PROPER DD 214 VERIFICATION AND HONORABLE DISCHARGE; OR
(II) SERVICE-DISABLED VETERAN-OWNED INVESTMENT
MANAGEMENT FIRM WITH A LETTER FROM THE UNITED STATES
DEPARTMENT OF VETERAN AFFAIRS.
(3) BE A MINORITY-OWNED OR WOMEN-OWNED INVESTMENT
MANAGEMENT FIRM APPROVED BY THE OFFICE OF MINORITY AND WOMEN
BUSINESS ENTERPRISE IN ACCORDANCE WITH THE CRITERIA
ESTABLISHED BY EXECUTIVE ORDER NO. 1987-18 AND 4 PA. CODE §
68.204 (RELATING TO ELIGIBILITY STANDARDS).
§ 8546. REQUIREMENTS AND LIMITATIONS OF FIRMS.
(A) EQUITY, COMMODITY OR ABSOLUTE RETURN EXPOSURE FIRMS.--
FIRMS CONSIDERED TO PROVIDE EQUITY, COMMODITY OR ABSOLUTE RETURN
EXPOSURE MAY NOT HAVE MORE THAN $1,500,000,000 OF TOTAL ASSETS
UNDER MANAGEMENT WHEN HIRED. IF THE TOTAL ASSETS UNDER
MANAGEMENT EXCEED $3,000,000,000, THE INVESTMENT MANAGERS SHALL
BE TERMINATED IN A REASONABLE PERIOD OF TIME.
(B) FIXED-INCOME EXPOSURE FIRMS.--FIRMS CONSIDERED TO
PROVIDE FIXED-INCOME EXPOSURE SHALL HAVE NO MORE THAN
$3,000,000,000 OF TOTAL ASSETS UNDER MANAGEMENT WHEN HIRED. IF
THE TOTAL ASSETS UNDER MANAGEMENT EXCEEDS $6,000,000,000,
EXISTING INVESTMENT MANAGERS SHALL BE TERMINATED WITHIN A
REASONABLE PERIOD OF TIME.
(C) PERFORMANCE-BASED FEE ACCOUNTS.--FOR PERFORMANCE-BASED
FEE ACCOUNTS, A MANAGER MUST EXCEED BOTH A HURDLE RATE AND A
HIGH WATER MARK BEFORE THE MANAGER CAN EARN THE PERFORMANCE-
BASED FEE.
(D) TRANSITION TO MAIN FUND.--INVESTMENT MANAGERS HIRED INTO
THE PROGRAM MAY CONTINUE IN THE PROGRAM FOR A PERIOD OF AT LEAST
THREE YEARS, BUT NOT MORE THAN FIVE YEARS. IF THE INVESTMENT
MANAGER GENERATES STRONG RISK ADJUSTED RETURNS, THE INVESTMENT
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