Financial Services CLO Investment Consulting Services

Location:	Oklahoma
Posted:	Feb 12, 2026
Due:	Feb 27, 2026
Agency:	State of Oklahoma - Commissioners of the Land Office
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Publication URL:	To access bid details, please log in.

Attachment Preview

COMMISSIONERS OF THE LAND OFFICE

STATE OF OKLAHOMA

INVESTMENT CONSULTING SERVICES FOR ONE YEAR WITH

FOUR ONE-YEAR RENEWAL OPTIONS

REQUEST FOR PROPOSAL (RFP)

Agency Requisition Number: RFP-FSD-2026-001

PROPOSALS DUE FEBRUARY 27, 2026

Page 1 of 18

COMMISSIONERS OF THE LAND OFFICE

REQUEST FOR PROPOSAL

January 13, 2026

CONTRACTUAL INVESTMENT CONSULTING SERVICES

The Commissioners of the Land Office (CLO) is a constitutional trust and agency of the State of

Oklahoma charged with the oversight, management, and administration of certain public lands and

trust funds dedicated to the support of our State’s public schools and institutions of higher education.

The CLO is reviewing proposals from qualified investment consulting firms to provide to provide to

the CLO objective, expert advice and oversight to ensure management and compliance with state

policies. The initial contract period will be one year from July 1, 2026, through June 30, 2027, with

the option to renew annually for up to four additional one-year terms. The CLO reserves the right to

terminate the contract with 30 days’ notice.

This Request for Proposal (RFP) provides information about the CLO and establishes the specifications

and requirements for submitting a proposal. The term “Vendor” as used in this RFP shall mean the

investment consultant submitting proposals for consideration.

CLO reserves the right to reject any or all proposals submitted. The CLO is not obligated to reimburse

Vendors for any expenses incurred in preparing proposals in response to this RFP. Further, in the

unlikely event that none of the proposals are satisfactory to CLO, no selection will be made. Proposals

submitted in response to the RFP become the property of CLO and are subject to public inspection.

CLO reserves the right to modify the RFP contents and requirements at any time prior to the submission

deadline.

Enclosed is the Request for Proposal document, which includes the Proposal Cover Sheet.

I. PROPOSAL COVER SHEET .................................................................................................................................3

II. SUMMARY DOCUMENT....................................................................................................................................4

A. Description of CLO.........................................................................................................................................4

B. Scope of Services to be Provided....................................................................................................................5

C. The Selection Process.........................................................................................................................................5

D. Proposal Structure and Information Request ......................................................................................................6

E. Mandatory Requirements for Submitting a Bid ..................................................................................................7

F. Communication with CLO................................................................................................................................ 9

G. General Terms and Conditions .........................................................................................................................10

III. Timeline Summary..............................................................................................................................................11

IV. FORMS.............................................................................................................................................................. 12

Exhibit 1: Fee Proposal Form............................................................................................................................... 13

Exhibit 2: Non-Collusion Certification .................................................................................................................14

Exhibit 3:Professional Services Certification........................................................................................................16

Exhibit 4: Client References ................................................................................................................................ 17

Page 2 of 18

CLO CONTRACTUAL INVESTMENT CONSULTING SERVICES RFP

I. PROPOSAL COVER SHEET

RFP Date

Agency Requisition Number

January 13, 2026

(Contractual Investment Consulting

Services)

RFP-FSD-2026-001

Proposal Deadline

Must be Received

by 4:30 P.M CDT

February 27, 2026

Submit All Proposals and Questions Electronicallyif possible via email CLO Contact Information:

Name: Kimberly Noble

Title: Procurement Manager

Email: Kimberly.Noble@clo.ok.gov

Phone: 1-405-521-4016

Vendor Identification:

Name of Firm:

Address:

City/State/Zip Code:

Telephone Number:

Email Address:

Attach Executed Forms (Exhibits 1-4) Behind Proposal Submission

Vendor Signature:

Name & Title

Date:

IMPORTANT: This completed and signed RFP Submittal Cover Sheet must accompany proposals

submitted. Be advised that electronic offers are not considered accepted without e-mail confirmation sent to

offerors e-mail address as printed on this cover page.

Page 3 of 18

II. SUMMARY DOCUMENT

The Commissioners of the Land Office (CLO) are soliciting proposals from qualified independent investment

consulting firms to provide advisory, performance evaluation, and oversight services for the CLO’s investment

portfolio. The CLO maintains an approximately $3 billion diversified portfolio that includes equities, fixed

income, commercial real estate, preferred stock, cash equivalents, and alternative investments.

The selected firm will provide objective, expert guidance on strategic asset allocation; monitor investment

performance; and support the oversight of 11 external investment managers across 17 accounts. The consultant

will ensure adherence to Title 64 of the Oklahoma Statutes, the CLO Investment Plan, and all applicable policies,

while supporting the CLO’s fiduciary mandate to preserve and grow permanent school fund assets for the benefit

of Oklahoma’s public education system.

The initial contract period will be one year, with the option to renew annually for up to four additional one-year

terms. The CLO reserves the right to terminate the contract with 30 days’ notice.

This document contains:

1. Instructions governing the proposals to be submitted and the materials to be included therein;

2. A description of services to be provided;

3. Requirements that must be met to be eligible for consideration;

4. General evaluation criteria; and

5. Other requirements to be met by each Vendor.

The term “Vendor” as used in this RFP shall mean the investment consulting firm submitting proposals for

consideration. To be considered, each Vendor’s proposal must meet the standards and requirements set forth herein.

This RFP is issued pursuant to the requirements of Oklahoma Statutes Title 64 Section 1036. With this solicitation,

the CLO intends to award services to one firm. The CLO reserves the right to reject any or all proposals submitted.

There is no express or implied obligation for the CLO to reimburse Vendors for any expenses incurred in preparing

proposals in response to this RFP. In the event that none of the proposals is satisfactory to CLO, no selection will be

made. Proposals submitted in response to the RFP become the property of CLO and are subject to public inspection.

CLO reserves the right to modify the RFP contents and requirements at any time prior to the submission deadline.

A. Description of CLO

The CLO is a constitutionally established agency of the State of Oklahoma, created in 1907 to manage

lands and assets granted to the state by the federal government for the benefit of public education. The

agency is governed by a five-member commission and manages a diversified investment portfolio valued

at approximately $3 billion.

The CLO’s mission is to preserve and grow the assets entrusted to it, ensuring long-term financial support

for Oklahoma’s public education system. As provided by statute, the CLO Commissioners appoint a three-

person advisory investment committee. The committee, working with advice from an outside consulting

firm, makes recommendations to the Commissioners concerning asset allocation and investment managers.

The interest, dividend, and rental income derived from investing the Permanent Funds, along with other

income deemed distributable by statute are distributed to Oklahoma’s public school systems and public

higher educational institutions (beneficiaries) on a monthly basis in accordance with a statutory

apportionment formula. CLO’s independent externally audited Financial Statements reports may be

accessed on the CLO website, https://clo.ok.gov/agency/auditedfinancial-statements/

Page 4 of 18

B. Scope of Services to be Provided

CLO Requirements

The CLO oversees approximately $3 billion in diversified investments. The selected consultant will

help advance the CLO’s fiduciary mission and ensure compliance with Title 64 of the Oklahoma

Statutes, the CLO Investment Plan, and all applicable policies.

For the period from July 1, 2026, through June 30, 2027, with the option to renew annually for up to

four additional one-year terms, the selected investment consultant will:

1) Provide strategic investment guidance, including development and implementation of a comprehensive

long-term investment strategy and annual input into the CLO’s Investment Plan.

2) Advise on strategic asset allocation, risk management, and rebalancing to support portfolio objectives

and long-term sustainability.

3) Conduct due diligence and recommend reallocation strategies across all asset classes.

4) Oversee 11 external investment managers and 17 investment accounts, ensuring appropriate manager

mandates, oversight, and alignment with CLO objectives.

5) Monitor and evaluate investment performance, including benchmarking, attribution analysis,

compliance assessment, and identification of risks or opportunities.

6) Provide monthly, quarterly, annual, and ad hoc performance reports requested by the Commissioners,

Investment Committee, Legislature, or CLO staff. Reports must address performance versus

benchmarks, attribution, compliance, and other relevant analyses.

7) Present portfolio results and recommendations at monthly Commission and Investment Committee

meetings.

8) Provide annual educational presentations to the Investment Committee on market conditions, emerging

risks, industry trends, and other relevant topics.

9) Ensure full compliance with Oklahoma statutes, internal policies, and the CLO Investment Plan, while

supporting strong fiduciary oversight.

C. The Selection Process

The Vendor’s proposal will be scored using the following categories:

1. Experience and qualifications

2. Investment consultant philosophy and approach

3. Reporting and communication capabilities

4. Fee proposal and value

5. Legal and regulatory compliance

6. Value-added services

Page 5 of 18

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.