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Published 16 Aug 2022, 11:53 BST

Official UK procurement notice

Private Markets Fund Administrator and Portfolio Monitoring System

Official notice

Authority: LGPS CENTRAL LIMITED (Public body)·Consortium: 2 public authorities

ServicesCompetitive procedure with negotiation
Sectors: Software Packages & ERP (48)Financial and insurance services (66) Delivery: West Midlands (UKG3)
Published estimate£11,600,000exc. VAT
Submissions closed 19 Sept 2022awarded 21 Mar 2023
Awarded to State Street Bank and Trust Company6 awards

What is being bought

Published requirement description

LGPS Central manages on behalf of its Partner Funds a range of investments in Private Equity, Private Debt and Infrastructure. These are all managed in-house via Scottish Limited Partnership ("SLP") structure, whereby LGPSC sources and commits to fund investments on behalf of the investors.LGPS Central wishes to outsource the administration of all these investments and appointment a Fund Administrator. In addition, LGPS Central requires the provision of a Portfolio Monitoring System for these investments.

CPV: Financial information systems · Financial markets administration services

The lotProcurement structure

single lot · value published
Lot #1LGPS Central manages on behalf of its Partner Funds a range of investments in Private…AwardedRenewalPublished value£11,600,000

LGPS Central manages on behalf of its Partner Funds a range of investments in Private Equity, Private Debt and Infrastructure.

These are all managed in-house via Scottish Limited Partnership ("SLP") structure, whereby LGPSC sources and commits to fund investments on behalf of the investors. LGPS Central wishes to outsource the administration of all these investments and appointment a Fund Administrator.

In addition, LGPS Central requires the provision of a Portfolio Monitoring System for these investments.

Delivery: West Midlands
Extensions: Initial 36 month contract with the option of 2 x 12 month renewals. Renewals will be granted at the absolute discretion of LGPS Central Limited.Second stage: 3–5 candidates invited to tenderVariant bids: not allowed
48812000 Financial information systems66150000 Financial markets administration services

What it takes to win
i

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 more
How bids were scored
  • Price
Successive reduction
Candidates will be reduced successively across stages

Procedure terms & legal framework

From the official record
Procedure method
Competitive procedure with negotiation
Legal basis
CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
Procurement category
Services
Notice status
Awarded
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
16 Aug 2022, 11:53 BST
Last source update
19 Jun 2026, 12:51 BST
FTS notice number
2026/S 000-058040
Classification (CPV)
Financial information systemsFinancial markets administration services
Delivery area
West Midlands (UKG3)
Official registry OCID
ocds-h6vhtk-035ecd Find a Tender

How it was run

Official notice
Submission deadline
19 Sept 2022, 12:00 BST
Submission channel
{"written"}
Accepted languages
en
Bid validity
360 days from the deadline

Timeline

19 Sept 2022 → 19 Jun 2026 · 3 dates
  1. Submission deadline
    19 Sept 2022, 12:00 BST
  2. Invitations to tender expected
    12 Oct 2022, 00:00 BST
  3. Notice published129 days ago
    19 Jun 2026, 12:51 BST

Notice history

2 events · 8 releases on Find a Tender · since 21 Mar 2023
  1. Status changed to complete
    21 Mar 2023, 16:24 GMT
  2. Buyer details updated
    30 Dec 2025, 14:54 GMT
Published amendments (1 · 0 deadline changes)
WhenWhatBeforeAfterShift
—TextII.1.5) Estimated total value · II£11,600,000£9,600,000
—TextII.2.6) Estimated Value · II£11,600,000£9,600,000

1 amendment published without a description.

Routine re-releases (8)
  • 2026-01: 1 release · 28 Jan 2026
  • 2025-12: 1 release · 30 Dec 2025
  • 2023-03: 1 release · 21 Mar 2023
  • 2022-08: 2 releases · 16 Aug 2022, 16 Aug 2022

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast
Awards 6
Awarded value £6,150,3661 contract exc. VAT · 4 repeated publications of the same award counted once
Bids received 6
Contracts signed 6latest 21 Mar 2023
Awarded toValueDateStatus
State Street Bank and Trust Company£4,919,356 †same award published again · counted once—Awarded
State Street Bank and Trust Company——Awarded
State Street Bank and Trust Company£5,396,241 †same award published again · counted once—Awarded
State Street Bank and Trust Company£5,799,366 †same award published again · counted once—Awarded
State Street Bank and Trust Company£6,150,366 †—Awarded
State Street Bank and Trust Company£4,196,689 †same award published again · counted once—Awarded

Contracts

  • Contract 007426-2026-SYSTEM00000018-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    £4,919,356
    Status
    active
    • Change LGPS Central are required to deliver a greater level of oversight and governance in relation to legacy assets of our current and new Partner Funds and therefore improved reporting functionality is required. The modification required for improved reporting functionality does not alter the overall nature of the contract or exceed 50% of the original contract value., Need for additional works, services or supplies by the original contractor/concessionaire: Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets by the 1st April 2026. As part of these expedited transitions, improved reporting functionality is required. As LGPC's current reporting functionality is delivered through this contract, a change of contractor to deliver the improved functionality would cause significant inconvenience, substantial duplication of costs and cause issues of technical interoperability with the current core reporting functionality.

  • Contract 008215-2023-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    —
    Status
    active

  • Contract 034962-2026-SYSTEM00000018-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    £5,396,241
    Status
    active
    • Change LGPS Central are required to deliver fund administration services in relation to legacy assets of our newly added Partner Funds, as of the 1st April 2026. These additional services do not alter the overall nature of the contract or exceed 50% of the original contract value., Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee: Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets (and deliver fund administration services in relation to these assets) by the 1st April 2026. The challenging nature of this deadline was unforeseen and therefore a modification to our current contract is required to deliver the required services in-line with the timescales prescribed by Government. The new Partner Funds joining LGPS Central were not officially confirmed until the 1st April 2026.

  • Contract 035134-2026-SYSTEM00000018-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    £5,799,366
    Status
    active
    • Change LGPS Central are required to deliver a greater level of oversight and governance in relation to legacy assets of our new Partner Funds (as of 1st April 2026) and therefore improved reporting functionality is required. The modification required for improved reporting functionality does not alter the overall nature of the contract or exceed 50% of the original contract value., Need for additional works, services or supplies by the original contractor/concessionaire: Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets for our new partner funds. As part of these expedited transitions, improved reporting functionality is required. Confirmation of the new Partner Funds joining LGPS Central Limited was not officially confirmed until 1st April 2026. As LGPC's current reporting functionality is delivered through this contract, a change of contractor to deliver the improved functionality would cause significant inconvenience, substantial duplication of costs and cause issues of technical interoperability with the current core reporting functionality.

  • Contract 058040-2026-SYSTEM00000018-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    £6,150,366
    Status
    active
    • Change LGPS Central have a requirement to deliver services in relation to calculation and reporting of investment performance for three of the partner funds that joined LGPS Central on 1st April 2026., Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee: Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets (and deliver fund administration services, including reporting on investment performance, in relation to these assets) for all partner funds, including those who joined on the 1st April 2026. The challenging nature of this deadline was unforeseen and therefore a modification to our current contract is required to deliver the required services in-line with the timescales prescribed by Government. The new Partner Funds joining LGPS Central were not officially confirmed until the 1st April 2026.

  • Contract 086465-2025-SYSTEM00000018-1 · State Street Bank and Trust Company

    Signed
    21 Mar 2023
    Value
    £4,196,689
    Status
    active
    • Change LGPS Central are required to deliver fund administration services in relation to legacy assets of our current Partner Funds. These additional services do not alter the overall nature of the contract., Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee: Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets (and deliver fund administration services in relation to these assets) by the 1st April 2026. The challenging nature of this deadline was unforeseen and therefore a modification to our current contract is required to deliver the required services in-line with the timescales prescribed by Government.

Bid statistics published by the authority

BidsSMEVCSEValid bid range
6bids · 6 electronic0—£3,374,689 – £5,429,800

Contracting authority & participating public bodies

2 public bodies on the notice

LGPS CENTRAL LIMITED

Contracting authorityPublic bodyBody governed by public lawEconomic affairs GB-COH: 10425159 1st Floor I9, Wolverhampton, West Midlands, WV11LDContact name, email

Dispute resolution & review bodies

  • LGPS Central LmitedReview body Wolverhampton

Bidders & participating suppliers

2 commercial parties on the notice

Official documents & specifications (2)

Official links; attachments are not copied

Tender pack and attachments

  • Economic and financial selection criteriatenderEconomic and financial selection criteria
  • Technical selection criteriatenderTechnical selection criteria