Green Growth West Impact Fund - Fund Management - Market Engagement

{
  "id": "035431-2024",
  "tag": [
    "planning"
  ],
  "date": "2024-11-01T10:25:00Z",
  "ocid": "ocds-h6vhtk-04b32b",
  "buyer": {
    "id": "GB-FTS-128846",
    "name": "West of England Combined Authority"
  },
  "tender": {
    "id": "ocds-h6vhtk-04b32b",
    "lots": [
      {
        "id": "1",
        "status": "planned",
        "description": "The West of England Combined Authority will be holding an online market engagement event, prior to release of the invitation to tender, on the 13th November 2024 for interested parties to understand more detail around the requirement to procure an appropriately qualified and experienced AIFM.\nParties wishing to register to attend the market engagement event should register interest with Angel Prado at angel.prado@westofengland-ca.gov.uk.\nDetails of the requirement are shown below:\nThe West of England Combined Authority (MCA)  is seeking to launch a £100m Green Growth West Impact Fund (GGWIF) seed capitalized by the MCA with £10m as a cornerstone investor.  GGWIF has been designed to assist with the tackling of ambitious goals set out in its 2023 Climate and Ecological Strategy and Action Plan, by generating significant environmental, social and economic impacts while preserving and amplifying the Combined Authority's capital.\nThis MCA is seeking to procure an appropriately qualified and experienced AIFM  to go to market and raise matching capital from significant external public and importantly, private investors, aiming at a 10x multiple of the Combined Authority's impact.\nThe MCA requires the appointed AIFM to be able to demonstrate the following attributes as part of the procurement process:\n1.\tA competitive / market standard fees and fund structure\n2.\tA Track record ( above the median/ top quartile for benchmark \n        funds ) of previous funds\n3.\tA strong experienced proven management team\n4.\tThe ability to demonstrate evidence of a sound investment \n        strategy with projected return ( financial and impact) \n       exceeding what would normally be expected in the sector \n       context\n5.\tA visible pipeline and clear origination strategy\n6.\tEvidence of high quality performing underlying assets for \n        existing funds\n7.\tEvidence of of access to a strong investor base and significant \n        fund-raising experience \n8.\tEvidence of strong governance and management systems in \n        place \n9.\tESG / Impact reporting experience at a regulated fund \n        reporting level\n10.\tA commitment to work with the MCA Grant funded BBRC \n        Investment Readiness Advisory Service (IRAS) as illustrated 1 \n        Terms & Conditions of the Appointment:\n•\tAnticipated AIFM appointment Date : Q1 2025\n•\tAnticipated First Close Q2 2025\n•\tTarget first Close Assets Under Management (AUM) : (£60m)\n•\tAnticipated Final Close Q1 2026\n•\tTarget Final Close Assets under Management(AUM) : (£100m)\n•\tFund Deployment Phase : Q2 25 - Q2 2030\n•\tFund Duration: 12 years with the potential ( subject to \n         contract) to extend by 3 years\n•\tTarget yield 6-8% after all Annual Management Fees are \n        accounted for, excluding establishment fees (to be \n        determined by competitive ITT)\n•\tTarget Debt to Equity ratio: A minimum of 70% Debt and a \n        maximum of 30% Equity\n•\tA minimum of a 2% AIFM commitment of target final close \n       AUM \nThe MCA is seeking to appoint a suitably qualified AIFM for the duration of the fund\nAdditional Performance Criteria:\nThe MCA appointed AIFM will be required to provide Investment Committee rigour and regulatory compliance, plus be expected to bring considerable infrastructure investing technical knowledge, and experience from across the UK. In addition, the AIFM will directly (and in partnership with the  MCA Grant funded BBRC Investment Readiness Advisory Service 1) carry out the role of on-the-ground investment origination, due diligence and transaction structuring, preparing cases for Investment Committee and closing approved deals, producing reporting data, and retaining a close relationship with the investors.\nThe AIFM is expected to work closely with the IRAS as a source of investment origination, and there will be clear segregation of duties between the work of the IRAS and the regulated activities of the Fund1. Additional information: Parties wishing to register to attend the market engagement event should register interest with Angel Prado at angel.prado@westofengland-ca.gov.uk."
      }
    ],
    "items": [
      {
        "id": "1",
        "relatedLot": "1",
        "deliveryAddresses": [
          {
            "region": "UKK"
          }
        ]
      }
    ],
    "title": "Green Growth West Impact Fund - Fund Management - Market Engagement",
    "status": "planned",
    "legalBasis": {
      "id": "32014L0024",
      "scheme": "CELEX"
    },
    "description": "Market engagement by the West of England Combined Authority to advise and engage with the market  ahead of a Financial Conduct Authority (FCA) Alternative Investment Fund Manager (AIFM) appointment by competitive Invitation to Tender (ITT) to establish and administer the West of England Combined Authority proposed  Green Growth West Impact Fund.",
    "communication": {
      "futureNoticeDate": "2024-11-27T00:00:00Z"
    },
    "classification": {
      "id": "66100000",
      "scheme": "CPV",
      "description": "Banking and investment services"
    },
    "mainProcurementCategory": "services"
  },
  "parties": [
    {
      "id": "GB-FTS-128846",
      "name": "West of England Combined Authority",
      "roles": [
        "buyer"
      ],
      "address": {
        "region": "UKK11",
        "locality": "bristol",
        "postalCode": "BS16EW",
        "countryName": "United Kingdom",
        "streetAddress": "70 redcliffe street"
      },
      "details": {
        "url": "https://www.westofengland-ca.gov.uk/",
        "classifications": [
          {
            "id": "REGIONAL_AUTHORITY",
            "scheme": "TED_CA_TYPE",
            "description": "Regional or local authority"
          },
          {
            "id": "01",
            "scheme": "COFOG",
            "description": "General public services"
          }
        ]
      },
      "identifier": {
        "legalName": "West of England Combined Authority",
        "noIdentifierRationale": "notOnAnyRegister"
      },
      "contactPoint": {
        "url": "https://www.westofengland-ca.gov.uk/",
        "name": "Paul Smith",
        "email": "paul.smith@westofengland-ca.gov.uk",
        "telephone": "+44 7500040480"
      }
    }
  ],
  "language": "en",
  "description": "Parties wishing to register to attend the market engagement event should register interest with Angel Prado at angel.prado@westofengland-ca.gov.uk.",
  "initiationType": "tender"
}