Section one: Contracting authority
one.1) Name and addresses
Essex Pension Fund
PO Box 11, County Hall
Chelmsford
CM1 1LX
Contact
Penny Cochrane
Telephone
+44 2070826381
Country
United Kingdom
NUTS code
UKH3 - Essex
Internet address(es)
Main address
one.3) Communication
Access to the procurement documents is restricted. Further information can be obtained at
https://dataresponses@hymans.co.uk
Additional information can be obtained from another address:
Hymans Robertson LLP
20 Waterloo Street
Glasgow
G2 6DB
Contact
Penny Cochrane
Telephone
+44 2070826381
Country
United Kingdom
NUTS code
UKH3 - Essex
Internet address(es)
Main address
https://dataresponses@hymans.co.uk
Buyer's address
Tenders or requests to participate must be submitted electronically via
https://dataresponses@hymans.co.uk
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Appointment of Pension Fund Manager - Direct Corporate Lending
two.1.2) Main CPV code
- 66141000 - Pension fund management services
two.1.3) Type of contract
Services
two.1.4) Short description
Essex Pension Fund are seeking to appoint an Investment Manager for a Direct Corporate Lending mandate of approximately £200m-£250m. The Council reserve the right to alter the value and length of the contract.
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 66141000 - Pension fund management services
two.2.3) Place of performance
NUTS codes
- UKH3 - Essex
Main site or place of performance
Essex
two.2.4) Description of the procurement
Essex Pension Fund are seeking to appoint an Investment Manager for a Direct Corporate Lending mandate of
approximately £200m-£250m.
- Tenderers must be appropriately regulated to manage a Direct Corporate Lending mandate for an LGPS client;
- Tenderers must be actively raising capital for a close ended commingled Fund in Q2 and Q3 2021;
- The Fund must seek to lend 90% or more of assets to 1st lien senior secured corporate debt, to mid - large
cap companies;
- Tenderers must be the sole or lead lender in the majority of loans;
- The majority of loans must be structured with financial maintenance covenants as a minimum;
- The Fund should be either Global or European focused;
- The Fund should target a net return in the region of cash plus 5% - 6% p.a.;
- The Fund must have a minimum target size of £2 billion;
- Tenderers must be on at least their 3rd Fund raise for this specific strategy;
- Tenderers must have at least a 5 year track record in Senior Secured Direct Corporate Lending
- Tenderers must be able to comply with the appropriate LGPS regulations;
- The Council reserves the right to alter the value of the funds awarded and this may change over time;
- The Council reserves the right to alter the length of the contract.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
60
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions
Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.
three.1.2) Economic and financial standing
List and brief description of selection criteria
Providers should complete a Single Procurement Document (SPD) and a Request for Proposal (RfP). Please contact Hymans Robertson LLP (dataresponses@hymans.co.uk) for copies of both.
Minimum level(s) of standards possibly required
Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension schemes.
Providers must be able to comply with appropriate LGPS regulations.
three.1.3) Technical and professional ability
List and brief description of selection criteria
Providers must be registered under the terms of the UK Financial Services and Markets Act 2000 or equivalent law of European Economic Area (EEA) to manage the assets of occupational pension funds. See III 1.2 above.
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.2) Time limit for receipt of tenders or requests to participate
Date
12 February 2021
Local time
12:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.7) Conditions for opening of tenders
Date
12 February 2021
Local time
5:00pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.4) Procedures for review
six.4.1) Review body
n/a
n/a
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
As per the Public Contracts Regulations 2016.