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»  Fresno County Employees' Retirement Association
Important Notice to Service Providers

Issued Date

Archived Requests for Information

Deadline


6/17/15

(Please submit 3 hardcopies and 1 electronic copy of the completed questionnaire to the address and email provided in the RFI.)

Frequently Asked Questions:
  1. Please submit 3 hardcopies to the address, and 1 electronic copy to the email, provided in the RFI:
    Donald C. Kendig, CPA
    Retirement Administrator
    1111 H St
    Fresno, CA 93721
    dkendig@co.fresno.ca.us
  2. GIPS compliant data is preferred, but not essential for qualification.
  3. Submissions with any confidential information or trade secrets will not be accepted.
  4. This is a request for information, not proposal, and submissions will not become a part of a search process for a specific hedge fund investment. The FCERA Board of retirement is seeking input from the hedge fund community on its options to invest its 8% allocation. While, “Our fund is the best!” might be tempting, that is not what we are looking for. To get a good idea of why we have issued this RFI, please listen to the Board meetings, and download the materials, found here from May 6, 2015 (item 5B) and June 3, 2015 (items 6B and 6A). Examples include: Specialty Consultant, one Fund of Funds for 8%, two Fund of Funds for 8%, three etc., Fund of One, Hub and Spoke, ETFs, Managed Accounts, Pool of Multi Strats, Etc.
  5. Depending on your browser, and Adobe Reader plugin, the Word agenda links will work and the PDF agenda links will not. This is a technology problem at your end and I have been assured that Adobe, Google, and Microsoft will eventually work together and figure it out.
  6. FCERA is looking for the best ideas to implement its hedge fund allocation. Specific risk, return, and liquidity targets have been asked for by respondents. The answer is, “What would you recommend? Why?” Performance data is requested, but does not need to be specifically identifiable, proprietary, fund information or proprietary strategy or trading method. Please provide verifiable data (don’t make something up because it will harm you later) but you are not required to disclose compromising details.
  7. References have been requests in the RFI. If you have public clients, you are permitted to disclose them, but you can always check with them first. If only private clients, do your best to find a few that are willing to extol your goodness.
  8. Fund minimums? FCERA is not concerned with fund minimums for this RFI process, but do keep in mind that there is only between $160 and $320m to invest at this time.
  9. Assumed rate of return is 7.25%
  10. FCERA staff is conducting the RFI. Verus (Wurts) is not conducting the RFI. Any inquiries sent to Verus will be directed to FCERA staff.
  11. For question, “What is your current long/short/cash position?”: For a proposed investment program, what would you have now, or what do you have now as your current long/short/cash position in an existing program? Why?
  12. For request, “Please provide monthly, quarterly and annual performance numbers for the Fund that are net of management fees and performance related incentive fees since inception.”: For an existing program where GIPS performance is available, provide that, if not GIPS compliant provide that with a notation about compliance. For hypothetical, provide modeled data and the basis of the model results. Net of fees preferred.


Closed

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