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  • 1. WILSHIRE ASSOCIATES KERN COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION HEDGE FUND-OF-FUNDS INVESTMENT MANAGER RFP Date of Response: Name of Firm: Contact: Title: Address: Telephone: Facsimile: E-Mail: Asset Class: Hedge Fund-of-Funds Product Name: Page 1
  • 2. Wilshire Associates Hedge Fund-of-Funds RFP Part I PURPOSE, MINIMUM REQUIREMENTS, AND SCOPE OF SERVICES A. PURPOSE 1. This Request for Proposal (“RFP”) is issued by Wilshire Associates on behalf of the Kern County Employees’ Retirement Association (“KCERA”) for the purpose of hiring one (1) investment management firm (“Manager”) to provide investment management services for a Hedge Fund-of-Funds mandate. The Manager will have full discretion to manage the portfolio consistent with KCERA’s Investment Policy & Goal Statement and the terms of the contract between the KCERA and the Manager. B. MINIMUM REQUIREMENTS To be considered as a Manager for the purpose stated above, Manager must meet the following minimum requirements as of March 31, 2004: 1. $500 million in discretionary hedge fund-of-funds assets under management. 2. Minimum 5 year track record managing hedge fund-of-funds assets 3. At least 2/3 of investment management team must have worked for the same organization for the last five years. C. SCOPE OF SERVICES The Manager will be required to provide the following scope of services to KCERA: 1. Invest allocated funds in conformity with the investment policy and guidelines of the KCERA, as defined in the contract established between KCERA and the firm. Provide discretionary management of the funds under the contract. 2. Provide periodic reports and information relating to the firm’s investment strategy and other pertinent information pertaining to the investment of the KCERA’s funds, as requested by KCERA. Provide monthly reports on portfolio appraisals, performance evaluation and attribution, and trading activities. 3. Participate in public meetings on a periodic basis to provide information to the KCERA concerning the investment performance of KCERA’s portfolio and the firm’s investment outlook and strategy for KCERA’s portfolio. The scope of services defined in the final contract between KCERA and the Manager will be binding and will supersede this section of the RFP if different from the scope of services defined here. Page 2
  • 3. Wilshire Associates Hedge Fund-of-Funds RFP Part II ADMINISTRATIVE INFORMATION A. INSTRUCTIONS FOR SUBMITTING PROPOSALS 1. Managers responding to this RFP must provide answers to the questions posed in Part III of this RFP. All proposals must be complete in every respect and must answer concisely and clearly all questions proposed by the RFP. Late proposals will not be accepted. 2. Proposals shall be submitted with a cover letter stating that the firm meets all of the minimum requirements listed in Part I.B of this RFP, and that the firm is able and willing to provide the type and level of services required to fulfill the mandate proposed in this RFP. The cover letter and the offer made by the proposal, and any clarifications to that proposal, shall be signed by an officer of the offering firm or a designated agent empowered to bind the firm in a contract. The cover letter must also identify any sections of their proposal that the firm is identifying as confidential. (See Disclosure of Proposal Content below.) 3. Proposals should follow the order of questions as they are asked in Part III of this RFP. In response to each question asked in Part III, restate the main question (denoted by a number or a letter) in bold font followed by your answers stated in regular font. Responses should be thorough and answer the specific question asked, (including the issues addressed in the bullet points following a question). 4. Supporting material must be clearly referenced to the appropriate question. Information and materials which are strictly promotional in nature should not be used. The submission of such material may serve to disqualify the firm from further consideration. 5. Any communication with KCERA Board members during the selection process will result in disqualification from this search. Any contact with KCERA staff or the Wilshire Associates consulting team, beyond information requests or clarifications directly related to this search, will result in disqualification from the search. Firms will be given the opportunity to submit written requests to Wilshire Associates for clarification of questions or terms contained in the RFP. In all cases, verbal communications will not override written communications. 6. Proposals must be submitted no later than 4:00 p.m. PDT, June 18, 2004. Page 3
  • 4. Wilshire Associates Hedge Fund-of-Funds RFP 7. A firm must submit one electronic version of the proposal response, including all appendices, and fourteen (14) hardcopies of their proposal to KCERA and three (3) hardcopies to Wilshire Associates, at the following addresses: Fourteen copies to: Three copies to: Kern County Employees’ Retirement Association Wilshire Associates 1115 Truxtun Avenue 1299 Ocean Avenue, Suite 700 Bakersfield, CA. 93301 Santa Monica, Ca. 90401-1085 Attn: Anne Holdren, Executive Director Attn: Michael Schlachter, holdrena@co.kern.ca.us Vice President mschlach@wilshire.com 310-260-6653 In addition, the firm must e-mail a complete electronic version of its proposal to Wilshire Associates at mschlach@wilshire.com. The firm’s name must appear in the response document’s e-mail title (i.e., XYZ Asset. Mgmt. Response to KCERA Hedge Fund-of-Funds RFP.doc) A. REJECTION OF PROPOSALS 1. Firms responding to this RFP must restrict their proposed investment structure to that specified in this RFP. Alternate or substitute structures will be rejected. 2. KCERA reserves the right to reject any or all proposals in whole or in part received by this request, due to noncompliance with the requirements of this RFP or for any other reason. KCERA will not pay for any information herein requested, nor is it liable for any costs incurred by the submitting Managers. 3. Managers whose proposals do not meet the mandatory requirements will be so notified. After evaluation of the proposals, selection, and approval by KCERA, all Managers will be notified of the successful firm. 4. KCERA reserves the right to not hire or to defer the hiring of a firm for these management services. B. DISCLOSURE OF PROPOSAL CONTENT Trade secrets or proprietary information that are recognized as such and protected by law may be withheld, but only if designation of such sections is stated in proposing firms’ cover letters and confidential information is clearly identified as such on each of the applicable pages within the body of the proposal. C. PROPOSAL OBLIGATIONS The contents of the proposal and any clarifications thereto submitted by the successful Manager shall become part of the contractual obligation and will be incorporated by reference into the ensuing contract. Page 4
  • 5. Wilshire Associates Hedge Fund-of-Funds RFP D. SIGNATURE OF MANAGER'S AGENT The offer made by the proposal, and any clarifications to that proposal, shall be signed by an officer of the offering firm or a designated agent empowered to bind the firm in a contract. E. KCERA CONTRACT SIGNATORY Anne Holdren, Executive Director. F. AWARD OF MANDATE KCERA reserves the right to award this contract not necessarily to the firm with the lowest fee and cost proposal, but to the firm which will provide the best match to the requirements of the RFP. The successful Manager will be determined in accordance with the evaluation criteria defined by KCERA G. EVALUATION OF PROPOSALS An Evaluation Committee will meet to evaluate and score the proposals. Upon completion of the Evaluation Committee's evaluation, finalist interviews will be, and office visits may be, conducted with some candidate firms. Determination of whether to conduct interviews and which firms to interview is at the sole discretion of the Evaluation Committee. A determination to execute a contract may be made by the KCERA Investment Committee without an interview, upon recommendation of the Evaluation Committee. KCERA’s Investment Committee will make the recommendation for final Manager selection to the KCERA Board. H. EVALUATION CRITERIA Proposals will be evaluated using the following criteria: I. The Firm’s Organization and Staff Qualifications 25% II. The Firm’s Investment Style and Process 25% III. The Firm’s Relevant Experience and Investment Performance 20% IV. The Firm’s Resources 10% V. The Firm’s Fee Proposal 20% I. THE RESULTING CONTRACT The contract between KCERA and the Manager shall be a combination of the specifications, terms and conditions of the RFP, any written clarifications or changes made to this RFP, the offer contained in the successful proposal, and any additional contractual terms and conditions agreed to mutually and in writing by the parties. KCERA’s proposed draft contract will be included as Part IV of this RFP at a later date. J. TERM OF CONTRACT The initial contract shall be for a four-year period from the date of its execution. The resulting contract may be terminated at KCERA's discretion, with or without cause, after thirty (30) days written notice to the Manager. K. INVESTMENT CONTRACT REQUIREMENTS 1. Contract: Any contract between KCERA and the successful Offeror will follow format specified by KCERA and will contain the Department of Finance and Administration's (DFA) standard terms and conditions for professional services contracts. The contents of the RFP as revised and/or supplemented and the successful Offeror's proposal will be incorporated into the contract. 2. Contract Deviation: Any additional terms and conditions which may be the subject of negotiation will be discussed only between KCERA and the successful contractor and shall not be deemed an opportunity to amend the Offeror's proposal. 3. Duration of Contract Term: The term of the contract is expected to be for a period of four years, with annual evaluations. Page 5
  • 6. Wilshire Associates Hedge Fund-of-Funds RFP 4. Termination: The contract may be terminated by either of the parties thereto upon written notice delivered to the other party at least 30 days prior to the intended date of termination. 5. Status of the Contractor: The contractor, his agents and employees, are independent contractors performing professional services for the KCERA and are not employees of the KCERA. The contractor and its agents and employees shall not, as a result of this contract, accrue leave, retirement, insurance, bonding, use of state vehicles, or any other benefits afforded to employees of KCERA. 6. Assignment: The contractor shall not assign or transfer any interest in the contract or assign any claims for money due or to become due under the contract. 7. Subcontracting: The contractor shall not subcontract any portion of the services to be performed under the contract without the prior written approval of the KCERA. 8. Records and Audit: The contractor shall maintain records in sufficient detail to fully describe the services rendered during the term of the contract. These records shall be subject to inspection by the KCERA, DFA, and the State Auditor. KCERA shall have the right to audit billings both before and after payments; payment under the contract shall not foreclose the right of the KCERA to recover excessive or illegal payments. 9. Release: The contractor, upon termination of the contract, shall release the KCERA from all liabilities, claims and obligations whatsoever arising from or under the contract. The contractor agrees not to purport to bind KCERA, unless the contractor has express written authority to do so, and then only within the strict limits of that authority. 10. Confidentiality: Any information provided to or developed by the contractor under this contract shall be kept confidential and shall not be available to any individual or organization without the prior written approval of the KCERA, unless otherwise required by law. 11. Product of Services; Copyright: All written materials developed or acquired by the contractor under this contract shall become the property of the KCERA and shall be delivered to the KCERA no later than the final termination date of this contract. Nothing produced in whole or in part by the contractor under this contract shall be the subject of any application for a copyright by or on behalf of the contractor without the prior written approval of the KCERA. 12. Conflict of Interest: The contractor warrants that he presently has no interest, and shall not acquire any interest, directly or indirectly, which would conflict in any manner or degree with the performance of services required under this contract. 13. Amendment: The contract shall not be altered, changed or amended except by an instrument in writing executed by the parties. 14. Merger: The contract shall incorporate all of the agreements, covenants, and understandings between the parties thereto concerning the subject matter thereof. No prior agreement or understanding, verbal or otherwise, of the parties or their agents shall be valid or enforceable unless embodied in the contract. Page 6
  • 7. Wilshire Associates Hedge Fund-of-Funds RFP 15. Applicable Law: The contract shall be governed by the Laws of the State of California. 16. Waiver: No waiver of any breach of this contract or any of the terms or conditions thereof shall be held to be a waiver of any other subsequent breach; nor shall any waiver be valid or alleged or binding unless the same shall be in writing and signed by the party alleged to have granted the waiver. 17. Standard of Care/Indemnification: The contractor holds itself out as an expert in the investment of large trust or investment funds. The contractor represents itself as being possessed of greater knowledge and skill than the average man. Accordingly, the contractor is under a duty to exercise a skill greater than that of an ordinary man and the manner in which the contractor carries out its duties under the contract will be evaluated in light of the contractor's superior skill. The contractor shall wholly indemnify KCERA against any and all losses, damages, costs, expenses, legal fees, and liability resulting from investment advice and other services provided under the contract that are not made in accordance with the provisions contained in this contract, investment advice not made in accordance with the law applicable to the Funds for which investment advice is rendered, and advice not made in accordance with the standard of care set forth in this paragraph. SCHEDULE OF EVENTS 1. April 5, 2004 - RFP IS ISSUED 2. May 7, 2004 - INQUIRIES - Inquiries and requests for interpretation or clarification of the RFP from potential bidders will be accepted only in writing, as e-mailed, and only if received no later than 4:00 p.m. PDT, May 7, 2004. E-Mail requests to: Wilshire Associates Incorporated Attn: Michael Schlachter E-Mail: mschlach@wilshire.com 3. May 14, 2004 – RESPONSE TO INQUIRIES - Responses to, and addenda resulting from, requests for interpretation shall be posted on the Wilshire Associates website, www.wilshire.com/Manager/Consulting/Research/ManagerSearch,. 4. June 18, 2004 – PROPOSALS DUE - Proposals must be received by 4:00 p.m. PDT. Page 7
  • 8. Wilshire Associates Hedge Fund-of-Funds RFP Part III QUESTIONNAIRE In addition to the completing this questionnaire, please provide the following: • organizational chart • biographies of the firm’s key principals, executives and investment staff (years with the firm, investment experience, age, education, etc.) • a spreadsheet containing the historical performance (net of fees) for all ERISA funds since inception, if you have not already done so • examples of any reports that you commonly share with your investors (e.g., position reports, risk/exposure reports, etc.) DATE: I. CONTACT INFORMATION Firm domicile / jurisdiction Legal headquarters address Headquarters address Headquarters phone Headquarters fax Satellite offices (city/country) and functions Name City Phone E-mail Key contact person Person completing questionnaire Head of investor relations Reporting/performance questions Chief Executive Officer Chief Investment Officer Chief Operating Officer Chief Financial Officer Head of Risk Management Page 8
  • 9. Wilshire Associates Hedge Fund-of-Funds RFP II. SOURCE OF FUND-OF-HEDGE FUNDS ASSETS $ No. of millions % Investors EXTERNAL DIRECT investment …..Institutional …..ERISA …..non-ERISA Total employee benefit / pension Foundation, endowment & hospital Financial institution (proprietary capital of banks, insurance companies, etc...) Total institutional …..High Net Worth & Family office …..Other - specify: …..Total DIRECT investment TOTAL EXTERNAL INTERNAL G.P. (all employees / principals) Affiliated entities: name(s) of affiliate(s): TOTAL INTERNAL GRAND TOTAL 100% Top 5 External investors (anonymously listed) by total assets invested in the firm, , representing > 3% of your firm’s assets under mgmt. (i.e., if you have no external investors who individually represent > 3% of your firm's AUM, there is no need to complete this section) Type of investor: use classification labels from above list (e.g., ERISA...) $millions % Investor 1 Investor 2 Investor 3 Investor 4 Investor 5 Total Over the past 3 calendar years, what were the 3 largest investor withdrawals > 2% of firm capital? When did they occur and why? (i.e., if you had no investor withdrawals that individually represented > 2% of your capital, there is no need to complete this section) Firm Total Assets Under Management ($millions) Capacity (target for close) Current 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 Page 9
  • 10. Wilshire Associates Hedge Fund-of-Funds RFP Page 10
  • 11. Wilshire Associates Hedge Fund-of-Funds RFP III. PEOPLE & ORGANIZATION (a) Firm structure & management 1 Please describe the history of your firm. e.g., Who were the founders of the firm, and are they still active? How long has the primary investment team been together? etc. 2 Does the firm have any affiliates and/or related entities? If so, describe the relationship and the % equity of the firm that is owned by affiliates/related entities. 3 What is the ownership structure of your organization, including names of the firm's principals and % equity ownership in the firm? Please elaborate on the financial stake that your principals and investment team have in your firm. 4 Are any principals involved in other businesses? If so, how much time is devoted and what is the nature of the business? 5 Are any of the principles or key staff related? Does the firm do business with outside vendors with family connections? 6 What are the current and future priorities for the firm? (e.g., increase staffing, implementing new trading strategies/programs) (b) Breakdown of employees by functional area: Departures Past 3 Target Current 2003 2002 2001 2000 1999 Yrs …..Portfolio managers …..Research staff / analysts TOTAL INVESTMENT STAFF Executive management (non-investment staff) Marketing / client service Back office IT Administrative Other: specify TOTAL EMPLOYEES If you have employees in more than one office, please provide the approximate distribution across your office locations by city (c) Key Personnel 1 List all key NON-investment staff (e.g., CFO, COO, head of risk, etc), including number of years with the firm and prior experience. If your firm bios cover this information, please attach as a separate document. 2 List all key investment staff, including number of years with the firm and prior investment experience. If your firm bios cover this information, please attach as a separate document. 3 How is your firm marketed? Who is primarily responsible for marketing? Do you pay commissions to external sales agents? 4 Have any senior personnel left or joined the firm within the last 3 years? If so, please indicate when and why they left, where they went and describe the positions of any new people hired? Page 11
  • 12. Wilshire Associates Hedge Fund-of-Funds RFP (d) List Your Regulatory Registrations Year Registered Any issues / violations? Commodity Pool Operator? Commodity Trading Advisor? Investment Advisor? (1940 Act, SEC Form ADV) Investment Company? Broker-Dealer or Introducing Broker? Futures Commission Merchant? Other: specify (e) Compliance 1 Who handles compliance issues? (e.g., CFO, internal general counsel, internal compliance officer) 2 How often are your financial statements reviewed/audited by external auditors? Please elaborate on any material issues from the past 3 years audits. 3 Has your firm changed auditors over the past 3 years? If so, explain the reason for the change and provide the name of the predecessor auditor. 4 Are there any lawsuits or criminal, legal, regulatory, arbitration or administrative proceedings pending or threatened against the firm (or any predecessor firms) or any of its principals, or have there ever been any? Has the firm or any of its employees had any disputes over non-compete, non-disclosure, or similar covenants? If so, please explain. 5 How do you ensure compliance with anti-money laundry laws? 6 Please describe any relationships you have which could be conceived as having the potential for a conflict of interest? Page 12
  • 13. Wilshire Associates Hedge Fund-of-Funds RFP IV. INVESTMENT PROCESS & RISK MANAGEMENT (a) Strategy overview 1 Describe your firm's competitive advantage in this strategy? How sustainable is this competitive edge? 2 Does the investment team specialize in any particular area or strategy? 3 How has the strategy changed in the past 5 years? 4 Please elaborate on the returns for this strategy over the past 5 years. e.g., Describe any periods of exceptionally strong returns; any periods of low returns / high cumulative drawdowns; any periods of exceptionally high or low volatility. (b) Portfolio Construction 1 Describe the firm's asset allocation strategy & process. 2 Describe the qualitative and quantitative criteria used in the portfolio construction process. 3 What is the smallest and the largest manager allocation in the portfolio? How are positions sized? 4 Please describe additional investment guidelines (i.e. concentration limits, etc.). 5 Is leverage employed at the portfolio level? 6 What are the primary reasons for firing a manager? 7 Are there any standardized risk management rules not covered in the section above? (c) Due Diligence 1 In broad terms, what does the due diligence process attempt to accomplish? 2 Describe in detail the firm's due diligence process. 3 Describe the process for sourcing new managers. 4 Does the firm require a set of minimum qualifications before a manager can be considered? 5 How many new managers do you analyze a year? In general, what percentage of those managers are eventually hired? 6 How do you interact with manager's service providers? (d) General risk management infrastructure 1 Who is primarily responsible for risk management? What additional staff are involved in risk management? 2 Describe your risk management systems/technology (e.g., In-house vs purchased systems? How are they used?) 3 Describe your processes for managing risk (process, procedures, etc). 4 How does the firm ensure there is enough funds liquidity to meet potential margin calls and redemptions? 5 How much of your total assets are in cash? How has this varied in the past? 6 Describe your backup facilities & procedures in the event that the firm’s offices, trading facilities or computer system became unexpectedly non-operational or inaccessible. 7 What other risks do you measure? How are they measured? How are they managed? Page 13
  • 14. Wilshire Associates Hedge Fund-of-Funds RFP V. OVERVIEW OF FUND-OF-HEDGE FUNDS INVESTMENT VEHICLES (a) Investment vehicles 1 Do you run separately managed accounts? If so, are you willing to run additional separate accounts and what is the minimum investment amount for a separate account? 2 Have any of your external investors entered (or can they enter) into liquidity side-agreements, which give certain investors better liquidity terms than the standard terms mentioned in the funds' documents? If so, provide details of these side agreements. What percentage of capital do those investors with preferential liquidity terms represent? 3 Has the firm ever suspended redemptions for any of its funds? 4 Do any of your funds have clauses that enable the General Partner to suspend Limited Partner redemption rights? (e.g., protection against large aggregate redemption?) If so, please elaborate. 5 Please describe your investor reporting and disclosure and append examples of your investor reporting to this survey. What periodic reports do investors receive, in addition to annual audited financial statements? (e.g., monthly/quarterly reports) In what form are they provided (hard-copy mail, fax, email, website)? Do you produce custom reports for specific investors? If so, describe the nature of these reports. What other transparency is available to investors (e.g., open position reports; dialogue/conversation; etc.). 6 Since your firm's inception, have you ever shut down any funds or rolled them into existing funds? If so, please describe the funds that were shut down and the reasons for their closure, and provide the monthly returns of these funds (in spreadsheet format, along with the returns for your existing funds). Page 14
  • 15. Wilshire Associates Hedge Fund-of-Funds RFP VI. FUND-OF-HEDGE FUNDS VEHICLES DETAIL FUND TERMS Fund name FUND 1 FUND 2 FUND 3 Open / Soft-closed / Hard-closed Target return / benchmark Target volatility Fund inception date Legal structure (e.g., master-feeder) Onshore: 3(c)(1), 3(c)(7) or RIC? Offshore: which domicile? Which investors may participate? US taxable investors? (yes/no) US tax-exempt investors? (yes/no) Non US investors? (yes/no) Key partnership terms Hurdle rate High water mark (HWM) (yes/no) % currently underwater vs HWM Management fee Incentive fee Incent.calculated quarterly/annually Other fees charged to the fund (1) Maximum leverage (1) Current leverage Subscription frequency Minimum subscription ($millions) Lockup prior to redemption Redemption frequency Advance notice required Gate Redemption penalties/charges Underlying managers Number of managers in FoF Average turnover/year (past 3 years) Total assets in fund ($millions) <== if easier for you, please provide in a separate spreadsheet Capacity (target for close) Current 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 (1) Please calculate leverage as the estimated total long positions of the underlying managers divided by total capital invested by the FoF, plus any leverage that may be used at the FoF level. Page 15
  • 16. Wilshire Associates Hedge Fund-of-Funds RFP STRATEGY ALLOCATION Fund name FUND 1 FUND 2 FUND 3 Current Current allocatio allocatio Current If strategy is n If strategy is n If strategy is allocation permanently excluded (nearest permanently excluded (nearest permanently excluded (nearest from fund, mark "X" 5%) from fund, mark "X" 5%) from fund, mark "X" 5%) GRAND TOTAL 100% 100% 100% CASH MARKET NEUTRAL Convertible Arbitrage Quantitative Equity Arbitrage (1) …Market Neutral (2) …Statistical Arbitrage (3) …Total Equity Arbitrage Fixed Income Arbitrage (4) …Mortgage securities & derivatives …All other fixed income arbitrage …Total Fixed Income Arbitrage EVENT DRIVEN Credit / Debt (5) Merger Arbitrage Cap.Structure Arb. & Other Event-Driven (6) FUNDAMENTAL EQUITY LONG/SHORT (7) Long-biased Short-biased Opportunistic net market exposure (8) Market Neutral (constant neutral market exposure) DIRECTIONAL / TACTICAL Macro: Discretionary (9) Macro: Non-Discretionary (10) Commodities / CTA / Futures Market Timing Other: (1) May be neutral for long/short dollar weights, market beta, sector, industry, market capitalization, etc. (2) Trading based primarily on fundamental factors (e.g., position holding period measured in terms of MONTHS). (3) Trading based primarily on technical factors (e.g., position holding period measured in terms of DAYS). (4) Excludes convertible bond arbitrage. (5) Includes senior/sub debt, secured/unsecured debt, bank/corporate debt, trade claims, leases, DIP loans, busted converts, etc. (6) Includes spin-offs, split-offs, liquidations, recapitalizations, divestitures, share class discrepancies, etc. (7) Stock picking based on fundamental research (e.g., visiting company management teams, attending industry conferences, etc.) (8) may be either net long or short. (9) Managers who rely on fundamental research to make macro bets (typically longer-term theme trades). (10) Managers who rely on technical data to make macro trades (typically shorter-term trades). Page 16
  • 17. Wilshire Associates Hedge Fund-of-Funds RFP VII. AUDIT, LEGAL & FUND ADMINISTRATION * NOTE: if you have this data in a separate document, please attach in lieu of completing this section INDEPENDENT AUDITOR Year of first audit of your firm by this auditor: Name Company Position / Title Phone Number Address LEGAL COUNSEL – ONSHORE Name Company Position / Title Phone Number Address LEGAL COUNSEL – OFFSHORE Name Company Position / Title Phone Number Address VIII. REFERENCES * NOTE: if you have this data in a separate document, please attach in lieu of completing this section CLIENT REFERENCE #1 Company Position / Title Phone Number Address Relationship to Manager CLIENT REFERENCE #2 Company Position / Title Phone Number Address Relationship to Manager HEDGE FUND REFERENCE #1 Company Position / Title Phone Number Address Relationship to Manager HEDGE FUND REFERENCE #2 Company Position / Title Phone Number Address Relationship to Manager Page 17
  • 18. Wilshire Associates Hedge Fund-of-Funds RFP Page 18