New York State Common Retirement Fund, Albany, issued RFPs for a law firm to serve as fiduciary counsel and for at least two law firms to serve as investment counsel, according to the website of Thomas P. DiNapoli, state comptroller and sole trustee of the $140.3 billion fund.
The fiduciary counsel’s role includes advising the fund on fiduciary questions related to investments and on “fiduciary responsibility and conflict-of-interest matters, application and interpretation” of state law and regulations, according to the RFP.
The three-year contract may be extended for two additional one-year terms, the RFP said.
Applications should be sent to: Office of the State Comptroller, Attn: Brian Matthews, Director of Financial Administration, Proposal for RFP12-06 Fiduciary Counsel for CRF, 110 State St.-Stop 13-2, Albany, NY 12236-0001.
Proposals are due April 3.
In the investment counsel RFP, legal counsel is being sought for six of the pension fund’s investment categories including real estate investments, real estate opportunity funds and alternative investments, including private equity and venture capital. The counsel also would advise on absolute-return strategies; bankruptcy, workouts and reorganizations; and corporate transactional investments, such as public-to-private conversions and acquisitions of going concerns, according to the RFP.
The contract terms for each legal counsel is three years plus the option of two one-year extensions, according to the RFP.
Investment counsel applications should be sent to: Office of the State Comptroller, Attn: Brian Matthews, Director of Financial Administration. Proposal for RFP12-05 Investments Counsel(s) for CRF, 110 State St.-Stop 13-2 , Albany, NY 12236-0001.
Applications must be submitted by 4 p.m. EDT April 3.
Interviews for both RFPs will be conducted in May, a candidate or candidates will be selected in June, with contracts taking effect July 9.
Eric Sumberg, a spokesman for Mr. DiNapoli, could not be reached for comment by press time.