Pension Fund Investment London

Pension Fund Investment London

The Pension Fund of the London Borough of Newham invites proposals for the management of an investment in Private Corporate Debt (Direct Lending) through a pooled fund vehicle.

United Kingdom-London: Pension investment services

2016/S 231-421033

Contract notice

Services

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

London Borough of Newham
Newham Dockside 1000, Dockside Road
London
E16 2QU
United Kingdom
Contact person: Rakesh Rajan
E-mail: rakesh.rajan@oneSource.co.uk
NUTS code: UKI12
Internet address(es):Main address: www.newham.gov.uk
I.2)Joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: https://impp.bfinance.com/
Additional information can be obtained from another address:
bfinance UK Ltd
Clareville House, 26-27 Oxendon street
London
SW1Y 4EL
United Kingdom
Contact person: Gwenaelle Rose
Telephone: +44 2077478619
E-mail: grose@bfinance.com
NUTS code: UKI11
Internet address(es):Main address: https://impp.bfinance.com/
Tenders or requests to participate must be submitted to the abovementioned address

I.4)Type of the contracting authority

Regional or local authority

I.5)Main activity

Other activity: Pension

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Pension fund investment – Private Corporate Debt (Direct Lending).

II.1.2)Main CPV code

66131100

II.1.3)Type of contract

Services

II.1.4)Short description:

The Pension Fund of the London Borough of Newham invites proposals for the management of an investment in Private Corporate Debt (Direct Lending) through a pooled fund vehicle. The Pension Fund of the London Borough of Newham does not wish to be contacted during the tender process. Please contact bfinance for any queries regarding the tender.

II.1.5)Estimated total value

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: UKI12

II.2.4)Description of the procurement:

Asset Class: Private Corporate Debt (Direct Lending)

Size of mandate: Approx. 110 000 000 GBP to be invested with 1 or 2 manager(s).

— Pooled Fund structure;

— Minimum Fund size 400 000 000 GBP;

— GBP share class preferred;

— Absolute return in terms of target NET IRR of 6 % to 8 %+ (net of fees);

— Looking for LIBOR +4 % to 5 %;

— Minimum hurdle of 4 %;

— Investment Horizon of 3-5 years investment period and total fund life 5-10 years.

Type of management:

— Buy-and-hold of corporate private debt.

Allocation:

— Primarily senior debt focus;

— Preference for 1 global manager, but the client is willing to consider two managers (1 focused on the US and 1 on Europe);

— Limited cov. light deals;

— No specific requirements in terms of duration/maturity of the loans;

— The Client has a preference to represent no more than 20 % of Fund commitments.

Portfolio Diversification:

— Broadly diversified by asset types and sectors, concentration limits relevant to specific type of private debt.

Minimum Requirements:

— Bidders are required to be a regulated entity (FCA or equivalent);

— The Client would like to see demonstrable experience in the strategy, asset class, whether this is at the firm level or attributable to members of the investment team from prior firms;

— Fund should be a minimum size of 400 000 000 GBP;

— Unlevered fund only;

— At least one fund post investment period with some realizations;

— Preference for managers with a UK office or at least a dedicated UK Client Services;

— Quarterly reports, quarterly investor level capital statements, annual audited financial statements for the fund;

— Multi-managers (fund of funds) will not be considered.

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

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

Duration in months: 60
This contract is subject to renewal: yes
Description of renewals:

It is intended that the contract will continue in force until such time as is determined in accordance with the provisions contained in the contract.

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: no

II.2.14)Additional information

See the tender documentation. The procurement documents can be obtained on the bfinance website https://impp.bfinance.com/Alternatively you may contact bfinance using the email address Newham@bfinance.com

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:

See the procurement documents.

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents
III.1.5)Information about reserved contracts
III.2)Conditions related to the contract

III.2.1)Information about a particular profession

Execution of the service is reserved to a particular profession
Reference to the relevant law, regulation or administrative provision:

An institution authorised to accept deposits in the United Kingdom. Providers must be authorised under the Financial Services Act 1986 or any equivalent legislation in any EU member state. Providers must satisfy the requirements of the Superannuation Act 1972 and the Local Government Pension Scheme (Management and Investment of Funds) regulations 1998 (as amended).

III.2.2)Contract performance conditions:

See the procurement documents.

III.2.3)Information about staff responsible for the performance of 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: no
IV.2)Administrative information
IV.2.1)Previous publication concerning this procedure

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

Date: 04/01/2017
Local time: 12:00
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: 6 (from the date stated for receipt of tender)

IV.2.7)Conditions for opening of tenders

Date: 04/01/2017
Local time: 14:00

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:
VI.4)Procedures for review

VI.4.1)Review body

bfinance UK Ltd
London
United Kingdom
VI.4.2)Body responsible for mediation procedures

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:

As detailed in procurement documents.

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

VI.5)Date of dispatch of this notice:

28/11/2016

 

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