Fund Manager Loughborough University
We are seeking a fund manager to manage the Lachesis Fund. UK-Loughborough: banking and investment services
2012/S 32-051992
Contract notice
Services
Directive 2004/18/EC
Section I: Contracting authority
I.1)Name, addresses and contact point(s)
Loughborough University
Purchasing Office
For the attention of: Steve Warren
LE11 3TU Loughborough
UNITED KINGDOM
Telephone: +44 1509223625
E-mail: S.R.Warren@lboro.ac.uk
Internet address(es):
General address of the contracting authority: http://www.in-tendhost.com/loughborouni/
Address of the buyer profile: http://www.in-tendhost.com/loughborouni/
Further information can be obtained from: The above mentioned contact point(s)
Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: The above mentioned contact point(s)
Tenders or requests to participate must be sent to: The above mentioned contact point(s)
I.2)Type of the contracting authority
Body governed by public law
I.3)Main activity
Education
I.4)Contract award on behalf of other contracting authorities
The contracting authority is purchasing on behalf of other contracting authorities: no
Section II: Object of the contract
II.1)Description
II.1.1)Title attributed to the contract by the contracting authority:
LU00366 – Provision of a fund manager.
II.1.2)Type of contract and location of works, place of delivery or of performance
Services
Service category No 6: Financial servicesa)Insurances services b)Banking and investment services
Main site or location of works, place of delivery or of performance: Loughborough University.
NUTS code UKF22
Service category No 6: Financial servicesa)Insurances services b)Banking and investment services
Main site or location of works, place of delivery or of performance: Loughborough University.
NUTS code UKF22
II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)
The notice involves a public contract
II.1.4)Information on framework agreement
II.1.5)Short description of the contract or purchase(s)
We are seeking a fund manager to manage the Lachesis Fund.
The Lachesis Fund invests in spin out companies emerging from our partner Universities (Loughborough University, De Montfort University, University of Leicester, University of Nottingham and Nottingham Trent University and Associate Partners Lincoln University, University of Derby and the University of Northampton). Investments range in size from 25 000 to 250 000.
Lachesis is a ‘seed-corn’ fund currently with a limited investment capacity that exists for early stage technologies in the higher education sector.
The fund manager will need to undertake a number of specific roles. As the general partner, the Fund Manager will be responsible for the management of the fund and for the investment decisions and portfolio. In addition raising additional funding is a key strategic objective of the fund and an incentivisation structure will be considered to reward success.
The Lachesis Fund invests in spin out companies emerging from our partner Universities (Loughborough University, De Montfort University, University of Leicester, University of Nottingham and Nottingham Trent University and Associate Partners Lincoln University, University of Derby and the University of Northampton). Investments range in size from 25 000 to 250 000.
Lachesis is a ‘seed-corn’ fund currently with a limited investment capacity that exists for early stage technologies in the higher education sector.
The fund manager will need to undertake a number of specific roles. As the general partner, the Fund Manager will be responsible for the management of the fund and for the investment decisions and portfolio. In addition raising additional funding is a key strategic objective of the fund and an incentivisation structure will be considered to reward success.
II.1.6)Common procurement vocabulary (CPV)
66100000, 66140000
II.1.7)Information about Government Procurement Agreement (GPA)
The contract is covered by the Government Procurement Agreement (GPA): yes
II.1.8)Lots
This contract is divided into lots: no
II.1.9)Information about variants
Variants will be accepted: no
II.2)Quantity or scope of the contract
II.2.1)Total quantity or scope:
Specific activities include but are not necessarily limited to:
1. Developing a plan for securing investment and operating finance for the Fund is a key strategic objective of the Fund, and a credible plan to achieve this will be a major element in reviewing tenders. An incentivisation proposal to reward success in this area will be considered;
2. Ensuring timely realisation of returns to the Fund, aiming to achieve evergreen status;
3. Ensuring compliance with ERDF operations, forecasting, data collection, monitoring requirements and audits;
4. Preparing quarterly and annual reports for the IAC, Limited Partners and other stakeholders;
5. Reviewing and considering potential investments proposed by the Universities and existing portfolio spinouts performing such due diligence as is appropriate;
6. Making and monitoring investments and ensuring appropriate reporting routines;
7. Where appropriate appointing Executive Directors or Non-Executive Directors to the board of spin out companies receiving investments;
8. Managing the assets of the partnership on a full discretionary basis to include the acquisition, subscription, retention, exchange, sale or other dealing in Investments subject to Lachesis standard operating procedures;
9. Where appropriate providing direct advice to investee companies and projects;
10. Reporting on the Fund and its investments to the partners, and stakeholder representatives including attending meetings with the University partners, the IAC and funding stakeholders e.g. ERDF team;
11. Providing advice and support to Universities on the investment readiness of new projects and ideas.
With the exception of point 1 above we have an indicative budget of 80k per annum. Tenderers are asked to set out their proposals for any additional incentive based fees as part of their response to the invitation to tender.
There is currently a proposal officer who assists with the administration of meetings, and stakeholder reporting, including drafting of ERDF reports. There is also an accountancy support service providing detailed records of transactions for ERDF reporting, as well and management and financial accountancy services. The idle funds are held by Loughborough University on behalf of the partnership and it is not anticipated that this arrangement will change.
1. Developing a plan for securing investment and operating finance for the Fund is a key strategic objective of the Fund, and a credible plan to achieve this will be a major element in reviewing tenders. An incentivisation proposal to reward success in this area will be considered;
2. Ensuring timely realisation of returns to the Fund, aiming to achieve evergreen status;
3. Ensuring compliance with ERDF operations, forecasting, data collection, monitoring requirements and audits;
4. Preparing quarterly and annual reports for the IAC, Limited Partners and other stakeholders;
5. Reviewing and considering potential investments proposed by the Universities and existing portfolio spinouts performing such due diligence as is appropriate;
6. Making and monitoring investments and ensuring appropriate reporting routines;
7. Where appropriate appointing Executive Directors or Non-Executive Directors to the board of spin out companies receiving investments;
8. Managing the assets of the partnership on a full discretionary basis to include the acquisition, subscription, retention, exchange, sale or other dealing in Investments subject to Lachesis standard operating procedures;
9. Where appropriate providing direct advice to investee companies and projects;
10. Reporting on the Fund and its investments to the partners, and stakeholder representatives including attending meetings with the University partners, the IAC and funding stakeholders e.g. ERDF team;
11. Providing advice and support to Universities on the investment readiness of new projects and ideas.
With the exception of point 1 above we have an indicative budget of 80k per annum. Tenderers are asked to set out their proposals for any additional incentive based fees as part of their response to the invitation to tender.
There is currently a proposal officer who assists with the administration of meetings, and stakeholder reporting, including drafting of ERDF reports. There is also an accountancy support service providing detailed records of transactions for ERDF reporting, as well and management and financial accountancy services. The idle funds are held by Loughborough University on behalf of the partnership and it is not anticipated that this arrangement will change.
II.2.2)Information about options
Options: no
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion
Duration in months: 24 (from the award of the contract)
Section III: Legal, economic, financial and technical information
III.1)Conditions relating to the contract
III.1.1)Deposits and guarantees required:
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:
III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:
Joint and several liability will be required in the event of a consortia bid.
III.1.4)Other particular conditions
The performance of the contract is subject to particular conditions: no
III.2)Conditions for participation
III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers
III.2.2)Economic and financial ability
Minimum level(s) of standards possibly required: Pass/Fail – refer to the ITT document.
III.2.3)Technical capacity
Information and formalities necessary for evaluating if the requirements are met:
Refer to the ITT document.
Minimum level(s) of standards possibly required:
Refer to the ITT document.
Refer to the ITT document.
Minimum level(s) of standards possibly required:
Refer to the ITT document.
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts
III.3.1)Information about a particular profession
Execution of the service is reserved to a particular profession: no
III.3.2)Staff responsible for the execution of the service
Legal persons should indicate the names and professional qualifications of the staff responsible for the execution of the service: no
Section IV: Procedure
IV.1)Type of procedure
IV.1.1)Type of procedure
Open
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate
Envisaged number of operators: 1
IV.1.3)Reduction of the number of operators during the negotiation or dialogue
Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated no
IV.2)Award criteria
IV.2.1)Award criteria
The most economically advantageous tender in terms of the criteria stated in the specifications, in the invitation to tender or to negotiate or in the descriptive document
IV.2.2)Information about electronic auction
An electronic auction will be used: no
IV.3)Administrative information
IV.3.1)File reference number attributed by the contracting authority:
LU00366
IV.3.2)Previous publication(s) concerning the same contract
no
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
Time limit for receipt of requests for documents or for accessing documents: 2.4.2012
Payable documents: no
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate
2.4.2012
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates
IV.3.6)Language(s) in which tenders or requests to participate may be drawn up
English.
IV.3.7)Minimum time frame during which the tenderer must maintain the tender
Duration in months: 3 (from the date stated for receipt of tender)
IV.3.8)Conditions for opening tenders
Place:
Loughborough University.
Persons authorised to be present at the opening of tenders: yes
Additional information about authorised persons and opening procedure: Procurement Coordinator plus nominee.
Section VI: Complementary information
VI.1)Information about recurrence
This is a recurrent procurement: no
VI.2)Information about European Union funds
The contract is related to a project and/or programme financed by European Union funds: no
VI.3)Additional information
Suppliers interested in applying for documents must do so by applying on line at the address stated in I.1 and repeated again below:http://www.in-tendhost.com/loughborouni/.
VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
VI.4.3)Service from which information about the lodging of appeals may be obtained
VI.5)Date of dispatch of this notice:14.2.2012