Find a TenderClosed
Published 20 Jul 2021, 16:15 BST

Official UK procurement notice

LGPS Central UK Direct Property Fund Depositary

Official notice

Authority: LGPS CENTRAL LIMITED (Public body)

ServicesCompetitive dialogue
Budget not disclosedValue not published
Submissions closed 30 Jul 2021

What is being bought

Published requirement description

LGPS Central will be the AIFM of the Property ACS and wishes to appoint a Depositary to: - Provision of a Formal Property Procedure for the sale and disposal of assets the Investment Manager will be expected to follow.- Monitoring the AIF’s cash flows.- Monitoring that the investor transactions, sale, issue, repurchase and redemption of units in the funds are processed correctly and on a timely basis.- Monitoring that the investments are appropriate.- Oversight of the register of investors.- Monitoring NAV calculations according to the prospectus and regulatory requirements.- Oversight of income and distributions.- Monitoring reconciliation of cash accounts and reviewing cash flows.- How you will hold the fund’s assets and how this is specifically tailored for a property fund.An overview of the services in respect of the Project is set out in the Selection Questionnaire document on the In-tend system.

CPV: Financial and insurance services

The lotProcurement structure

single lot · no lot value published
Lot #1LGPS Central Limited (LGPS Central) is an Alternative Investment Fund Manager (AIFM)…Renewal

LGPS Central Limited (LGPS Central) is an Alternative Investment Fund Manager (AIFM) and an investment advisor, authorised and regulated by the Financial Conduct Authority (FCA). It was established to manage investment assets on behalf of eight Local Government Pension Scheme (LGPS) funds across the Midlands (Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands, and Worcestershire) (the Partner Funds). It is jointly owned on an equal-shares basis by the eight Partner Funds. LGPS Central currently has approximately £45bn of assets under management, including £17bn in the LGPS Central Limited Authorised Contractual Scheme (the LGPSC ACS). It also provides consultancy and investment advisory services, to the Partner Funds.Three of the LGPS Central’s Partner Funds have expressed interest in investing new monies in a pooled direct property fund and it has been agreed that such a fund will be set up as a sub-fund under a new authorised contractual scheme structure, to be known as the LGPS Central Property ACS ( the Property ACS).The sub-fund will be called the LGPS Central UK Direct Property Fund (the Fund).It is anticipated that the Fund will be launched by the end of 2021 with approximately £150million of investment of new money from the three Partner Funds. It is expected that over time this amount will grow (expected to reach approximately £500m in 7 years) and include cash investment from other Partner Funds.LGPS Central will be the AIFM of the Property ACS and wishes to appoint a Depositary to: - Provision of a Formal Property Procedure for the sale and disposal of assets the Investment Manager will be expected to follow.- Monitoring the AIF’s cash flows.- Monitoring that the investor transactions, sale, issue, repurchase and redemption of units in the funds are processed correctly and on a timely basis.- Monitoring that the investments are appropriate.- Oversight of the register of investors.- Monitoring NAV calculations according to the prospectus and regulatory requirements.- Oversight of income and distributions.- Monitoring reconciliation of cash accounts and reviewing cash flows.- How you will hold the fund’s assets and how this is specifically tailored for a property fund.An overview of the services in respect of the Project is set out in the Selection Questionnaire document on the In-tend system.

Extensions: 7 year + 3 year contract duration. Renewal is dependent on meeting agreed performance.Second stage: 3–5 candidates invited to tenderVariant bids: not allowed

Procedure terms & legal framework

From the official record
Procedure method
Competitive dialogue
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
Unspecified in notice
Recurring procurement
No (one-off requirement)
First published
20 Jul 2021, 16:15 BST
Last source update
27 Jul 2021, 18:14 BST
Authority reference
PRP0010
FTS notice number
2021/S 000-015260
Classification (CPV)
Financial and insurance services
Delivery area
East Midlands (UKF)West Midlands (UKG)
Official registry OCID
ocds-h6vhtk-02c30f Find a Tender

How it was run

Official notice
Run through: In-tend · Who buys & how to bid on In-tend
Supplier login requiredLanguage: EN
Access & registration note: Free · one account per buying organisation's portal · reCAPTCHA on signup
Submission deadline
30 Jul 2021, 12:00 BST
Submission channel
{"electronicSubmission","written"}
Accepted languages
en
Detailed submission instructions & authority contactsFrom official release

Timeline

27 Jul 2021 → 30 Jul 2021 · 2 dates
  1. Notice published
    27 Jul 2021, 18:14 BST
  2. Submission deadline
    30 Jul 2021, 12:00 BST

Notice history

3 events · 2 releases on Find a Tender · since 27 Jul 2021
  1. Status changed to active
    27 Jul 2021, 18:14 BST
  2. Procurement method changed
    27 Jul 2021, 18:14 BST
  3. Deadline moved to 30 Jul 2021, 12:00 BST
    27 Jul 2021, 18:14 BST
    -3 days · was 2 Aug 2021, 12:00 BST
Published amendments (1 · 1 deadline change)
WhenWhatBeforeAfterShift
—DeadlineIV.2.2)30 Jul 20212 Aug 2021+3 d

1 amendment published without a description.

Contracting authority & participating public bodies

LGPS Central Limited

Contracting authorityPublic bodyBody governed by public lawEconomic affairs Mander House, Mander Centre, Wolverhampton, West Midlands, WV1 3NBContact email Published organisation website ↗

Official documents & specifications

Official links; attachments are not copied

No document links were published on the notice.