- 1. Cardiff Council
- 2. Blaenau Gwent County Borough Council
- 3. Bridgend County Borough Council
- 4. Caerphilly County Borough Council
- 5. Merthyr Tydfil County Borough Council
- 6. Monmouthshire County Council
- 7. Newport City Council
- 8. Rhondda Cynon Taf CBC
- 9. Torfaen County Borough Council
- 10. Vale of Glamorgan Council
Section one: Contracting authority
one.1) Name and addresses
Cardiff Council
County Hall, Atlantic Wharf
Cardiff
CF10 4UW
Telephone
+44 2920873732
Country
United Kingdom
NUTS code
UKL22 - Cardiff and Vale of Glamorgan
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0422
one.1) Name and addresses
Blaenau Gwent County Borough Council
Municipal Offices, Civic Centre
Ebbw Vale
NP23 6XB
Telephone
+44 1495311556
Country
United Kingdom
NUTS code
UKL16 - Gwent Valleys
Internet address(es)
Main address
http://www.blaenau-gwent.gov.uk/
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0278
one.1) Name and addresses
Bridgend County Borough Council
Bridgend County Borough Council, Procurement Unit, Civic Offices, Angel Street
Bridgend
CF31 4WB
Telephone
+44 1656642596
Country
United Kingdom
NUTS code
UKL17 - Bridgend and Neath Port Talbot
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0417
one.1) Name and addresses
Caerphilly County Borough Council
Penallta House, Tredomen Park, Ystrad Mynach
Hengoed
CF82 7PG
Telephone
+44 1443863161
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL16 - Gwent Valleys
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0272
one.1) Name and addresses
Merthyr Tydfil County Borough Council
Unit 5,, Triangle Business Park, Pentrebach
Merthyr Tydfil
CF48 4TQ
Telephone
+44 1685725000
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL15 - Central Valleys
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0347
one.1) Name and addresses
Monmouthshire County Council
County Hall, Rhadyr
Usk
NP15 1GA
Telephone
+44 1633644644
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL21 - Monmouthshire and Newport
Internet address(es)
Main address
http://www.monmouthshire.gov.uk
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0277
one.1) Name and addresses
Newport City Council
Civic Centre
Newport
NP20 4UR
Telephone
+44 1633656656
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL21 - Monmouthshire and Newport
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0273
one.1) Name and addresses
Rhondda Cynon Taf CBC
The Pavilions, Clydach Vale
Tonypandy
CF40 2XX
Telephone
+44 1443
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL15 - Central Valleys
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0276
one.1) Name and addresses
Torfaen County Borough Council
Civic Centre, Pontypool
Torfaen
NP4 6YB
Telephone
+44 1495762200
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL16 - Gwent Valleys
Internet address(es)
Main address
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0498
one.1) Name and addresses
Vale of Glamorgan Council
Civic Offices, Holton Road
BARRY
CF63 4RU
Telephone
+44 1446700111
Fax
+44 1443863167
Country
United Kingdom
NUTS code
UKL22 - Cardiff and Vale of Glamorgan
Internet address(es)
Main address
http://www.valeofglamorgan.gov.uk
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0275
one.2) Information about joint procurement
The contract involves joint procurement
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Innovation Investment Fund – Procurement of a Fund Manager
Reference number
ERFX 1007681
two.1.2) Main CPV code
- 66171000 - Financial consultancy services
two.1.3) Type of contract
Services
two.1.4) Short description
Cardiff Council is seeking to procure a Financial Conduct Authority (“FCA”) authorised fund manager (“Fund Manager”) on behalf of Cardiff Capital Region (“CCR”) to establish, provide certain services, and to manage the capital allocated under the innovation investment fund (“Fund”) which focuses on providing funding support to proven high growth innovative businesses looking to scale up, via patient capital or long-term investment, in the South East Wales region. The fund will be capitalised initially at 50million GBP, but will look to target a total Fund size of up to 100million GBP; including co-investment from other investors. The Fund is anticipated to be classed as an alternative investment fund and will be structured under a conventional limited partnership model under which the Fund Manager will, amongst other matters, be principally expected to: (a) provide advice upon and finalisation of the Investment Strategy for the Fund; (b) marketing, promoting and securing a pipeline of suitable potential applicants; (c) reviewing applications, undertaking all required due diligence and marshalling the application process to determine suitability for the Fund in accordance with the prescribed investment strategy and eligibility criteria; (d) provide ongoing monitoring, scrutiny and management of investments made, reporting and highlighting any potential or actual risks arising and how these may be managed; (e)potentially, invest capital itself (or via an affiliate company) directly into the Fund (on terms to be agreed); (f) procuring co-investment for the Fund from other private and/or public sector investors; and (g) fulfilling the role of an FCA authorised fund manager for the Fund.. The Fund is anticipated to run for an initial 5 year period of investment activity, followed by up to 7 years of monitoring and management of the fund portfolio with the ability to extend by a further [2] to [3] years (on terms to be determined).
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £7,875,000
two.2) Description
two.2.2) Additional CPV code(s)
- 79412000 - Financial management consultancy services
- 72221000 - Business analysis consultancy services
- 79410000 - Business and management consultancy services
two.2.3) Place of performance
NUTS codes
- UKL - Wales
Main site or place of performance
South East Wales
two.2.4) Description of the procurement
Cardiff Capital Region (CCR) City Deal is a 1.1bn GBP economic growth programme which was agreed in 2016 between UK Government, Welsh Government and ten local authorities in South East Wales (the "Region") to bring about significant economic growth in the Region through investment, upskilling, and improved physical and digital connectivity. The CCR local authorities are: Blaenau Gwent, Bridgend, Caerphilly, Cardiff Council, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen and Vale of Glamorgan.
In furtherance of the City Deal core objectives, CCR is seeking to establish a 50 million GBP Fund that will provide funding support to high growth innovative businesses looking to scale up, via patient capital or long-term investment, in the South East Wales region. The Fund is anticipated to be classed as an alternative investment fund and will be structured under a conventional corporate limited partnership model. The Fund Manager will be engaged under a bespoke fund manager services contract to be entered into with the general partner or another corporate entity (once established by or on behalf of CCR). CCR, however, reserve the right to engage the Fund Manager directly or via an alternative corporate structure (to include a corporate joint committee if and when established by CCR). CCR anticipates that the duration of the Fund Manager's services contract will align with the duration of the Fund.
The term of the Fund is anticipated to be for an initial 5 years of investment activity, followed by up to 7 years of monitoring and management of the fund portfolio, with the possibility of an extension by CCR for further period(s) of up to 2 - 3 years. The appointed Fund Manager will be expected to procure co-investment capital for the Fund, and for individual investments, either directly and/or via other public and/or private sources. The target total level of investment commitments to the fund is 100 million GBP, including co-investment from other investors. The principal objectives of the Fund, investment products, investment criteria, eligibility criteria and target outputs are set out in the Investment Strategy which has been issued as part of the Draft ITPD alongside this Contract Notice.
CCR is seeking to commission an FCA authorised fund manager to, amongst other matters, help market the Fund, source and originate investment opportunities, source investment from other investors and a pipeline of applicants, undertake due diligence on applicants and (acting as the general partner) manage the capital allocated under the Fund. It is intended that CCR will invest 50 million GBP into the Fund at the outset to fund the initial 5 years of investment activity which is to be supplemented by co-investment capital. The full scope of services is set out in Fund Manager Services Contract which has been issued as part of the Draft ITPD alongside this Contract Notice.
CCR is now inviting suitably qualified candidates to submit a response to the standard selection questionnaire (SQ) for this contract opportunity. Details of where to obtain the SQ and other documentation being released at this stage can be found in Section I of this contract notice.
The contract value for this opportunity is an estimated range of 10m GBP - 65m GBP. The range has been calculated using market comparator rates for profit and fund activity.
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 60
Price - Weighting: 40
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
two.2.14) Additional information
Please note, the estimated value at II.1.5 and II.2.6 is based on the maximum 15 year duration of services.
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Competitive dialogue
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.2.1) Previous publication concerning this procedure
Notice number: 2021/S 000-028625
Section five. Award of contract
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
9 January 2023
five.2.2) Information about tenders
Number of tenders received: 2
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from other EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 2
Number of tenders received by electronic means: 2
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
PwC LLP
1 Embankment Place
London
WC2N6RH
Country
United Kingdom
NUTS code
- UKL22 - Cardiff and Vale of Glamorgan
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Total value of the contract/lot: £7,875,000
Section six. Complementary information
six.3) Additional information
(WA Ref:129041)
six.4) Procedures for review
six.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
WC2A 2LL
Telephone
+44 2079477501
Country
United Kingdom