Private Equity Secondary Market Advisory Services

The Teachers’ Retirement System of Illinois (TRS) seeks one or more qualified advisory firms to provide private‑equity secondary‑market services. The advisor will act as a fiduciary, helping TRS identify, value, market, and execute sales of limited‑partner interests in private‑equity funds and related alternative‑asset vehicles. Services include portfolio analysis, buyer outreach, due‑diligence coordination, pricing and valuation, negotiation, legal structuring, transaction closing, and ongoing market‑condition reporting. Firms must have at least $10 B in AUM, have executed >$5 B of secondary transactions in the past three years, and possess robust information‑security controls. Proposals are due Oct 28 2026; questions were due Oct 13 2026. The RFP emphasizes diversity‑supplier goals and compliance with Illinois FOIA. • Minimum firm qualifications: $10 B AUM, >$5 B secondary transaction experience, licensed in all operating jurisdictions. • Scope of work: valuation, buyer identification, due‑diligence support, negotiation, legal documentation, GP consent coordination, and post‑transaction reporting. • Timeline: RFP issued Sep 30 2026 → questions due Oct 13 2026 → responses Oct 19 2026 → proposals due Oct 28 2026 → semi‑finalist interviews Nov 2026 → award/contract expected late 2026/early 2027. • Evaluation criteria: approach quality, understanding of services, firm qualifications, deliverables, and fees (weighting 25/25/25/20/5%). • Required submissions: detailed firm history, team bios, secondary‑advisory track record, fee proposal (fixed fee), certifications, conflict‑of‑interest disclosures, and references. • No site‑visit or pre‑bid meeting is required; all communication must occur through the OpenGov procurement portal.