Request for Proposals

August 18, 2023

Direct Lending, Opportunistic, and Distressed / Special Situations Fund Manager Search

On April 3, 2023, IMRF requested proposals from investment management firms offering direct lending, opportunistic, and distressed/special situations private credit funds. Responses were due no later than May 1, 2023. The Quiet Period for this RFP began on April 3, 2023 and is expected to continue through August 25, 2023.

The Quiet Period starts when the RFP is issued and ends when a selection is made by the IMRF Board of Trustees, or the process is declared to be complete. Respondents shall not contact IMRF Board members during the Quiet Period. A respondent will be disqualified for violating the Quiet Period.

06/13/2023 RFP Update:

IMRF received a record number of submissions for this RFP, which has resulted in a highly competitive selection process. Numerous managers submitted credible, institutional quality offerings; however, there are limited managers that will ultimately be selected, and we had to make difficult decisions to identify groups for the next round. IMRF’s Investment Consultant, Wilshire, has contacted the investment managers who are moving to the next round of the RFP due diligence process. Thank you again for all the time and effort that went into your submission. As a reminder, IMRF continues to be in the quiet period until the final recommendations are made and approved by the IMRF Board of Trustees.

8/18/2023 RFP Update:

Please note the following sections of the Direct Lending, Opportunistic, and Distressed/Special Situations Private Credit RFP has been revised to extend the RFP timeline and add additional selection/presentation dates. The revisions to the timeline do not impact the manager selection process or the decisions that have been communicated to the investment managers.

As a reminder, IMRF continues to be in the quiet period until all recommendations have been made and approved by the IMRF Board of Trustees or the process is declared to be complete.

6.3 TIMELINE (subject to change)

While there is no fixed date for the selection of a direct lending, opportunistic, and/or distressed/special situations private credit manager(s), it is anticipated that the selection of a manager(s) will be completed by December 15, 2023. Investment Manager selections will/may be made on the following dates: August 25, 2023, November 17, 2023, and/or December 15, 2023.

9.1 TIMELINE (subject to change)

  1. Requests for Proposals publicized by IMRF on April 3, 2023.
  2. Inquiries for interpretation must be received by April 10, 2023.
  3. Responses to Inquiries to be posted on IMRF’s website by April 17, 2023.
  4. Proposals must be received electronically no later than, 5:00 PM CDT on May 1, 2023.
  5. First Round Interviews will be held virtually during June 5 – 21, 2023.
  6. On-Site Interviews will be held in July 2023.
  7. Additional On-Site Interviews may be held in September, October, or November 2023.
  8. Finalists are expected to present to the IMRF Investment Committee on the following dates: August 24, 2023, November 16, 2023, and/or December 14, 2023.