA1978,§§45-7-601to45-7-612,andthemannerinwhichinvestmentadviceishandledwillbeevaluatedinlightofsuchprudentinvestor standard.

3.Duringtheperformanceofallservices byContractor,PERAwillretainallfinaldecision-makingauthoritywithrespecttothemanagementandadministrationofretirementplansfundedthereby andinvestmentsrelatedthereto,subjecttoContractor’sobligationsasprovidedforintheAgreement.

D.TERMINATION

1.EarlyTermination.NotwithstandinganyotherprovisionoftheAgreement,theAgreementmaybeterminatedasfollows:byPERAdeliveringtoContractoranoticeoftheintenttoterminateatleastthirty(30)dayspriortotheintendeddateofterminationandbyContractordeliveringtoPERAanoticeoftheintenttoterminateatleastninety(90)dayspriortotheintendeddateoftermination.Intheeventtheterminationdatedoesnotcoincidewiththelastdayofaquarter,Contractorshallbeentitledtoaproratedportionofthefeeforthequarterduringwhichterminationoccurs.Bysuchtermination,neitherPERAnorContractormaynullifyobligations,ifany,alreadyincurredforperformanceorfailuretoperformpriortothedateoftermination.Terminationunderthisparagraphmaybemadewithorwithoutcause.THISPROVISIONISNOTEXCLUSIVEANDDOESNOTCONSTITUTEAWAIVEROFANYOTHERLEGALRIGHTSANDREMEDIESAFFORDEDPERAINSUCHCIRCUMSTANCESASDEFAULTORBREACHOFCONTRACTBY CONTRACTOR.

2.Terminationfor Lackof Appropriations.ThetermsoftheAgreementarecontingentuponsufficientauthorizationsandappropriationsbeingorhavingbeenmadebytheNewMexicoLegislature for the performance ofthe Agreement.If sufficientauthorizationsandappropriationsarenotorhavenotbeenmadebytheNewMexicoLegislature,orarediscontinuedbytheNewMexicoLegislature,theAgreementshallterminateuponwrittennoticebeinggivenbyPERAto

Contractor.PERA'sdecisionas towhether sufficientauthorizations or appropriationsare or havebeenmade,orareorhave beendiscontinued, shall be acceptedbyContractor andshall be final.

E.INDEMNIFICATION

Inaddition to Contractor’s liabilityas provided forin the Agreement,Contractor shallindemnify,defend,andholdharmlessPERA,thePERABoard,andtheirofficersandemployeesfromandagainstanyandallclaims,demands,liability,suits,causesofaction,losses,damages,fines,fees,attorneyfees,penalties,costs,expenses,injuriestoproperty,judgments(includingdefensecostsandattorneyfees)thatoccurorariseoutoforinconnectionwith:(1)Contractor’sperformanceorfailuretoperformunderanyprovisionoftheAgreement;(2)Contractor’sbreachofanyterm,condition,warrantyorrepresentationcontainedintheAgreement;(3)Contractor’sprovisionofservicesthatarenotinaccordancewithanyapplicablelaw,rule,regulation,orprovisionoftheAgreement;(4)Contractor’sfailuretoperforminaccordancewiththestandardofcarecontainedintheAgreement;or(5)anyerror,omission,fraud,embezzlement,theftornegligenceofContractor.Itisunderstood,however,thatContractor’sobligationsunderthisParagraphdonotextendtoliabilitiesresultingfromcausesbeyondthecontrolandwithoutthefaultornegligenceofContractor,includingactsofGod,warorcivilcommotion,fire,earthquake,orothernaturaldisaster,andunforeseeableactsofanyfederal,state,orlocalgovernmentoragencythereof.Contractor’sobligationstoindemnifyPERAunderthisParagraphshallsurvivetheexpirationortermination ofthe Agreement, oranyextension thereof.

Intheeventthatanyaction,suitorproceedingrelatedtotheservicesperformedbyContractorunderthisAgreementContractorshall,totheextentlegallypermissible,assoonasreasonablypracticableafteritreceivesnoticethereof,notifyPERA.ContractorshallnotifyPERAofregulatoryandlegalactionsorproceedingsagainstContractorwithrespecttoitsotheradvisoryclients to theextent requiredpursuant to the applicable FormADV amendmentrequirements.

F.DISCLOSUREOFPLACEMENTFEES/THIRD-PARTYMARKETERS

TheBoardisprohibitedfrommakinganyinvestmentunlesstherecipientoftheinvestmentdiscloses theidentityof anythird-partymarketerwhorendered services onbehalf ofthe recipientin obtainingtheinvestment andalsodiscloses theamount ofanyfee, commission or retainer paidto thethird-partymarketer for theservices rendered.See NMSA 1978, §10-11-133.1.

G.CAMPAIGN CONTRIBUTION ANDGIFTPOLICY

TheContractoranditsofficersandemployeesareprohibitedfromsolicitingorreceivingcampaigncontributions,fororonbehalfofanyPERABoardmember,oranypoliticalcandidateintheStateofNewMexico,fromanyinvestmentcompanyorbrokeragefirm,includingitsofficersandemployees,whichhasengagedinanyfinancialtransactionwithPERAwithintheprecedingtwelve

(12)monthspriortothesolicitationorreceiptofthecontributionorwhichreasonablyexpectswithinthenexttwelve(12)monthstoengageinfinancialtransactionswiththePERA.Inaddition,theContractorshallcomplywiththeprohibitionsandrestrictionsuponmakingcampaigncontributiontoPERABoardmembersandcandidatesforthepositionofPERABoardmember,andgivinggratuitiestoPERABoardmembersandPERAemployees,containedinNMSA1978,

§10-11-130.1.TheContractorshallannuallycertifytoPERAcompliancewithNMSA1978,§10-11-130.1,regarding restrictionsongratuitiestoPERABoardmembersandPERAemployees.Violation ofthis Paragraphconstitutes a breachbythe Contractor ofits AgreementwithPERA.

H.CONTRACTOR WARRANTIESANDREPRESENTATIONS

Contractoracknowledges,warrants,andrepresentstoPERAthatthefollowingstatementsaretrueasoftheeffectivedateofthisAgreementandagreesthatthesameareincorporatedandmadepartofthis Agreement:

1.ContractorisregisteredasaninvestmentadvisorundertheInvestmentAdvisorsActof1940andthatitshallmaintainsuchregistrationatalltimesduringtheterm ofthecontract(unlessexempt andexplanationofexemption is attached;

2.ContractormeetsorwillmeetbeforetheawardofacontractthebondingrequirementprovidedbySection412oftheEmploymentRetirementIncomeSecurityActof1974(ERISA)orthatitcarriesatleastanequivalentfidelitybondapplicabletoContractor’sactionsundertheContract(unless exempt, andexplanation ofexemption is attached);

3.Contractorhascompleted,obtained,andperformedallregistrations,filings,approvals,authorizations,consentsorexaminations,requiredbyagovernmentorgovernmentalauthority,includingthe State ofNewMexico, for actscontemplatedbythe Contract;

4.ContractorservesasafiduciarytoPERAasthattermisdefinedbythelawsandrulesgoverningthe Board;

5.Contractorwarrantsthatitwillnotdelegateitsfiduciaryresponsibilitiesassumedpursuantto the Contract;

6.ContractorwarrantsthatithaspositivenetworthasoftheeffectivedateofthisAgreementandshallmaintainapositivenetworthfortheentiretermofthisAgreement,includinganyandallextensions ofthe Agreement.

APPENDIX A

ACKNOWLEDGMENTAND CERTIFICATION OFCOMPLIANCE WITH MINIMUM QUALIFICATIONS

INSTRUCTIONS FOR SUBMISSION:

COMPLETE,SIGNANDSUBMITAN ELECTRONIC COPY OFTHIS FORMAS FOLLOWS:

VIA EMAIL:

NOLATERTHANNOVEMBER 16,2016, 5:00PM MT

ONLYPOTENTIALOFFERORSWHOMEETTHEMINIMUMQUALIFICATIONSSETFORTHINPARTIIIOFTHISREQUESTFORPROPOSALSANDRETURNTHISFORMBYTHEABOVEDEADLINEAREENTITLEDTORECEIVECOPIESOFPERA’SWRITTENRESPONSESTOOFFERORS’WRITTEN QUESTIONS.

RFPNO.NMINV-001-FY17

ACKNOWLEDGMENTAND CERTIFICATION OFCOMPLIANCE WITH MINIMUM QUALIFICATIONS

THE OFFEROR HEREBY ACKNOWLEDGESAND CERTIFIES THAT:

Ithasreceived,reviewedinitsentirety,andunderstandsthetextandappendicesattachedtoRequestforProposalsNo.NM INV-001-FY17forGlobaland/orU.S.REIT InvestmentManagementServices,whichbeginswithacoverpageandendswiththelastpageofAppendixG,thePERAProcurementPolicyforInvestment-RelatedServices.

Itmeetsalloftheminimumqualificationssetforthin PartIIIofthe RFP above asofthedateofsubmissionofthe RFPresponse.

RFP #:

TYPE:

FIRM:

REPRESENTED BY (CONTACT PERSON):

TITLE:

ADDRESS:

CITY/STATE/ZIP:

E-MAIL:PHONE NUMBER:

SPECIFIC PRODUCTNAME:

Thispagehasbeen signedby an authorized signatorywiththeauthority tocertifythattheOfferormeetstheabove-statedminimumqualifications.

SIGNEDBY:

Name(print):

Title:

Date:

APPENDIX B

RFP RESPONSESIGNATUREPAGE

INSTRUCTIONSFOR SUBMISSION:

RETURN AN ELECTRONIC COPYOF THIS FORMTOGETHER WITH THECOMPLETE

PROPOSAL (INCLUDING EXECUTABLE APPENDICESANDATTACHMENTS)AS FOLLOWS:

VIA EMAIL:

SUBMISSION DEADLINE:DECEMBER 12, 2016AT 5:00PMMT

RFPNO.NMINV-001-FY17

RFP RESPONSESIGNATUREPAGE

Bysigningbelow Offeroracknowledges andaffirmsthefollowing:

ReceiptofacompletecopyoftheRFPforGlobaland/orU.S.REITInvestmentManagementServices,beginningwiththecoverpageandendingwithAppendixG,PERAProcurementPolicyforInvestment-Related Services.
TheOfferorherebycertifiesthatitmeetsalloftheminimumqualificationssetforthinPartIIIoftheRPFandincorporatedinAppendixA,AcknowledgmentandCertificationofCompliancewithMinimumQualifications.
TheOfferorhasansweredallquestionsinAppendixC,CompanyQuestionnaire,accuratelyandcompletelyand submittedallattachmentsrequestedinthe RFP.
TheOfferorhascompletedandprovidedafeeproposalthatconformstotheguidelinessetforthinAppendixD,FeeProposalForm.
AnycontractforinvestmentmanagementservicesdescribedinthisRFPmustincorporatetermsandprovisionsthataremateriallysimilartothoseincludedintheFormofProfessionalServicesAgreementattached tothisRFP asAppendixE.

OFFEROR NAME:

SPECIFIC PRODUCTNAME:

STREETADDRESS:

CITY/STATE/ZIP:

E-MAIL ADDRESS:

TELEPHONE:

FEIN:

CONTACTPERSON:

Thispagehas been signed by asignatorywiththeauthority to bind the Offeror.BysigningthisSignaturePage,OfferorrepresentsthattheundersignedrepresentativehastheauthoritytobindtheOfferor,andbysubmittingaproposalinresponsetothisRFP,OfferoragreestoperformtheservicesproposedinaccordancewiththeRFPandtoadheretoallrequirements,specifications,termsandconditionsoftheRFP.Offerorfurtheragrees to be bound by thisproposalforaminimumof180daysfrom thedatetheRFP wasissued.

SIGNED BY:

Name(print):

Title:

Date:

APPENDIX CQUESTIONNAIRE

INSTRUCTIONS FOR SUBMISSION:

OFFERORS MUSTCOMPLETE APPENDIXCINITS ENTIRETY

RETURN AN ELECTRONIC COPYOF THISQUESTIONNAIRE TOGETHER WITH THE

COMPLETE PROPOSAL(INCLUDING EXECUTABLE APPENDICES ANDATTACHMENTS)ASFOLLOWS:

VIA EMAIL:

SUBMISSION DEADLINE:DECEMBER 12, 2016AT 5:00PMMT

OFFERORMUST COMPLETE ASEPARATE QUESTIONNAIRE FOR EACH

PROPOSEDPRODUCT

EVESTMENTALLIANCEDATABASE

InadditiontotheOfferor’sresponsestothequestionslistedbelow,theOfferor’sproductandperformancedatawillbeanalyzedthroughtheuseofathirdpartydatabasecurrentlyutilizedbyPERAStaff.ThedatabaseisprovidedbyeVestmentAlliance,whichcanbelocatedonthewebat:

PopulatingtheeVestmentAlliancedatabasewithyourfirmandproductinformationisessentialtothecompletionoftheRFPprocess.Ifthedatabaseisnotfullypopulated,yourfirm’sresponsewillbeconsideredincompleteandthiscouldbegroundsfordiscontinuingconsiderationofyourfirm’sproductfor this search.

The eVestmentAlliancedatabasegathersfirmand productdata including but not limitedto:

Assetsunder management;
Qualitative description offirmandproduct;
Investmentprofessionalsgainedand lost;
Investmentprofessionaltenure, work experience and education;
Productcharacteristics;
Holdings;
Performance for vehiclerecommended;
Compositesummaryandperformance disclosure.

Pleasebesuretonotleavefieldsblank.Respondas0,none,orN/Aonlywhennecessary.YouwillnotbecontactedbyourconsultantorthePERAtofillinmissingfields.Useadditionalcommentfieldsprovidedto make qualifyingnotesasapplicable.

Inthespaceprovidedbelow,pleaselistthenameoftheproduct(s),asit(they) willappearinyourentryin theeVestmentAlliance database.

SPECIFICPRODUCTNAME:

IfyourfirmdoesnotalreadyutilizetheeVestmentAlliancedatabase,youcanparticipatebyfollowingtheinstructions on eVestmentAlliance’swebsite at

COMPANY QUESTIONNAIRE

A.COMPANY BACKGROUND ANDGENERALDESCRIPTION

1.Indicateyourfirm’s fiduciaryclassification:

Bank

Insurance Company

RegisteredInvestment Advisor (Investment Advisors Act of1940)

Affiliate ofFiduciary(Name andClassification):

Other:

2.Regulatoryregistrations(please check):

CommodityPool Operator

CommodityTrading Advisor

Broker Dealer

Futures Commission Merchant

Investment Company

RegisteredInvestment Advisor (InvestmentAdvisersAct of1940)

IntroducingBroker

Other:

Ifyoucheckedanyoftheabove, please indicate theregulatoryauthoritywithwhomyouare registeredand thedate of registration.

3.Give abriefhistoryofthe firmincluding:

a.The month andyear of SEC 1940 Actregistration

b.The month andyear theproposedproduct was introduced

c.Proposedproductan off-shore fund oraccount?

d.Proposedproduct amaster trustaccount?

Yes

e.Describe the legalstructure of theproposed product. Will the firmguarantee thatthemaximum lossaninvestor canexperience is limitedto the amount of capitalinvested in the product?

f.Total # of directorsofthe offshore fund oraccount(if applicable)

g.Total # of independentdirectors ofthe offshore fund or account(if applicable)

4.Describe the ownership ofthe firm,includingbutnot limited to:

a.Ownershipstructure, includingnumber of directowners(ifapplicable)

b.Number of shareholders holding greater than 50%ofthe management company(if applicable)

c.Number ofcontrollingparties(if applicable)

d.Affiliatedcompanies orjoint ventures

e.Ifanaffiliate,designatepercentof parentfirm’s total revenuegeneratedbyyourorganization

f.Ifthe firm is ajoint venture partner, identifythe percentage of ownership andrevenuesrecognizedbyeachpartner to thecombined association

5.Provide a detailed organizational chartshowingwhere this proposed product’sprofessional staff residesin relation to the parent-subsidiary,affiliate, orjoint ventureentities.

6.Provide the totalnumberof directowners in theproposed product.

7.Provide the names ofthefollowingkeypersonnel:Chief Executive Officer

Chief OperatingOfficer

ChiefInvestmentOfficerChief FinancialOfficer

Chief Compliance (Risk) OfficerGeneralCounsel

Head ofTrading

8.Describe the levels(U.S.dollar amounts) ofcoverage for SEC-required(17g-1) fidelitybonds, errorsand omissions coverage andanyother fiduciarycoverage, whichyourfirmcarries. List theinsurance carriers supplyingthe coverage.

9.Over the pastfiveyears,hasyour organization oranyofits affiliates orparent, oranyofficer or principal been involved in anybusinesslitigation, regulatoryor legalproceedings? Provide a detailedexplanation andindicate the current status ofanybusinesslitigation,regulatoryor legal proceedings relatingtoyour institutionalinvestmentmanagementactivities.Also,provide complete Form ADV (PartsIandIIandaccompanyingschedules).

10.Hasyour firm everbeenaudited or investigatedbythe SEC oranyotherregulatoryagency?Ifso, when?Whatwas the outcome ofthe audit or investigationandwhatchanges, ifany,were made as aresult?

11.Describe in detail anypotential conflicts of interestyour firmmayhavein themanagement ofthis account. Include anyactivities of affiliated orparent organizations,brokerage activities,investmentbankingactivities, oranypast orcurrentrelationshipswithBoardmembersandinvestmentstaff. Include anyother pertinentactivities,actions,or relationships not specificallyoutlined in this question. Disclose anybusinessrelationshipwithCliffwaterLLC.

12.Doanyofyourprincipals have businessinvolvements outsideofthe firm? Ifso, pleasedescribe.

13.Describeall outside marketing/salesservices(includingproductdesignand development)for whichyourfirmhascontracted overthe last threeyearsfor the marketingofyourinvestmentservices to the institutional,tax-exemptmarket. Specifyanysucharrangementsas theyrelateto the proposed product. Indicate whether thefees paidforsuchservicesarechargedto clientportfolioassets.Itshouldbe notedthat under state

law, thirdpartymarketingfeesare requiredtobe disclosedpursuant toNMSA1978, Section 10-11-133.1.

14.Describe anymaterialdevelopments inyourorganization (changes in ownership,personnel,business, etc.)over the past threeyearsin detail.

15.Doyou haveaplan andarrangements in place foranalternativeworksite shouldyourfacilitiesbecome inoperative because of fire,earthquake,etc.? Specifically,doessuchplaninclude thefollowing(Please check if“Yes”):

Computer defaultsystem

Incapacitatedinvestmentdecisionmakercontingency

TechnicalfailureatPrime Broker’s location

Presence of an in-housecomputer technician

Back-upsystems

Remote access

Internal powergenerators

Back-uplocation

16.Are the firm’scomputerrecordsbacked updaily?

17.Ifa disasterwere to occur, howlong would it take foryour firm to return to normal?

18.Please indicate thejurisdiction ofthe firm.

19.Doanyofyour investorsin the proposedproduct have preferentialterms orMostFavoredNationrights,includingwithoutlimitation,withregard to fees orliquidityprovisions?

20.Please provide copies ofanysideletter agreements in effect.

21.Have anyinvestors in the proposedproduct beengrantedrebates?

B.ASSETSUNDER MANAGEMENT

1.(a)TotalAUM(all products)

9/309/309/309/309/30

20122013201420162016

(b)Capitalinvested in REITstrategies

(c)Tax-exemptinstitutionalcapitalinvested in REIT strategies

(d)Number of Clients

2.Please list the five largesttax-exempt institutionalclients currentlyinvestedin the firm’sREIT strategies.Please indicate accounttype in which the client is invested(commingledfund or separateaccount) and indicatethe clienttype (e.g. Public,Corporate,etc.).

(9/30/2016) / Account
Name / Client TypeCapitalInvested(MktValue) / Type

3.Listeachclient,capitalinvestedandnotional asset amounts,gained in theREITstrategyover the three-year period endedSeptember 30, 2016.Please include totals.

Name / CapitalInvested / NotionalAmount
xxx / xxxx / xxxx

4.Listeachclient,capitalinvestedandnotional asset amounts, lost in theREITstrategyover the three-year period endedSeptember 30, 2016.Please include totals.

Name / CapitalInvested / NotionalAmount
xxx / xxxx / xxxx

5.Is theproposed product available as aseparate account?

6.Ifso, what is theminimum separateaccount size thatcan beaccommodated?

7.Is theproposed product available through a commingledfund?

8.Ifavailable,whatistheratioofexpenses(otherthanthemanagementandincentivefee)toNAV?

9.Describetheobjectivesofyourfirmwithrespecttofuturegrowthintheproposedproduct,commentingon:

a.Additionalresourcesforportfoliomanagement,research,trading,clientserviceandtools/models to enhance the investmentprocess ormanagegrowth

b.Sizelimitationswithrespecttocapitalinvestedintheproposedproduct. Howdidyouarriveat those asset limits

10.Provide the clientname,address, phonenumber, contactname,title,and account type(e.g.definedbenefit,definedcontribution,endowment) of threeaccounts,whoareinvested in the REIT strategythatcan becontactedasreferences. Also indicatethelength ofyour relationshipand capitalinvestedforeachreference.

11.IdentifythreeclientsthathaveterminatedyourfirmforREITinvestmentmanagementservicesoverthepastthreeyearsthatcanbecontactedasreferences. Providethefirm

name,contactpersonandtitle,phonenumber,productname,accountvalue andreasonfortermination.Iftheycannot be contacted,explain why.

12.What is the approximatecapacityavailable in theproposedproduct?

13.What is the projected amount of capital to beraised over thenext threeyears in theproposedproduct?

C.PEOPLE/ORGANIZATION

1.Describe the structure of the teamthatmanages the proposed product.

a.Describetheroleofeconomists,portfoliomanagers,researchanalysts,traders,etc.

b.Whoisresponsibleforinvestmentstrategy,portfolioconstruction,research,trading,etc.

c.Provideanorganizationalchartthatdiagramsthedifferentfunctions(research,trading,etc.)dedicatedtotheproposedproduct.Professionalsshouldbeidentifiedovertheirareasofresponsibility.Pleaseindicatethoseindividualswhoarecoveredbykeyman provisions

2.Providealistoftheprofessionalsinvolvedintheproposedproductinthemannerlistedbelow:

PORTFOLIO MANAGEMENT

Name / Title/Responsibilities / Yrs.Exp. / Yrs.Exp. inProposedProduct / Yrs.@Firm / Degrees/Designations / SponsoringBody/School

RESEARCH

Name / Title/Responsibilities / Yrs.Exp. / Yrs.Exp. inProposedProduct / Yrs.@Firm / Degrees/Designations / SponsoringBody/School

TRADING

Name / Title/Responsibilities / Yrs.Exp. / Yrs.Exp. inProposedProduct / Yrs.@Firm / Degrees/Designations / SponsoringBody/School

3.Have anyoftheportfolio managersinvolved in the proposed product previouslymanagedanyother funds?Ifso, please describe.

4.Describeyourinternaltrainingproceduresforportfoliomanagers,traders,andresearchanalysts.

5.Describe the backgroundof professionals directlyinvolved in the proposedproduct.

a.What are the primary criteria for potential hires considered for investmentprofessionalpositions?

b.Aretheybroughtinfromtheoutsideorpromotedtotheirpositionsfromwithintheorganization?

c.Whatsortofongoingeducationprograms(forexample,theCFAprogram)areencouraged or required?

6.ProvidebiographiesofoneparagraphinlengthforeachofthepersonslistedinQuestionC.2.

7.Whatpercentageoftheproposedproduct’scapitaliscommittedbyalloftheemployeesofthe firm?

8.Describethecompensationandincentiveprogramforprofessionalsdirectlyinvolvedintheproposedproduct.Howaretheyevaluatedandrewarded?Whatincentivesareprovided to attractandretainsuperior individuals?

a.Identifythe percentage of compensationwhich is:

Base salary
Performance bonus
Equityincentives
Other

b.Doyouofferdirectownership,phantomstock,profitsharing,and/oraperformancebonus? Who iseligible to participate?

c.Statewhetherornoteachkeyemployeeinvolvedinthemanagementofsubjectproductretainsan ownership position in the organization.

d.Onwhatbasisaretheseincentivesdetermined–iscompensationtiedtosuccessfactorssuchasassetgrowth,performance,or other factors?

9.Discussthecausesandimpactofanyturnover(departuresorhiring/promotions)ofanyprofessionalsdirectlyinvolvedintheproposedproductyouhaveexperiencedinthepastfiveyears.Indicatewhenandwhyanyprofessionaldirectlyinvolvedintheproposedproductleftorjoinedthefirminthepastfiveyears.Whatwere/aretheirjobresponsibilities?Forpersonnelwhohaveleft,indicatejobtitlesandyearswiththefirmandwhoreplacedthem.

JOINED

Date / Name/Title / StrategyorProductResponsibility

DEPARTED

Date / Name/Title / Responsibilities / Yrs.inProposedProduct / Yrs.@Firm / ReasonforLeaving / Replaced by(name/title)

Request Forproposals For

REQUEST FORPROPOSALS FOR:

GLOBALAND/OR U.S. REITINVESTMENTMANAGEMENTSERVICESRFP NO.NM INV-001-FY17

TABLE OFCONTENTS

PARTI.INTRODUCTION AND GENERAL INFORMATION

A.SUMMARYOFSOLICITATION

B.STRUCTUREANDCONTRACTINGAUTHORITY OFREQUESTINGPARTY

C.ETHICALDISCLOSURESANDCONFLICTS OFINTEREST

D.OVERVIEW OF PERA INVESTMENTACTIVITIES

E.OBJECTIVESOFTHIS SOLICITATION

PARTII. SCOPE OFWORK

A. DESCRIPTION OFSERVICESSOUGHT

PARTIII. MINIMUM QUALIFICATIONS

A.CERTIFICATION REQUIREMENT

FAILURETOMEETANDCERTIFYTOTHEFOLLOWINGSHALLRESULTINTHEREJECTION OFTHE PROPOSALFOR NON-RESPONSIVENESS.

PART IV. THECOMPETITIVEPROCESS

A.GENERALINFORMATION

B.WRITTEN QUESTIONS

VIA EMAIL:

C.COMMUNICATIONSWITH PERA

D.QUALIFICATIONSFOR AWARD

E.PROCUREMENTSCHEDULE

PART V.SUBMISSION REQUIREMENTS

A.METHOD FOR SUBMISSIONOFPROPOSALS

VIA EMAIL:

PART VI. EVALUATION OF PROPOSALS

PARTVII.KEY CONTRACTUAL PROVISIONS