State Universities Retirement System of

Illinois (SURS)

Request for Proposal

Private Equity Fund-of-Funds Services

2016

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Table of Contents

I. Request For Proposal Summary Statement 3

II. Background Information 3

III. Specific Services Requested from the Investment Manager 5

IV. Diversity Goals 6

V. Minimum Qualifications 6

VI. RFP Specifications 7

VII. Projected Schedule of Events 10

Appendix A – Minimum Qualifications Certification 11

Appendix B – Disclosures per Illinois Pension Code Section 1-113.21 13

Associated Documents (Attachments)

Appendix C – SURS Questionnaire and Price Sheet (Word document)

Appendix D – NEPC Questionnaire (Word document)

Appendix E – NEPC Questionnaire –Closed End Fund Level Performance (Excel document)

Appendix F – NEPC Questionnaire – Closed End PE Fund Cash Flows (Excel document)

Appendix G– NEPC Questionnaire– Multi-Manager Deal-by-Deal Track Record (Excel document)

Appendix H – Employee Diversity Chart

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State Universities Retirement System (SURS)

Request for Proposal (RFP)

May 2016

Private Equity Fund-of-Funds Provider Search

I. RFP Summary Statement

The State Universities Retirement System of Illinois (“SURS” or “System”) is requesting proposals

from qualified firms interested in providing Private Equity Fund of Funds Advisory Services

(“Proposers”). One or more firms will be considered to manage commitments of up to $300 million

per year based on the current private equity pacing model. At the June 2014 Investment Committee

meeting, the Board approved the adoption of a three-year private equity funding plan. The funding

plan included annual allocations of:

Calendar Year Commitment Amount

2015 $250 million

2016 $300 million

2017 $300 million

Total $850 million

All forms/required documents needed for submitting a Request for Proposal (“RFP”) are available on

the IL SURS website at www.surs.org.

Respondents must answer all applicable questions in the questionnaire sections in order to be

considered.

II. Background Information

Agency Description

SURS is the administrator of a cost-sharing, multiple employer public employee retirement system.

SURS membership includes employees of the Illinois public universities and other affiliated

organizations. Currently, SURS membership totals more than 200,000 active, inactive and retired

participants. SURS maintains both a defined benefit plan (DB plan) and defined contribution plan.

Proposals are being solicited for the defined benefit plan. To learn more about the fund, you may visit

our website at www.surs.org.

Defined Benefit Plan Investment Program

As of March 31, 2016, the DB plan trust totaled $16.6 billion with a target asset allocation as follows: Target

U.S. Equity 23%

Non-U.S. Equity 19%

Global Equity 8%

Core Fixed Income 19%

Emerging Markets Debt 3%

TIPS 4%

Private Equity 6%

Real Estate 6%

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REITS 4%

Hedged Strategies 5%

Opportunity Fund 1%

Commodities 2%

Legislated Investment Restrictions Relating to the Republic of the Sudan and Iran

Effective January 1, 2016, Section 1-110.16 of the Illinois Pension Code (40 ILCS 5/1-110.16)

generally requires SURS to divest from direct holdings in “restricted companies” consisting of:

1. Certain companies that boycott Israel by engaging in actions that are politically motivated and

are intended to penalize, inflict economic harm on, or otherwise limit commercial relations

with the State of Israel or companies based in the State of Israel or in territories controlled by

the State of Israel;

2. Certain companies that have business operations that involve contracts with or provision of

supplies or services to the Government of Iran, companies which the Government of Iran has

any direct or indirect equity share, consortiums or projects commissioned by the Government

of Iran, or companies involved in consortiums or projects commissioned by the Government of

Iran; and

3. The government of Sudan and any of its agencies, companies under control of Sudan,

companies established or organized in Sudan, companies identified or prosecuted by the Office

of Foreign Assets in the U.S. Treasury Department as sponsoring terrorist activities in Sudan,

or any publicly traded company whose principal place of business is in or conducts business in

Sudan.

“Private market funds” (which include private equity funds and private equity fund-of-funds) are not

subject to the divestment provisions. However, the Illinois Investment Policy Board will request that

a private market fund manager consider removing restricted companies from the fund or create a

similar actively managed fund having indirect holdings devoid of the companies. If such a fund is

created, SURS is required to replace all applicable investments with investments in the similar fund in

an expedited timeframe consistent with prudent investing standards.

State Fiduciary, Ethics, and Diversity Laws

Sections 1-109, 1-109.2, 1-110, 1-125. 1-130, 1-135, and 1-145 of the Illinois Pension Code (40 ILCS

5/1-109, 1-109.2, 1-110, 1-125, 1-130, 1-135, 1-145) contain fiduciary, ethics, and prohibited

transaction provisions that may apply to investment managers. Investment managers seeking to be

considered for this mandate should be familiar with and must comply with such applicable provisions

of the Illinois Pension Code.

Section 1-109.1 of the Illinois Pension Code (40 ILCS 5/1-109.1) encourages the Board to increase

the use of minority-owned businesses, female-owned businesses, or businesses owned by persons with

disabilities as emerging investment managers, minority investment managers, broker-dealers, or

vendors for services and contracts; and to increase the racial, ethnic, and gender diversity of its

fiduciaries (including investment managers and consultants), to the greatest extent feasible within the

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bounds of financial and fiduciary prudence. To this end, the Board encourages minority-, female- and

persons with a disability-owned investment managers to submit proposals to this RFP.

Section 50-37 of the Illinois Procurement Code concerning prohibitions on political contributions for

certain vendors (30 ILCS 500/50-37) may or may not apply to SURS investment managers or

consultants. SURS is not subject to the Illinois Procurement Code, generally (30 ILCS

500/1-15.100). However, each investment manager and consultant should be familiar with the

provisions of section 50-37 of the Procurement Code and comply with this section if the investment

manager or consultant deems it appropriate.

Additional Disclosure Requirements

Section 1-113.21 of the Illinois Pension Code (40 ILCS 5/1-113.21), added by Public Act 98-1022,

effective January 1, 2015, provides that no contract, oral or written, for investment services,

consulting services, or commitment to a private market fund shall be awarded by a retirement system,

pension fund, or investment board established under the Code unless the investment advisor,

consultant, or private market fund first discloses:

(1) the number of its investment and senior staff and the percentage of its investment and

senior staff who are (i) a minority person, (ii) a female, and (iii) a person with a disability; and

(2) the number of contracts, oral or written, for investment services, consulting services, and

professional and artistic services that the investment advisor, consultant, or private market

fund has with (i) a minority owned business, (ii) a female owned business, or (iii) a business

owned by a person with a disability; and

(3) the number of contracts, oral or written, for investment services, consulting services, and

professional and artistic services the investment advisor, consultant, or private market fund has

with a business other than (i) a minority owned business, (ii) a female owned business or (iii) a

business owned by a person with a disability, if more than 50% of services performed pursuant

to the contract are performed by (i) a minority person, (ii) a female, and (iii) a person with a

disability.

Each Proposer responding to this RFP must disclose this information in the form provided in

Appendix B.

III. Specific Services Requested from the Investment Manager

SURS is requesting information from qualified firms to manage a global, diversified private equity

fund-of-funds portfolio. SURS is seeking a platform that is diversified across key private equity

strategies, and prefers the inclusion of venture capital, buyout, special situation, mezzanine and

distressed/restructuring partnerships. The platform should include both primary and secondary

capabilities with potential consideration given to co-investment and direct strategies. SURS prefers

the platform to be global (U.S. & Non-U.S.) in orientation. SURS intends for this initiative to be

ongoing and is seeking diversification across vintage year, industry sector, and strategy type.

SURS will consider the following evaluation criteria in making its decision:

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Stability and General Experience of the Firm – as measured by the stability of the financial

condition of the firm and experience in providing private equity fund-of-funds management to

institutional clients.

Key Personnel – Personnel to be assigned to this account, including key professionals,

applicable portfolio managers, back-up and other staff assistance, and education and

experience of all such key personnel.

Expertise – (a) Similar work performed for other clients, with references of such funds to be

specified in proposal; (b) Assets under management; and (c) Investment experience broadly

defined and experience as a manager of private equity funds.

Client references – as measured by the quality of the references provided.

Performance – Prior funds’ performance measured on both an absolute and relative basis.

Investment Process – Consistent process implementation, as measured by return consistency,

portfolio construction methodology, and the implementation of risk controls.

Investment Philosophy and Style – The extent to which the proposed philosophy and style best

complement existing philosophies and styles and meet the requirements and expectations as

presented in this RFP.

Access to Recognized Top Tier Manager Partnerships – The manager should exhibit historical

investor relationships with partnerships generally recognized as being among the best at

employing their type of strategy.

Fees – Reasonableness and competitiveness of fees, as well as transparency in reporting of

fees of underlying managers. RFP Proposal – Completeness, clarity and responsiveness to requirements as requested in the

RFP and accompanying template.

IV. Diversity Goals:

SURS has established a goal that 20% of new allocations to alternative investments be made to firms

owned by minorities, females or persons with a disability (MFDB). This goal is reviewed annually

and presented to the Board as a component of the Investment Policy, most recently at the September

11, 2015 Board meeting. SURS encourages the selection of MFDB managers within the fund of

funds portfolio.

V. Minimum Qualifications:

The Proposer must meet all of the following minimum qualifications to be given further consideration.

Failure to satisfy any of these qualifications and requirements upon submittal of the Proposal will

result in the rejection of the Proposal. The Proposer must certify in writing on the Minimum

Qualifications Certification, Appendix A, that it meets all of the minimum qualifications. Such

certification must include evidence of how each qualification is met and must be signed by an

individual who is authorized to bind the Proposer contractually. Qualified firms meeting the Illinois

statutory definition of “Minority owned business”, “Female owned business” or “Business

owned by a person with a disability” are exempt from (7), (8), and (9) below and will be

evaluated for further consideration at SURS’ discretion.

1. Proposing firm must be SEC-registered or exempt from registration with the nature of the

exemption provided. The firm must submit its full Form ADV (Parts I and II).

2. Proposing firm must agree to serve as a “fiduciary” to the Fund within the meaning of Illinois

legislation and to act in accordance with all requirements and standards of conduct applicable

to fiduciaries.

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3. Proposer and its proposed team have all authorizations, permits, licenses and certifications

required by federal and state laws and regulations to perform the services specified in this RFP

at the time Proposer submits a response to the RFP. Proposer’s audited financial statements

must be made available for review.

4. Proposer will comply with all legislation regarding investment restrictions, applicable State

fiduciary, ethics, and diversity laws, including any additional disclosure requirements as

outlined above.

5. Proposer must provide net fund-level performance track records for primary, secondary, co-

investment or direct fund-of-fund strategies (please note co-investment and direct strategies

are optional) as well as underlying holdings information in the provided template.

6. Proposer must have an existing global, diversified private equity fund-of-funds platform,

including both dedicated primary and secondary products.

7. Proposer or one or more principals of the firm must have five years or more experience

managing global, diversified private equity fund-of-funds portfolios, including both dedicated

primary and secondary products. Qualified Women, Minority, or Disabled Owned Businesses

are exempt and will be evaluated for further consideration at SURS’ discretion.

8. Minimum Firm Level AUM: $5 billion as of December 31, 2015, at least half of which is

managed for U.S. institutional investors. Qualified Women, Minority, or Disabled Owned

Businesses are exempt and will be evaluated for further consideration at SURS’ discretion.

9. Proposing firms must have been in operation as an investment management organization for at

least five years, as of December 31, 2015. Qualified Women, Minority, or Disabled Owned

Businesses are exempt and will be evaluated for further consideration at SURS’ discretion.

SURS retains the sole right to decide whether any Proposer is qualified to bid, including determining

whether any Proposer’s qualifications are sufficiently comparable to satisfy all of the above minimum

qualifications.

VI. RFP Specifications:

If, in response to this RFP, trade secrets or commercial or financial information are furnished under a

claim that they are proprietary, privileged or confidential and that disclosure of the trade secrets or

commercial or financial information would cause competitive harm to the person or business

responding to this RFP, such claim must be clearly made and such information must be clearly

identified. Bidders are required to make a good faith attempt to properly identify only those portions

of the response that are truly furnished under a claim that they are proprietary, privileged or

confidential and that disclosure of the trade secrets or commercial or financial information would

cause competitive harm to the person or business responding to this RFP. Responses to this RFP with

every page marked as proprietary, privileged or confidential will not satisfy this requirement. (5 ILCS

140/7 and 7.5) If such information is identified, the Proposer shall, in addition to the primary

response, provide a separate redacted version of the RFP response suitable for release under the

Illinois Freedom of Information Act (5 ILCS 140/7 and 7.5). However, such a claim is not

definitive. SURS has the right and obligation to determine whether such information is exempt

form disclosure under the Illinois Freedom of Information Act and no information will be

considered or determined by SURS to be proprietary, privileged or confidential unless it is

identified and separated as indicated herein. (5 ILCS 140/7 and 7.5)

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Specific Items Requested from Respondent Firms:

Enumerated below are the specific items requested from respondent firms.

1. Letter of Transmittal. A letter of transmittal must be submitted on the Proposer’s official

letterhead. The letter must identify all documents provided collectively as a response to the

RFP, and must be signed by an individual authorized to bind the Proposer contractually. An

unsigned proposal will be rejected. The letter must also contain the following:

a. Statement that the proposal is being made without fraud or collusion; that the Proposer

has not offered or received any finder’s fees, inducements or any other form of

remuneration, monetary or non-monetary, from any individual or entity relating to the

RFP.

b. Statement that discloses any current business relationship or any current negotiations

for prospective business with the Board or any SURS Board Members or SURS Staff.

c. Statement that the proposing firm has been in compliance with the System’s Quiet

Period Policy and Ex-Parte Communications Policy.

2. Minimum Qualification Certification. The Proposer must complete the certification in

Appendix A and provide all supporting documentation.

3. Diversity Disclosures per Illinois Pension Code Section 1-113.21. The Proposer must

complete the required disclosures regarding staff and vendor diversity in the form provided in

Appendix B.

4. Questionnaires and Associated Excel Data. The Proposer must address the questionnaire items

in the RFP in the order in which they appear in the RFP. Further, each question number and

question in the RFP shall be repeated in its entirety before stating the answer. Certain

questions may require supporting documentation, which should be submitted as attachments to

the questionnaire.

a. Appendix C – SURS Questionnaire and Price Sheet (Word document)

b. Appendix D – NEPC Questionnaire (Word document)

c. Appendix E – NEPC Questionnaire – Closed-End Fund Level Performance (Excel document)

d. Appendix F – NEPC Questionnaire – Closed-End PE Fund Cash Flows (Excel document)

e. Appendix G – NEPC Questionnaire – Multi-Manager Deal-by-Deal Track Record (Excel

document)

f. Appendix H – Employee Diversity Chart (Excel document)

Proposers who fail to complete each Attachment in its entirety will not be considered.

5. Redacted Version of RFP Response. In the event Proposer believes certain materials in the

submitted response are exempt from public disclosure in accordance with language in Section

VI on the previous page, the Proposer must provide a redacted version of the response suitable

for release under the Illinois Freedom of Information Act (5 ILCS 140/7 and 7.5).

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Submission Deadline:

The completed RFP must be delivered (electronically, please) by 4:30 pm CT, Friday, July 29, 2016.

Earlier responses are welcome. Any RFP delivered after the deadline will not be considered. The e‐mail subject line must read as follows: “Private Equity Fund of Funds RFP Response – Name of

Respondent” and should be sent to both SURS and NEPC at:

Kim Pollitt , CFA Joshua Ko Senior Investment Officer Research Analyst, Private Markets

SURS NEPC

invest@surs.org jko@nepc.com

Submission of Questions:

In order to clarify any issues in this Request for Proposals, the System will respond only to questions

that are presented in writing via e-mail to: Kim Pollitt, CFA, at invest@surs.org. All questions should

be submitted to SURS by 4:30 PM CT Friday, June 24, 2016. These questions will be consolidated

into a single Q&A document and responded to by the System on, or about, Friday, July 8, 2016. The

Q&A document will be posted on the SURS web site at www.surs.org/rfp without divulging the

source of the query.

Communications with SURS

Other than existing normal business matters, respondents, potential respondents, or their

representatives should not contact anyone at SURS (including SURS staff, members of the SURS

advisory committees and members of the SURS Board) other than the investment team assigned to the

RFP listed above.

In addition, respondents must not discuss this RFP with any employee of SURS’s custodian,

managers, legal counsel, or other advisors or persons/entities having contracts or other affiliations

with SURS.

FAILURE TO OBSERVE THIS RULE IS GROUNDS FOR DISQUALIFICATION

SURS Quiet Period Policy:

Please note the Quiet Period Policy that establishes guidelines by which the Board of Trustees and

staff will communicate with prospective service providers during a search process. Please review

Section VIII of the Investment Policy and observe the Quiet Period guidelines. The Quiet Period for

this search was initiated on April 21, 2016.

Ex-parte Communications:

The State Officials and Employees Ethics Act (5 ILCS 430/5-50) provides that all “ex parte

communications” concerning investment, rulemaking or quasi-adjudicatory matters pending before a

State agency must be documented and some must be reported. An “ex parte communication” is any

written or oral communication by any person that imparts or requests material information or makes a

material argument regarding potential action concerning an investment, a rulemaking process, or a

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quasi-adjudicatory matter. An “ex parte communication” does not include statements publicly made

in a public forum or communications among employees of the State agency.

An “ex parte communication” from an “interested party” or his or her official representative or

attorney to an employee or the agency must be memorialized and made a part of the record. An

“interested party” is a person or entity whose rights, privileges, or interests are the subject of or

are directly affected by an investment, regulatory or quasi-adjudicatory matter.

An “ex parte communication” other than that described above must be reported by the staff

member or Board Trustee immediately to the agency’s Ethics Officer. The communication

must be memorialized and made a part of the record. The communication must be filed with

the Executive Ethics Commission, accompanied by a memorandum from the Ethics Officer.

Rights Reserved:

SURS reserves the right to amend any segment of the RFP prior to the announcement of a successful

contractor. In such an event, all responders will be afforded the opportunity to revise their proposal to

accommodate the RFP amendment.

SURS reserves the right without prejudice to reject any or all proposals submitted. The System is not

obligated to award a contract to any of the respondents to this RFP. There is no express or implied

obligation for SURS to reimburse for any expenses incurred in preparing proposals in response to this

RFP.

VII. Projected Schedule of Events:

April 21, 2016 Quiet period begins

June 13, 2016 Dissemination of RFP

June 24, 2016 Deadline for questions to SURS

July 8, 2016 Responses to questions submitted to SURS

July 29, 2016 RFP responses due by 4:30 pm CT

August/September 2016 Identify firms for further consideration

October 2016 Interviews with selected firms

December 8, 2016 Finalist presentations to SURS Board of Trustees

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Appendix A

MINIMUM QUALIFICATION REQUIREMENTS AND CERTIFICATION

Proposers must satisfy each of the following minimum qualifications for this RFP, in order to be

given further consideration by the Board of Trustees. Failure to satisfy each of the requirements

will result in the immediate rejection of the proposal. Failure to provide complete information

will result in the rejection of the proposal. Please circle “YES” or “NO” where indicated. If

evidence is requested, please provide complete documentation.

1. Proposing firm must be SEC-registered or exempt from registration with the nature of the

exemption provided. If so registered, please submit Form ADV (Parts I and II).

(Yes/No):_____

2. Proposing firm must agree to serve as a “fiduciary” to the Fund within the meaning of

Illinois legislation and to act in accordance with all requirements and standards of

conduct applicable to fiduciaries. (Yes/No):_____

3. Proposer and its proposed team have all authorizations, permits, licenses and

certifications required by federal and state laws and regulations to perform the services

specified in this RFP at the time Proposer submits a response to the RFP. Proposer’s

audited financial statements will be made available for review. (Yes/No):_______

4. Proposer will comply with all legislation regarding investment restrictions, applicable

State fiduciary, ethics, and diversity laws, including any additional disclosure

requirements. (Yes/No):_______

5. Proposer must provide net fund-level performance track records for primary, secondary,

co-investment or direct strategies (please note co-investment and direct strategies are

optional) as well as underlying holdings information in the provided template.

(Yes/No):______

6. Proposer must have an existing global, diversified private equity fund-of-funds platform,

including both primary and secondary products. (Yes/No):______

7. Proposer or one or more principals of the firm have five years or more experience

managing global, diversified private equity fund-of-funds portfolios, including both

primary and secondary products. Qualified Women, Minority, or Disabled Owned

Businesses are exempt. (Yes/No/Exempt):______

8. Proposer must have at least $5 billion in institutional (taxable and non-taxable) assets

under management, as of December 31, 2015, at least half of which is managed for U.S.

institutional investors. Qualified Women, Minority, or Disabled Owned Businesses are

exempt. (Yes/No/Exempt):______

9. Proposing firms must have been in operation as an investment management organization

for at least five years, as of December 31, 2015. Qualified Women, Minority, or

Disabled Owned Businesses are exempt. (Yes/No/Exempt):______

IF PROPOSER PROVIDED A “NO” RESPONSE TO ANY OF THE MINIMUM

QUALIFICATION REQUIREMENTS ABOVE, PROPOSER SHOULD NOT SUBMIT A

PROPOSAL TO SURS.

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PLEASE CERTIFY THE PROPOSER’S SATISFACTION OF THE MINIMUM

QUALIFICATIONS BY PROVIDING THE PROPOSER’S AUTHORIZED SIGNATURE

BELOW.

Authorized Signer Name: ________________________________

Title: ________________________________

Respondent Firm: ________________________________

Signature: ________________________________

Date: _______________________________

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Appendix B

DISCLOSURES PER ILLINOIS PENSION CODE SECTION 1-113.21

Beginning January 1, 2015, section 1-113.21 of the Illinois Pension Code requires the

following disclosure from the investment advisor, consultant or private market fund:

Name of investment advisor, consultant, or private market fund:

________________________________________________________________________

1. The number of its investment and senior staff and the percentage of its investment and senior

staff who are (i) a minority person (ii) a female, and (iii) a person with a disability;

(If none, state “none”)

Staff Classification Number of Investment and

Senior Staff Who Are

% Percentage of Investment

and Senior Staff Who Are

Minority

Female

Person with a Disability

2. The number of contracts, oral or written, for investment services, consulting services and

professional and artistic services that the investment advisor, consultant, or private market

fund has with (i) a minority owned business, (ii) a female owned business, or (iii) a business

owned by a person with a disability; and

(If none, state “none”)

Contracts Number Contracts

Minority

Female

Person with a Disability

3. The number of contracts, oral or written, for investment services, consulting services, and

professional and artistic services the investment advisor, consultant, or private market fund

has with a business other than (i) a minority owned business, (ii) a female owned business or

(iii) a business owned by a person with a disability, if more than 50% of services performed

pursuant to the contract are performed by (i) a minority person, (ii) a female, and (iii) a

person with a disability.

(If none, state “none”)

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Contract Number Contracts

Minority

Female

Person with a Disability

Supplemental Information (Optional):

If desired, please include additional information on your firm’s diversity efforts to supplement

the information provided above. This may include initiatives such as internal training and

development programs, as well as recruitment and outreach efforts, etc.

INVESTMENT ADVISOR / CONSULTANT/ PRIVATE MARKET FUND:

Company Name:

Signature:

Printed Name

Title:

Dated:

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Resources and Definitions

Section 1-113.21 of the Illinois Pension Code website:

http://www.ilga.gov/legislation/publicacts/98/PDF/098-1022.pdf

Definitions per Illinois Law

Illinois Legislation & Laws website: http://www.ilga.gov/

"Contract" means all types of [State] agreements, regardless of what they may be called, for the

procurement, use, or disposal of supplies, services, professional or artistic services, or

construction or for leases of real property where the [State] is the lessee, or capital

improvements, and including renewals, master contracts, contracts for financing through use of

installment or lease-purchase arrangements, renegotiated contracts, amendments to contracts, and

change orders.

“Investment adviser”, "investment advisor", or "investment manager" with respect to a pension

fund or retirement system established under Illinois Code if the person:

(1) is a fiduciary appointed by the board of trustees of the pension fund or retirement system

in accordance with Section 1-109.1;

(2) has the power to manage, acquire, or dispose of any asset of the retirement system or

pension fund;

(3) has acknowledged in writing that he or she is a fiduciary with respect to the pension

fund or retirement system; and

(4) is at least one of the following: (i) registered as an investment adviser under the federal

Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.); (ii) registered as an investment

adviser under the Illinois Securities Law of 1953; (iii) a bank, as defined in the Investment

Advisers Act of 1940; or (iv) an insurance company authorized to transact business in this State.

“Minority person” means a person who is a citizen or lawful permanent resident of the United

States and who is a member of a minority.

"Minority owned business" means a business concern which is at least 51% owned by one or

more minority persons, or in the case of a corporation, at least 51% of the stock in which is

owned by one or more minority persons; and the management and daily business operations of

which are controlled by one or more of the minority individuals who own it.

"Female owned business" means a business concern which is at least 51% owned by one or

more females, or, in the case of a corporation, at least 51% of the stock in which is owned by one

or more females; and the management and daily business operations of which are controlled by

one or more of the females who own it.

"Business owned by a person with a disability" means a business concern that is at least 51%

owned by one or more persons with a disability and the management and daily business

operations of which are controlled by one or more of the persons with disabilities who own it. A

not-for-profit agency for persons with disabilities that is exempt from taxation under Section 501

of the Internal Revenue Code of 1986 is also considered a "business owned by a person with a

disability".