Official UK procurement notice
FUND MANAGEMENT SERVICES IN RELATION TO THE WEST MIDLANDS EQUITY CO-INVESTMENT FUND
Authority: West Midlands Combined Authority (Local council)
What is being bought
Published requirement descriptionThe West Midlands Combined Authority (“WMCA”) and a second investor to the Fund (“Investor 2”) will be establishing a co-investment fund (“the West Midlands Equity Co-Investment Fund” or “the Fund”), making equity investments into the region’s high growth potential SMEs. Both parties aim to have the fund established and ready to launch by no later than 3rd October 2022.
CPV: Banking and investment services · Financial and insurance services · Investment banking services and related services
The lotProcurement structure
single lot · value publishedLot #1The West Midlands Equity Co-Investment Fund (“the Fund” or “WMCO”) is a £25m…Published value£5,000,000
The West Midlands Equity Co-Investment Fund (“the Fund” or “WMCO”) is a £25m co-investment fund to facilitate the provision of equity finance to up to 45, revenue generating businesses with potential for high growth across the Region.
Targeting a minimum 2x return, the Fund will take a sector agnostic approach to its investment, aligned to WMCA regional strategy. WMCA strategic areas include:
- New manufacturing economy – advanced manufacturing;
- Creative and digital (including technology);
- Low carbon and environmental technologies;
- Medical and life sciences;
- Logistics and transport technologies; and
- Construction (building technologies)
Operating over a ten-year life cycle, the Fund will operate as a co-investment fund, investing alongside the public and private sectors on a minimum £1:£1 basis.
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
- Suitability
Requirement to be registered with the FCA (Financial Conduct Authority) at point of Contract Award
- Technical & professional ability
Must be registered with the FCA (Financial Conduct Authority)
Procedure terms & legal framework
From the official record- Procedure method
- Open procedure
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Closed
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Yes (GPA)
- Recurring procurement
- No (one-off requirement)
- First published
- 24 Jun 2022, 11:49 BST
- Last source update
- 28 Jun 2022, 17:27 BST
- Award evaluation window
- 21 Jul 2022 – …
- Authority reference
2022/S 000-017299- FTS notice number
2022/S 000-017674- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-034a38Find a Tender
- Electronic trading
- e-invoicing allowed
- Performance terms
The Limited Partners will require the Fund Manager to follow responsible investment principles. The Limited Partners will work with the Fund Manager to agree and produce a Responsible Investment Policy.
The Fund Manager will be responsible for ensuring the Fund delivers the following socio-economic outputs:
- Number of growth SMEs supported (ERDF definition C3): 45
- New to Company Product supported (ERDF definition C28): 23
- Direct jobs created (ERDF definition C8): 563
- Indirect jobs safeguarded:225
Safeguarded jobs equate to all jobs in place at the point of Fund investment
- Private sector co-investment leveraged (ERDF definition C7): £33.75m (£1.50 for every £1 deployed by WMCO)
At a minimum, the Fund Manager will be asked to report on Fund performance against each of the socio-economic outputs within the Advisory Committee report.
The Fund will also have GVA targets of:
- GVA Gross: £49m
- GVA per £1 of public sector funds invested: £1.96
- Review procedure
WMCA will incorporate a standstill period at the point at which information on the intention to award the contract is communicated to all bidders. The notification will provide full information on the award in accordance with the PCR regulations. The standstill period, which will be a minimum of 10 calendar days, provides time for the unsuccessful bidders to challenge the award decision before the Contract is entered into.
The Public Contract Regulations 2015 (SI 2015 No 102) provide for aggrieved parties who have been harmed or are at risk of being harmed by a breach of the rules to take action on the High Court (England Wales & Northern Ireland).
How it was run
Official noticeTender documents are also served through a separate tool: https://wmca.bravosolution.co.uk/web/login.html ↗
- Submission deadline
- 21 Jul 2022, 11:00 BST
- Submission channel
- {"electronicSubmission","written"}
- Accepted languages
- en
- Bid validity
- 90 days from the deadline
- Bids opened
- 21 Jul 2022, 12:00 BST
Timeline
28 Jun 2022 → 21 Jul 2022 · 3 dates- Notice published28 Jun 2022, 17:27 BST
- Submission deadline21 Jul 2022, 11:00 BST
- Bids opened21 Jul 2022, 12:00 BST
Notice history
2 releases on Find a TenderPublished amendments (1 · 0 deadline changes)
| When | What | Before | After | Shift |
|---|---|---|---|---|
| — | Bid openingConditions for opening of tenders · IV.2.7 | 21 Jul 2022 | 25 Jul 2022 | +4 d |
1 amendment published without a description.
Contracting authority & participating public bodies
Dispute resolution & review bodies
- CEDRMediation bodyReview contact point
- The High Court of JusticeReview body
Official documents & specifications (2)
Official links; attachments are not copiedTender pack and attachments
- Economic and financial selection criteria
- Technical selection criteria