Fund Manager Loughborough University
We are seeking a fund manager to manage the Lachesis Fund. UK-Loughborough: banking and investment services
Section I: Contracting authority
For the attention of: Steve Warren
LE11 3TU Loughborough
Telephone: +44 1509223625
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)
Section II: Object of the contract
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
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.
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.
Section III: Legal, economic, financial and technical information
Refer to the ITT document.
Minimum level(s) of standards possibly required:
Refer to the ITT document.
Section IV: Procedure
Payable documents: no
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
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.5)Date of dispatch of this notice:14.2.2012