PRIVATE EQUITY & PRIVATE CREDIT INVESTMENT CONSULTING SERVICES

2026-11-03

A . Policy Development and Strategic Planning 1 ) Annually review the IPS and recommend any revisions related to the purpose , structure as well as performance , diversification , and risk objectives of the Private Capital allocations . The IPS review may be done more frequently as necessitated by market conditions or the CRPTF . 2 ) Assist in the development and structuring of strategies for the Private Capital portfolios , including the development of annual strategic pacing plans for the PEF and PCF allocations . The strategic pacing plans should include the development of both near - and long - term portfolio construction objectives consistent with both the IPS requirements and the Consultant ’ s assessment private equity and private credit market conditions and opportunities . 3 ) Support the development of a strategic plan for the private equity and private credit asset classes , which include portfolio construction objectives consistent with the IPS requirements and Staff ' s assessment of the private equity and private credit markets , macroeconomic environment conditions and opportunities . 4 ) Support the development and implementation of investment related policy objectives , which may include co - investment initiatives or programs focused on emerging , diverse , or geographically targeted managers . 5 ) Provide strategic reviews of the Private Capital portfolios as well as broader private market trends and conditions to the Treasurer , the IAC , and investment staff as requested . B . Investment Sourcing and Due Diligence 1 ) Support the identification of new investment opportunities consistent with the investment objectives for the Private Capital portfolios . 2 ) Provide the CRPTF with forward calendars ( e . g ., quarterly , semi - annually ) identifying the Consultant ’ s highest conviction Private Capital managers in the relevant sub - strategies . 3 ) Maintain and share with the investment staff active deal logs for opportunities considered for the Private Capital portfolios . 4 ) Provide written initial screenings of opportunities as requested by the Treasurer or designated investment staff . 5 ) Conduct full due diligence on prospective investment opportunities at the request of the Treasurer or designated investment staff . The Consultant ’ s due diligence shall include , but not be limited to , the thorough review and assessment of the following : 5 a . Investment strategy , market opportunity , and strategic fit in the private equity or private credit portfolios . b . Investment management team skill , experience , and competitive advantages . c . The Consultant ’ s onsite and other meetings with the manager , reference , and background checks . d . Organizational structure , ownership , team stability , incentives , and alignment of interests with prospective investors . e . Quantitative and qualitative analysis of the prospective manager ’ s investment track record , including relevant benchmarking and peer comparisons . f . The prospective manager ’ s integration of environmental , social , and governance (“ ESG ”) factors in its investment policies and practices . g . The prospective manager ’ s commitment to having a diverse and inclusive employee base . h . Key terms and conditions of the proposed investment and a comparison to prevailing market terms and conditions . i . Operational capabilities , including reporting , financial controls , risk management , cybersecurity , and business continuity practices and policies . 6 ) The Consultant shall prepare and provide a written due diligence report and recommendation on the prospective investment opportunity that summarizes its findings , including the identification of the significant merits and potential risks or concerns with the manager , strategy , fund , or market opportunity . 7 ) Advise on the negotiations of terms as requested . 8 ) Provide other due diligence services as requested . 9 ) Provide feedback on consents , amendments and LPAC considerations as requested . C . Reporting and Monitoring The Consultant shall provide reporting , in both hard copy and electronic versions , consistent with the CRPTF ’ s needs and requirements . The reports , formats thereof , and timing of issuance will be subject to the advance review and approval of the CRPTF . The Consultant ’ s reporting and monitoring duties will include , but are not limited to , the following : 1 ) Performance calculations and monitoring of the Private Capital portfolios consistent with the CRPTF ’ s needs . 2 ) Provide a quarterly report for each of the PEF and PCF portfolios , which shall include , but not be limited to , the following . Consultant shall use reasonable efforts to provide reports within a timeline established by the State a . Reviews and analyses of the absolute and relative performance , including the relevant benchmark comparisons , of each private equity and private credit investment as well as the overall PEF and PCF portfolios . b . Compliance reporting to the standards outlined in the IPS . c . Provide additional reporting as needed and requested by the State , including a comparative review and performance analysis of the Connecticut Inclusive Investment Initiative (“ Ci3 ”) emerging manager program and Ci3 designated investments in the PEF and PCF portfolios . 3 ) Monitoring and review of all capital calls and distributions , including providing written certification that the Consultant has ensured all capital calls and distributions are consistent with the terms and conditions of the Private Capital manager ’ s contract . Provide backup data to support detailed accounting entries for items including fees , Net Asset Value , and capital calls and distributions . The Consultant may be asked to prepare a schedule which will include the management fee policy of each fund . 4 ) Provide timely updates on any significant developments with an existing investment manager or fund , including , but not limited to , organization or ownership changes , performance , legal or regulatory matters . 5 ) Review and provide guidance on proposed actions related to legal documents or advisory committees , including amendments , consents , waivers , and extensions as requested . 6 ) Assist in forecasting capital calls and distributions for the CRPTF cash flow budget . 7 ) Assist the Treasurer , or designated investment staff , in the preparation and drafting of the Private Capital sections of the Treasurer ’ s Annual Report and any other interim reports as may be requested by the Treasurer , CIO , or designated investment staff .

Connecticut

2026-03-27