Opportunistic Private Markets Asset Allocation - Investment Management Services

{
  "buyer": {
    "id": "GB-FTS-122330",
    "name": "Dundee City Council"
  },
  "date": "2025-10-17T17:52:12+01:00",
  "description": "The form of contract will be an investment management agreement (IMA). The IMA to be entered into with the successful bidder will be based the industry standard model published by the Investment Association (IA). Contract documentation will be provided to the shortlisted economic operators. However, the Fund is providing prospective economic operators with a DRAFT IMA as part of the procurement documents being issued at the SPD stage for information only, to inform economic operators of the proposed draft contract terms as early as possible. The DRAFT IMA is subject to change.\nFurther information is set out in the procurement documents.\nEconomic operators may be excluded from this competition if they are in any of the situations referred to in Regulation 58 of the Public Contracts (Scotland) Regulations 2015.\nThe   duration of the contract at II.2.7 is advertised as 48-months only for the purpose of completing section II.2.7 of the Contract Notice. Please note that the Council anticipates that the manager\u2019s services could be required for the duration of the mandate. It is therefore anticipated that the IMA will be rolling contract with no fixed end date or minimum duration, however the Council reserves the right to terminate the IMA in accordance with its terms.\nAs the contract does not have a fixed term, the estimated contract value at II.1.5 and II.2.6 has been calculated by reference to the estimated monthly value of the contract multiplied by 48 in accordance with Regulation 6(16) of the Public Contracts (Scotland) Regulations 2015.   Where a group of economic operators is bidding, the Council may require the group to assume a specific legal form for the purpose of the award of the contract, or to require that each economic operator assumes joint and several liability.\nPlease carefully review all information and attachments (\u0027Additional Documents\u2019).  All Questions regarding the procurement should be directed through the PCS \u2018Q \u0026 A\u0027 facility.\nShould users of PCS have any problems with the website, they must contact PCS Website Technical Support. Contact details: can be found by\nfollowing the \u2018Contact Us\u2019 option on the left hand menu at http://www.publiccontractsscotland.gov.uk/default.aspx\nPlease allow adequate time for uploading documents and to submit the electronic response well in advance of the closing time to avoid any last minute problems.\nThe Council is not liable for any costs incurred by an economic operator in expressing an interest in or otherwise participating in this procurement process. The Council reserves the right in its sole discretion to vary the procurement (or any part of it) at any time; and to not award a contract and to cancel the procurement (or any part of it) at any time.\nCommunity benefits are not included in this requirement for the following reasons: not considered to be relevant to the contract.\nNOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=813245.\nThe buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at https://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx.\nSuppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems.\nA sub-contract clause has been included in this contract. For more information see: http://www.publiccontractsscotland.gov.uk/info/InfoCentre.aspx?ID=2363\nThe Contracting Authority does not intend to include any community benefit requirements in this contract for the following reason:\nNot considered to be relevant to the contract.\n(SC Ref:813245)\nDownload the ESPD document here: https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=813245",
  "id": "066508-2025",
  "initiationType": "tender",
  "language": "en",
  "links": [
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  "ocid": "ocds-h6vhtk-05cf46",
  "parties": [
    {
      "address": {
        "countryName": "United Kingdom",
        "locality": "Dundee",
        "postalCode": "DD1 1QE",
        "region": "UKM71",
        "streetAddress": "Dundee House, 50 North Lindsay Street"
      },
      "contactPoint": {
        "email": "ann.conway@dundeecity.gov.uk",
        "name": "Ann Conway",
        "telephone": "+44 1382433401",
        "url": "http://www.publiccontractsscotland.gov.uk"
      },
      "details": {
        "buyerProfile": "https://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA00220",
        "classifications": [
          {
            "description": "Regional or local authority",
            "id": "REGIONAL_AUTHORITY",
            "scheme": "TED_CA_TYPE"
          },
          {
            "description": "General public services",
            "id": "01",
            "scheme": "COFOG"
          }
        ],
        "url": "http://www.dundeecity.gov.uk"
      },
      "id": "GB-FTS-122330",
      "identifier": {
        "legalName": "Dundee City Council"
      },
      "name": "Dundee City Council",
      "roles": [
        "buyer"
      ]
    },
    {
      "address": {
        "countryName": "United Kingdom",
        "locality": "Dundee",
        "postalCode": "DD1 9AD",
        "streetAddress": "6 West Bell Street"
      },
      "contactPoint": {
        "email": "dundee@scotcourts.gov.uk",
        "telephone": "+44 1382229961"
      },
      "details": {
        "url": "https://www.scotcourts.gov.u"
      },
      "id": "GB-FTS-1026",
      "identifier": {
        "legalName": "Dundee Sheriff Court"
      },
      "name": "Dundee Sheriff Court",
      "roles": [
        "reviewBody"
      ]
    }
  ],
  "tag": [
    "tender"
  ],
  "tender": {
    "classification": {
      "description": "Pension fund management services",
      "id": "66141000",
      "scheme": "CPV"
    },
    "contractTerms": {
      "electronicInvoicingPolicy": "allowed",
      "hasElectronicOrdering": true,
      "hasElectronicPayment": true,
      "performanceTerms": "Included in the contract documentation"
    },
    "coveredBy": [
      "GPA"
    ],
    "description": "Dundee City Council (the Council) as administering authority for the Tayside Pension Fund (the Fund) is launching this procurement for an investment manager to manage 50% of the Fund\u2019s opportunistic portfolio, which forms 10% of the Fund\u2019s assets (this represents 5% of the value of the Fund, circa GBP 250\u2013GBP 290 million). The Fund is seeking a new mandate to compliment an existing alternatives mandate that would invest across a range of private market asset classes (including private equity, private infrastructure, private debt and private real estate debt). The Fund requires a proportion of the assets to be invested in the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of at least 10-20% of the total mandate). As well as geographical preferences, environmental and social impact are also key priorities of the mandate, and consideration should be given.",
    "hasRecurrence": false,
    "id": "DCC/TPF/151/25",
    "items": [
      {
        "additionalClassifications": [
          {
            "description": "Pension investment services",
            "id": "66131100",
            "scheme": "CPV"
          },
          {
            "description": "Pension services",
            "id": "66520000",
            "scheme": "CPV"
          }
        ],
        "deliveryAddresses": [
          {
            "region": "UKM71"
          }
        ],
        "deliveryLocation": {
          "description": "Dundee City"
        },
        "id": "1",
        "relatedLot": "1"
      }
    ],
    "legalBasis": {
      "id": "32014L0024",
      "scheme": "CELEX"
    },
    "lots": [
      {
        "awardCriteria": {
          "criteria": [
            {
              "description": "75",
              "name": "Quality",
              "type": "quality"
            },
            {
              "description": "25",
              "type": "price"
            }
          ]
        },
        "contractPeriod": {
          "endDate": "2030-06-29T23:59:59+01:00",
          "startDate": "2026-06-30T00:00:00+01:00"
        },
        "description": "The Council is the administering authority for the Fund. The Fund is part of the Local Government Pension Scheme (LGPS) and is one of the 11 LGPS funds in Scotland and around 100 in the UK.\nThe Council wishes to appoint an investment manager to manage 50% of the Fund\u2019s opportunistic portfolio, which forms 10% of the Fund\u2019s assets (this represents 5% of the value of the Fund, circa 250\u2013290 million GBP).\nThe new mandate should seek to compliment the Fund\u2019s existing alternatives mandate, and invest across a range of private market asset classes (including, but not limited to, private equity, private infrastructure, private debt, and private real estate debt).\nThe Council wishes the mandate to have the following characteristics:\n\u00b7 Target a return of 8% \u2013 10% per annum (net of all fees).\n\u00b7 Be sufficiently diversified, with no one asset class representing more than 40% of the mandate.\n\u00b7 Focus on the following asset classes: private equity, private debt, real estate debt and infrastructure (both debt and equity). Additional asset classes will also be considered on a case-by-case basis.\n\u00b7 Geographical exposure - investments should be focused on Developed Markets (with currency hedging back to Sterling implementable as required). The portfolio should also consider local investment opportunities within the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of 10-20% of the total mandate).\n\u00b7 Investment term \u2013 it is expected that the mandate will be in place for at least 10 years.\n\u00b7 Liquidity - the preference would be for the mandate to offer at least annual liquidity. However, there is an understanding that an initial lock-up period may be required to help build out investments. The mandate should also be sufficiently liquid to allow further investments to be made, should the Council wish to scale up the size of the mandate.\n\u00b7 The Fund wishes to achieve access to best in class investments across asset classes and is open to using external managers to access investments. Where this is proposed, consideration should be given to minimising double layers of fees and providing transparency on the overall cost of the strategy.\n\u00b7 Environmental and Social impact are key priorities of the mandate\u2019s objectives, and specific consideration should be given. More broadly, Environmental, Social and Governance considerations should be integrated throughout the investment process.\n\u00b7 Fees \u2013 the preference would be for a flat fee structure, with no performance fee element.\nThe contract is being procured using the competitive procedure with negotiation in accordance with the Public Contracts (Scotland) Regulations 2015. The contract will be entered into between the Council and the successful bidder.\nThe procurement process leading to the award of the contract will comprise the following stages:\n1.\tPrequalification (SPD) stage\n2.\tInitial tender stage\n3.\tNegotiation stage\n4.\tFinal tender stage\n5.\tContract award\nThe procurement documents being issued at this SPD stage are located within the \u2018Additional Documents\u2019 area for this particular contract on the PCS Portal. To participate in the procurement, economic operators must submit a completed SPD Questionnaire via the PCS Portal in accordance with this Contract Notice and the instructions in the SPD Guidance document. This Contract Notice and the SPD Guidance document must be reviewed carefully.\nDetailed information regarding the later stages of the procurement including the award criteria and evaluation methodology will be provided to the shortlisted economic operators who are invited to submit an initial tender.",
        "hasOptions": false,
        "hasRenewal": false,
        "id": "1",
        "secondStage": {
          "maximumCandidates": 3,
          "minimumCandidates": 3
        },
        "selectionCriteria": {
          "description": "It is intended that 3 economic operators will be shortlisted at the SPD stage and will be invited to participate in the initial tender stage. It is anticipated that the shortlisted economic operators will be those who have:\n(i) Submitted a compliant submission, comprising the completed SPD Questionnaire;\n(ii) Received a \u2018Pass\u2019 for the exclusion grounds questions (Questions 3A-D);\n(iii) Satisfied the minimum standards of economic and financial standing and received a \u2018Pass\u2019 for the economic and financial standing questions (Questions 4B.2(b), 4B.6 and 4B.5.1);\n(iv) Satisfied the minimum standards of technical and professional ability and received a \u2018Pass\u2019 for the pass/fail Technical and Professional Ability questions (Questions 4C1.2, 4C.2, 4C.7);\n(vi) Achieved the first, second, or third highest total score in respect of the scored Technical and Professional Ability questions (Questions 4C.1.2).\nThe Council reserves the right to require economic operators to provide proof of economic and financial standing and of technical and professional ability prior to proceeding to the initial tender stage and prior to contract award."
        },
        "status": "active",
        "submissionTerms": {
          "electronicCataloguePolicy": "required",
          "variantPolicy": "notAllowed"
        },
        "value": {
          "amount": 12000000,
          "currency": "GBP"
        }
      }
    ],
    "mainProcurementCategory": "services",
    "otherRequirements": {
      "requiresStaffNamesAndQualifications": true
    },
    "procurementMethod": "selective",
    "procurementMethodDetails": "Competitive procedure with negotiation",
    "reviewDetails": "Court proceedings can be brought in either the Sheriff Court or Court of Session. Any proceedings relating to a breach of a duty owed by Dundee City Council to an economic operator under the Public Contracts (Scotland) Regulations 2015 in relation to this procurement must be started within 30 days beginning with the day on which the economic operator first knew or ought to have known that grounds for beginning the proceedings had arisen. The 30-day limitation period can exceptionally be extended by the Court for up to three months if satisfied that there is a good reason for doing so.",
    "secondStage": {
      "invitationDate": "2025-12-19T00:00:00Z",
      "noNegotiationNecessary": true,
      "successiveReduction": true
    },
    "selectionCriteria": {
      "criteria": [
        {
          "appliesTo": [
            "supplier"
          ],
          "description": "The relevant selection criteria are included in the SPD Scotland module and the SPD Guidance document which are located within the \u2018Additional Documents\u2019 area for this particular contract on the PCS Portal.\nEconomic operators are required to satisfy minimum levels of economic and financial standing and to provide proof of economic and financial standing. Economic operators must:\na) In response to SPD Question 4B.2(b), confirm that their average yearly turnover in the private market sector over the last three years is over 25million GBP;\nb) In response to SPD Question 4B.6, confirm that they have over 40bn GBP in Assets under Management in private markets;\nc) In response to SPD Question 4B.6, confirm that their three largest clients represent less than 50% of Assets under Management in private markets;\nd) In response to SPD Questions 4B.5, confirm that they have or can commit to obtain, prior to commencement of the contract, the required levels of insurance;\ne) In response to SPD Question 4B.6, explicitly state if the economic operator is reliant upon another organisation to satisfy the economic and financial criteria and provide a commitment to obtain a guarantee.",
          "minimum": "Economic operators are required to satisfy minimum standards of economic and financial standing. These are described below:\nAverage turnover in the area covered by the contract (SPD Question 4B.2(b)\nEconomic operators must confirm that their average yearly turnover in the private market sector over the last three years is over GBP 25million. Where the economic operator is unable to demonstrate that it meets the requirement, they may receive a \u2018Fail\u2019 and be excluded from the procurement.\nOther economic and financial requirements (SPD Question 4B.6)\nEconomic operators must confirm that they have over GBP 40bn in Assets under Management in private markets. Where the economic operator responds that it cannot meet the requirement, they may receive a \u2018Fail\u2019 and be excluded from the procurement.\nEconomic operators must confirm that their three largest clients represent less than 50% of Assets under Management in private markets. Where the economic operator responds that it cannot meet the requirement, they may receive a \u2018Fail\u2019 and be excluded from the procurement.\nWhere the economic operator is seeking to rely on the economic and financial standing of a parent company (or other organisation) to satisfy the the economic and financial criteria then the economic operator must:\n(i) state this explicitly; and\n(ii) provide a letter of commitment from the parent company (or other organisation) to provide a guarantee.\nInsurance (SPD Question 4B.5)\nEconomic operators must confirm they already have or can commit to obtain, prior to the commencement of the contract, the following levels of insurance:\nEmployer\u2019s (Compulsory) Liability Insurance = GBP 10 million\nPublic Liability Insurance = GBP 5 million\nProducts Liability Insurance = GBP 5 million\nProfessional Indemnity Insurance = GBP 5 million\nWhere the economic operator responds \u201cNo, and I cannot commit to obtain it\u201d they may receive a \u2018Fail\u2019 and be excluded from the procurement.",
          "type": "economic"
        },
        {
          "appliesTo": [
            "supplier"
          ],
          "description": "The relevant selection criteria are included in the SPD Scotland module and the SPD Guidance document which are located within the \u2018Additional Documents\u2019 area for this particular contract on the PCS Portal.",
          "minimum": "Scored and weighted questions (SPD Question 4C.1.2)\nIn response to SPD Question 4C.1.2, economic operators are required to provide responses and examples that demonstrate that they have the relevant technical and professional ability to deliver the services as described in section II.2.4 of the Contract Notice.\nPass/Fail questions (SPD Question 4C.1.2)\nEconomic operators must satisfy minimum levels of technical and professional ability. Economic operators must:\na) In response to SPD Question 4C.1.2, confirm that there are more than 10 investment professionals employed within the firm\u2019s private markets investing team.\nb) In response to SPD Question 4C.1.2, confirm that there is an independent risk management team that reviews private markets strategies.\nPass/Fail question (SPD Question 4C.2)\nEconomic operators must satisfy minimum levels of technical and professional ability. Economic operators must in response to SPD Question 4C.2, confirm that they have an SAS70 report (or equivalent) and an unqualified audit opinion and provide copies of any relevant reports.\nPass/Fail question (SPD Question 4C.7)\nEconomic operators must satisfy minimum levels of technical and professional ability. Economic operators must in response to SPD Question 4C.7 demonstrate that it has polices and procedures in place to ensure ESG factors have an appropriate impact on decision making.",
          "type": "technical"
        }
      ]
    },
    "status": "active",
    "submissionMethod": [
      "electronicSubmission"
    ],
    "submissionMethodDetails": "http://www.publiccontractsscotland.gov.uk",
    "submissionTerms": {
      "bidValidityPeriod": {
        "durationInDays": 180
      },
      "languages": [
        "en"
      ]
    },
    "tenderPeriod": {
      "endDate": "2025-11-19T17:00:00Z"
    },
    "title": "Opportunistic Private Markets Asset Allocation - Investment Management Services",
    "value": {
      "amount": 12000000,
      "currency": "GBP"
    }
  }
}