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The University invites you to submit a proposal to provide consulting services for the investments related to the UH System endowment and the investments for the non-endowed funds (operating funds). Assist with the selection of fund managers and facilitate discussion as to the long term strategy and asset allocation of the endowed and non-endowed funds. The University of Houston System Endowment Fund is a pooled, unitized fund with a combined market value of $791 million as of 12/31/19. The Endowment Fund pursues various asset allocation strategies to diversity risk and maximize the total return through a variety of capital market cycles. Please refer to Exhibit D for the asset allocation of the endowment and the number of managers or funds in each asset class. Some of these managers are under a directed brokerage arrangement with the System. The System uses Frank Russell Implementation Services for its commission recapture program. Periodic reporting is required for the measurement and monitoring of the investments against industry benchmarks. The System’s Endowment Investment Policy is available at: http://uhsystem.edu/treasury/reports/Endowment%20Investment%20Policy_May%202019.pdf The investment consultant advises and recommends to the Endowment Management Committee on all matters regarding investing and managing such investments. The Endowment Management Committee of the Board of Regents is responsible for reviewing and approving investment managers and all other actions recommended to them by the Investment Consultant. The Endowment Management Committee has fiduciary responsibility for all investments. The Endowment Management Committee retains discretionary authority for investment decisions. The operating funds are separated into tiers of liquidity with each tier of funds invested in different investment vehicles commensurate with each tier’s liquidity profile. The first tier of liquidity is a cash pool, which is invested in money market funds used to support daily operating needs of the System. The cash pool has a market value of $220 million as of 12/31/19. The second tier is a liquidity pool, which has a 1 to 7 day liquidity profile and serves as a secondary source of liquidity for the System while also providing some additional yield. The liquidity pool is invested in a total of four active managers; one for each of the following fixed income strategies: short term government credit, core fixed income, core fixed income plus, and absolute return. The liquidity pool market value is $282 million as of 12/31/19. The System’s non-endowed investment policy is available at: http://uhsystem.edu/treasury/reports/UH%20Non-Endowed%20Investment%20Policy_Revised%20Feb%202019.pdf.

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