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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