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Private Markets Investment Monitoring Services

ID: RSD-25-0001 • Type: Sources Sought

Description

NOTE: Please submit responses to the attached Request for Information (RFI) questions to the Contracting Officer not later than 2 PM Eastern on April 28, 2025.

The investment management organization retained under contract by PBGC is responsible for monitoring inherited private asset Limited Partnership (LP) positions. LP asset values may vary widely in the future depending on whether pension plans that are terminated in the future, have large allocations to Private Assets that PBGC inherits. The commingling of new Private Market partnerships is episodic, and experience has shown that commingling one large plan can quickly increase the size of the PBGC-only pool by multiples or result in the addition of another Commingled Master Trust.

All assets shall be managed with full discretion in accordance with the fund documents, the policies of PBGC, and the strategy and objectives mutually agreed upon between the investment manager and PBGC. The firm shall comply with the Department of Treasury, Office of Foreign Asset Control regulations.

PBGC shall receive any of the investment manager's internal or external investment, market and economic research training materials and support capabilities and services in the performance of PBGC's investment responsibilities.

The investment manager shall maintain close contact with PBGC's Corporate Investments Department and shall serve as a source of economic and investment information and research.

The investment manager shall have ERISA fiduciary responsibility for the assets under its management. PBGC shall delegate its proxy voting authority to the investment manager. The investment manager shall maintain records of its votes and report the results, at least annually, to PBGC.

The investment manager shall work closely with PBGC's custodian bank to facilitate the efficient and timely recording of unit purchases, sales and other activity, reconcile securities and cash balances and provide information necessary to calculate performance results. The manager shall be responsible for best execution, including foreign exchange.

The investment manager shall also be responsible to notify PBGC of significant changes in personnel, ownership, resources, or firm direction within 10 business days of any said change.

Please find the draft Statement of Work for reference.

NOTE: Please submit responses to the attached Request for Information (RFI) questions to the Contracting Officer not later than 2 PM Eastern on April 28, 2025.

Background
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation established under the Employee Retirement Income Security Act of 1974 (ERISA) to promote the growth of defined benefit pension plans, ensure timely payment of pension benefits, and minimize pension insurance premiums.

PBGC administers the insurance program and termination process for most private-sector defined benefit pension plans that are tax-qualified under the Internal Revenue Code. The agency is funded through insurance premiums collected from employers, investment earnings, and assets from terminated plans. This contract aims to efficiently manage inherited private market assets to maximize distributions and minimize expenses, thereby supporting PBGC's mission.

Work Details
The investment management organization will be responsible for monitoring inherited private asset Limited Partnership (LP) positions. Key tasks include:
1. Transitioning PBGC Private Markets Holdings by loading historical LP data and collecting necessary documents within 60 days of contract award.
2. Providing Private Markets Monitoring Services for PBGC-Only and Commingled Master Trust One portfolios, with potential oversight of Commingled Master Trust Two and new partnerships.
3. Acting as a fiduciary under this contract.
4. Assisting in reviewing partnership amendments, proxies, and waivers while considering PBGC’s Investment Policy Statement.
5. Gathering and reviewing limited partnership documents such as performance reports, financial statements, and agreements.
6. Processing capital calls and distributions while preparing direction letters for PBGC’s signature.
7. Attending meetings with general partners to evaluate investment strategies and performance.
8. Preparing risk and performance reports on a monthly basis that include detailed financial metrics, transaction summaries, proxy voting records, and geographic focus of investments.

Place of Performance
The services will be performed at locations determined by the investment management organization in coordination with PBGC.
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Overview

Agency
Pension Benefit Guaranty Corporation (PBGC)
Response Deadline
April 28, 2025, 2:00 p.m. EDT Past Due
Posted
April 17, 2025, 10:10 a.m. EDT
Set Aside
None
NAICS
523940 - Portfolio Management and Investment Advice
PSC
R710 - Support- Management: Financial
Place of Performance
Washington, DC United States
Source
SAM
Current SBA Size Standard
$47 Million
Pricing
Likely Fixed Price
Est. Level of Competition
Average
Odds of Award
10%
On 4/17/25 Pension Benefit Guaranty Corporation issued Sources Sought RSD-25-0001 for Private Markets Investment Monitoring Services due 4/28/25. The opportunity was issued full & open with NAICS 523940 and PSC R710.
Primary Contact
Name
Mary Skaggs   Profile
Email
skaggs.mary@pbgc.gov
Phone
None

Secondary Contact

Name
Don Sittman   Profile
Email
sittman.donald@pbgc.gov
Phone
None

Documents

Posted documents for Sources Sought RSD-25-0001

Question & Answer

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Additional Details

Source Agency Hierarchy
PENSION BENEFIT GUARANTY CORPORATION > PENSION BENEFIT GUARANTY CORPORATION > PENSION BENEFIT GUARANTY CORP
FPDS Organization Code
1665-16PBGC
Source Organization Code
100188339
Last Updated
April 17, 2025
Last Updated By
sittman.donald@pbgc.gov
Archive Date
May 13, 2025