Fund Management Services for Wales Business Fund

Fund Management Services for Wales Business Fund

Finance Wales plc has been appointed by the Welsh European Funding Office as the Holding Fund/Fund Administrator for a new fund for Welsh-based Micro to Medium Enterprises.

United Kingdom-Caerphilly: Corporate finance and venture capital services

2016/S 043-070187

Contract notice

Services

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

National Procurement Service (NPS) for Wales on behalf of Finance Wales plc (FW)
Ty’r Afon, Bedwas Road
Caerphilly
CF83 8WT
UNITED KINGDOM
E-mail: npsprofessionalservices@wales.gsi.gov.uk
NUTS code: UKLInternet address(es):Main address: www.financewales.co.uk

Address of the buyer profile: http://www.sell2wales.gov.uk/search/Search_AuthProfile.aspx?ID=AA0555

I.2)Joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: http://www.etenderwales.bravosolution.co.uk
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: http://www.etenderwales.bravosolution.co.uk
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at: http://www.etenderwales.bravosolution.co.uk

I.4)Type of the contracting authority

Body governed by public law

I.5)Main activity

Economic and financial affairs

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Provision of Fund Management Services to the Wales Business Fund.

Reference number: NPS-PS-0029-15

II.1.2)Main CPV code

66122000

II.1.3)Type of contract

Services

II.1.4)Short description:

Finance Wales plc (‘FW’) has been appointed by the Welsh European Funding Office as the Holding Fund/Fund Administrator for a new fund for Welsh-based Micro to Medium Enterprises. The new fund will be known as the Wales Business Fund.

For further information about the Fund and FW’s requirements please see Section II.2.4) below.

NPS is facilitating the procurement process on behalf of FW. The tender will be undertaken through the NPS electronic tendering profile atwww.etenderwales.bravosolution.co.uk

Full instructions on accessing the eTender are found in section V1.3 of this notice.

Note: the authority is using eTenderwales to carry out this procurement process. To obtain further information record your interest on Sell2Wales athttp://www.sell2wales.gov.uk/search/search_switch.aspx?ID=41333

II.1.5)Estimated total value

Value excluding VAT: 21 100 000.00 GBP

II.1.6)Information about lots

This contract is divided into lots: no
II.2)Description
II.2.1)Title:
II.2.2)Additional CPV code(s)

II.2.3)Place of performance

NUTS code: UKL

II.2.4)Description of the procurement:

FW has been appointed by the Welsh European Funding Office as the Holding Fund/Fund Administrator for a new fund for Welsh based Micro to Medium Enterprises. The new fund will be known as the Wales Business Fund the ‘Fund’.

The Fund is anticipated to be a 135 900 000 GDP fund comprising 2 sub-funds: Equity and Loans. The Fund will operate within the State aid framework set out in the Communication from the Commission: Guidelines on State aid to promote risk finance investments 2014/C19/04 and will be required to be managed and administered in accordance with the requirements of the Structural Funds legislation.

Making the Fund as accessible as possible to SMEs is crucial, as is ensuring that SMEs have access to the most appropriate finance for their needs, whether that is loan finance or equity finance. A single fund manager acting for the Fund as a whole would be better placed to make a decision about which sub-fund or product would best meet the needs of a particular SME. In addition, as the Fund will be demand led, FW will need to retain complete flexibility and discretion to adjust the capital allocations between the 2 sub-funds to reflect levels of demand and also any changing requirements of WEFO and the Welsh Government. FW recognises that, with no certainty over the level of the funds that may be available in the sub-funds during their term, it would be difficult for suppliers to bid for the fund management agreements.

In light of the above, FW has concluded that it is not appropriate to divide the fund management services into lots. The purpose of the procurement process is to invite professional, financially robust, FCA authorised fund managers with:

a an excellent understanding of the State aid framework and European Structural Funds legislation;

b a demonstrable track record of successfully managing ERDF funded SME investment funds and securing private sector co-financing; and

c the capability of: i managing and administering the Fund in accordance with (and where applicable to exceed) FW’s requirements; and ii delivering the objectives for the Fund, in each case as detailed in the Invitation to Tender (‘ITT’) and related documents for this procurement process

to tender for the provision of management services for the Fund.

Given the nature and make-up of the Fund and the stringent requirements regarding European Structural Funds and State aid, organisations tendering to deliver the services will be required to meet minimum financial and technical selection criteria. Those minimum criteria will be set out in the ITT and related documents and suppliers should consider very carefully whether or not they can meet the same before participating in the procurement process.

NPS is facilitating the procurement process on behalf of FW and is using eTenderwales to carry out this procurement process. Further information regarding the Fund, the services to be provided in respect of the Fund, the procurement process to appoint a fund manager and FW’s requirements regarding the same is set out in the ITT and associated documents for this procurement process, which are available atwww.etenderwales.bravosolution.co.uk

Any organisations interested in participating in the procurement process should access the ITT and related documentation onwww.etenderwales.bravosolution.co.uk and those organisations which consider that they are able to meet FW’s requirements detailed in the ITT and related documentation should submit a tender response by the date set out in section IV.2.2) below.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 21 100 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 144
This contract is subject to renewal: yes
Description of renewals:

The contract is anticipated to commence on 1/6/16 and continue for the investment period and for a further 5 years for realisation of investments. FW anticipates that the investment period will end (a) in relation to the equity sub-fund on 31/5/23 or earlier if the sub-fund is fully invested and (b) in relation to the loans sub-fund on 31/5/22 or before that if the sub-fund is fully invested.

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: yes
Identification of the project: The Wales Business Fund is to be part-funded by the European Regional Development Fund (ERDF) West Wales and the Valleys Programme and the ERDF East Wales Programme
II.2.14)Additional information

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation

III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

List and brief description of conditions:

For FW’s specific requirements, please see the information contained within the ITT and related documents, copies of which can be accessed in accordance with the instructions in sections II.1.4) and VI.3).

III.1.2)Economic and financial standing

List and brief description of selection criteria:

Given the nature and make-up of the Fund and the stringent requirements regarding European Structural Funds and State Aid, organisations tendering to deliver the services will be required to meet minimum economic and financial standing criteria.

Those minimum criteria will be set out in the ITT and related documents and organisations interested in participating in the procurement process should consider very carefully whether or not they can meet the same.

The ITT and related documents can be accessed in accordance with the instructions in sections II.1.4) and VI.3).

III.1.3)Technical and professional ability

List and brief description of selection criteria:

Given the nature and make up of the Fund and the stringent requirements regarding European Structural Funds and State Aid, organisations tendering to deliver the services will be required to meet minimum technical selection criteria.

Those minimum criteria will be set out in the ITT and related documents and organisations interested in participating in the procurement process should consider very carefully whether or not they can meet the same.

Organisations interested in participating in the procurement process should note in particular that they will be required to be authorised and regulated by the Financial Conduct Authority, have previous experience of successfully delivering SME investment funds co-financed with ERDF and have experience of securing significant levels of private sector leverage/co-investment at deal level.

The ITT and related documents can be accessed in accordance with the instructions in sections II.1.4) and VI.3).

III.1.5)Information about reserved contracts
III.2)Conditions related to the contract
III.2.1)Information about a particular profession

III.2.2)Contract performance conditions:

For FW’s specific requirements, please see the information contained within the ITT and related documents, copies of which can be accessed in accordance with the instructions in sections II.1.4) and VI.3).

III.2.3)Information about staff responsible for the performance of the contract

Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Open procedure
IV.1.3)Information about a framework agreement or a dynamic purchasing system
IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: yes
IV.2)Administrative information

IV.2.1)Previous publication concerning this procedure

Notice number in the OJ S: 2015/S 046-079130

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 11/04/2016
Local time: 13:00
IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English

IV.2.6)Minimum time frame during which the tenderer must maintain the tender

Duration in months: 4 (from the date stated for receipt of tender)

IV.2.7)Conditions for opening of tenders

Date: 11/04/2016
Local time: 13:00

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no
VI.2)Information about electronic workflows

VI.3)Additional information:

The Invitation to Tender (itt) documentation can be accessed via

https://etenderwales.bravosolution.co.uk

— The first person from your Organisation to use the Platform will be required to register on behalf of the Organisation.

— Registration involves accepting a User Agreement, and providing basic information about your Organisation and about the User performing the Registration.

— The User who performs the Registration becomes the Super User for the Organisation.

— On registering on the Platform the Super User will select a username and will receive a password.

— The Password will be sent by e-mail to the e-mail address that was specified in the User Details section of the Registration page.

— In order to log-in to the Platform please enter your Username and Password.

— Note: If you forget your Password then visit the homepage and click ‘Forgot your password?’

— Registration should only be performed once for each Organisation.

— If you think that someone in your Organisation may have already registered on this Platform then you must not register again.

— Please contact the person who Registered (i.e. the Super User) in order to arrange access to the Platform.

— Contact the Helpdesk immediately if you are unable to contact the Super User (for example if they have left your Organisation).

How to find the ITT:

— Once logged in you must click on ‘itts Open to all Suppliers’.

— The etender references for this framework are:

itt_53316 Provision of Fund Management Services to the Wales Business Fund

Mandatory itt

A tender response which is compliant with the requirements of the itt must be submitted by all Tenderers:

itt_53316- Click on the title to access summary details of the itt. If you are still interested in submitting a tender, click the ‘Express an Interest button’.

This will move the itt from the ‘Open to all Suppliers’ area to the ‘My itt’s’ on the home page.

— You will then see the full details of the itt in the qualification and technical envelopes along with any relevant documents in the ‘Attachments’ area.

If you have any queries regarding the requirements please message using the e-tenderwales message portal. If you are seeking help on using the etenderwales system please email the bravo solutions

helpdesk at help@bravosolution.co.uk or 0800 3684852

If you require the documentation in an alternative format, please use the ‘Messages’ area to contact the buyer directly, who will be able to provide a more suitable format. For example, Braille, Large Print, Word Document or Audio format.

Neither the Welsh Ministers (NPS), FW nor any of their agents or advisors will be responsible for, or liable for, any costs and expenses incurred by organisations participating in the procurement process and responding to the itt. FW reserves the right at any time without notice and without liability to any bidder to: (i) withdraw from and/or abandon and/or defer the procurement process; and (ii) not to award any contract as a result of the procurement process.

(WA Ref:41333).

VI.4)Procedures for review

VI.4.1)Review body

Finance Wales
1 Capital Quarter, Tyndall Street
Cardiff
UNITED KINGDOM
E-mail: procurement@financewales.co.ukInternet address:www.financewales.co.uk
VI.4.2)Body responsible for mediation procedures

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:

FW will incorporate a minimum standstill period in compliance with the time-scales within the Public Contracts Regulations 2015.

VI.4.4)Service from which information about the review procedure may be obtained

VI.5)Date of dispatch of this notice:

29/02/2016

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