Request for Proposal - Real Estate Investment Trust (REIT) Management Services
Overview
Buyer
Place of Performance
NAICS
PSC
Set Aside
Original Source
Timeline
Qualification Details
Fit reasons
- NAICS alignment with historical contract wins in similar service areas.
- Scope strongly matches core technical capabilities and delivery model.
Risks
- Past performance thresholds may require one additional teaming partner.
- Potential clarification needed on staffing minimums before bid/no-bid.
Next steps
Validate eligibility requirements, assign capture owner, and schedule partner outreach to confirm teaming strategy before submission planning.
Quick Summary
The Pension Benefit Guaranty Corporation (PBGC) has released a Request for Proposal (RFP) 16PBGC26R0001 for Real Estate Investment Trust (REIT) Management Services. This opportunity seeks investment managers to oversee a 100% long-only REIT equity portfolio for PBGC's Corporate Investment Department. The goal is to achieve superior risk-adjusted returns against the FTSE Nareit Equity REITs Index. This acquisition is unrestricted. Offerors must submit questions by January 29, 2026, and Phase 1 (Mandatory Requirements) proposals by February 18, 2026, both at 11:00 AM ET.
Scope of Work
Selected contractors will provide active investment management for REIT equities, aiming to outperform the benchmark. Key responsibilities include managing assets with full discretion according to PBGC policies, providing comprehensive monthly and other specified reports (e.g., holdings, performance, economic commentary, proxy voting), and ensuring compliance with SEC registration, ERISA fiduciary duties, and OFAC regulations. Firms must maintain a robust team, with at least one member possessing five years of REIT equity investment experience, and manage asset transitions.
Contract & Timeline
- Contract Type: Fixed Rate Variable Quantity (FRVQ).
- Allocation: PBGC anticipates multiple awards, with allocations ranging from $250 million to $500 million. Proposals should be based on a hypothetical $465 million allocation.
- Period of Performance: A one-year Base Period and nine one-year Option Periods.
- Set-Aside: Unrestricted.
- Questions Due: January 29, 2026, 11:00 AM ET.
- Phase 1, Volume 1 Due: February 18, 2026, 11:00 AM ET.
- Published Date: January 21, 2026.
Evaluation
Proposals will undergo a two-phased submission and evaluation process. Phase 1 focuses on Mandatory Requirements (Attachment B), including active SAM.gov registration, SEC registration/exemption, willingness to benchmark against FTSE NAREIT, ERISA fiduciary commitment, minimum $1.0 billion AUM in the proposed product, a five-year GIPS compliant track record, and a 36-month information ratio of at least 0.40. Failure to meet Phase 1 requirements will result in disqualification.
Phase 2 involves submitting Technical (Attachments C, D, E) and Pricing (Attachment H) proposals. Technical factors (Technical Approach, Firm Resources, Corporate Experience) are significantly more important than price. Only proposals rated "ACCEPTABLE" or higher technically will proceed to price evaluation. Mercer Investment, LLC will provide contractor support during technical evaluation, requiring a Non-Disclosure Agreement (Attachment J) from offerors.
Additional Notes
Offerors must have an active SAM.gov registration at the time of proposal submission and award. Proposals must remain valid for at least 240 calendar days. An Organizational Conflict of Interest (OCI) Statement (Attachment G) is also required.