Infrastructure RFP Questions and Responses

1. Are there exceptions to the three-year performance track record requirement? Will closed-end vehicles or infrastructure team track record suffice if Evergreen vehicle does not have a three-year performance history?

The Fund will entertain both Closed-end and Evergreen strategies.

2. Will mandate be split?

The mandate may be awarded to a single provider, or it may be split.

3. Are domestic strategies preferred over Global strategies?

It depends on the allocation percentage.

4. Are sector/niche strategies acceptable?

All strategies will be considered.

5. Will listed infrastructure be considered?

It will depend upon the vehicle structure.

6. What is the preferred lock up?

A shorter duration is preferred.

7. Any flexibility to modify Fiduciary language?

The Fund's fiduciary language is in accordance with the Illinois Pension Code.

8. Will an SMA be acceptable?

An SMA may be negotiated if the provider is selected.

9. Would specialist, European energy transition mandate be of interest in your search on behalf of MWRDRF? Or is the RFP seeking diversified infrastructure / predominantly US-based exposure?

The RFP is seeking predominantly US-based infrastructure exposure.

10. Does the RFP accept Luxembourg-domiciled strategies?

All firms that meet the minimum requirements are encouraged to respond to the RFP.

11. Can you provide any guidance on the level of management fees MWRDRF is targeting?

All competitive management fees will be considered.

12. Is registration as an Investment Adviser mandatory for this RFP, or would Exempt Reporting Adviser (ERA) status also be acceptable to the Board of Trustees?

Registration as an Investment Adviser is a requirement.

13. Could you kindly advise where we can find the criteria for emerging investment managers?

Information related to Minority Investment Manager Policy can be located on the Fund website. Click here for investment related policies.

14. What will be the performance benchmark, if any?

A relevant benchmark will be based on mandate(s) selected.

15. What is the targeted return expectation, if any?

Expected returns will be analyzed as part of the selection process.