Section one: Contracting authority
one.1) Name and addresses
West Midlands Combined Authority
16 Summer Lane
Birmingham
B19 3SD
Contact
Aanisah Begg
Josie.Medforth@place-group.com
Telephone
+44 3453036760
Country
United Kingdom
NUTS code
UKG3 - West Midlands
Internet address(es)
Main address
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://wmca.bravosolution.co.uk/web/login.html
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://wmca.bravosolution.co.uk/web/login.html
Tenders or requests to participate must be submitted to the above-mentioned address
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at
https://wmca.bravosolution.co.uk/web/login.html
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
FUND MANAGEMENT SERVICES IN RELATION TO THE WEST MIDLANDS EQUITY CO-INVESTMENT FUND
two.1.2) Main CPV code
- 66000000 - Financial and insurance services
two.1.3) Type of contract
Services
two.1.4) Short description
The West Midlands Combined Authority (“WMCA”) and the West Midlands Pension Fund (“WMPF”) will be establishing a co-investment fund (“the West Midlands Equity Co-Investment Fund” or “the Fund”), making equity investments into the region’s high growth potential SMEs. Both parties aim to have the fund established and ready to launch by no later than 3rd October 2022.
WMCA will be issuing this procurement exercise but will be novating this to a company 100% owned by WMCA. We need to ensure this point is covered in the ITT, please can you place this in the appropriate section of the ITT. Reason for this is that WMDC (a company 100% owned by WMCA) or a NewCo (again 100% WMCA owned) will be the Limited Partner of the Fund, thus will be the entity that contractually appoints the Fund Manager as its General Partner.
two.1.5) Estimated total value
Value excluding VAT: £5,000,000
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 66100000 - Banking and investment services
- 66120000 - Investment banking services and related services
two.2.3) Place of performance
NUTS codes
- UKG - West Midlands (England)
two.2.4) Description of the procurement
The West Midlands Equity Co-Investment Fund (“the Fund” or “WMCO”) is a £25m co-investment fund to facilitate the provision of equity finance to up to 45, revenue generating businesses with potential for high growth across the Region.
Targeting a minimum 2x return, the Fund will take a sector agnostic approach to its investment, aligned to WMCA regional strategy. WMCA strategic areas include:
• New manufacturing economy – advanced manufacturing;
• Creative and digital (including technology);
• Low carbon and environmental technologies;
• Medical and life sciences;
• Logistics and transport technologies; and
• Construction (building technologies)
Operating over a ten-year life cycle, the Fund will operate as a co-investment fund, investing alongside the public and private sectors on a minimum £1:£1 basis.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.6) Estimated value
Value excluding VAT: £5,000,000
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
120
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
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: 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
Requirement to be registered with the FCA (Financial Conduct Authority) at point of Contract Award
three.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
three.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
three.2) Conditions related to the contract
three.2.1) Information about a particular profession
Execution of the service is reserved to a particular profession
Reference to the relevant law, regulation or administrative provision
Must be registered with the FCA (Financial Conduct Authority)
three.2.2) Contract performance conditions
The Limited Partners will require the Fund Manager to follow responsible investment principles. The Limited Partners will work with the Fund Manager to agree and produce a Responsible Investment Policy.
The Fund Manager will be responsible for ensuring the Fund delivers the following socio-economic outputs:
• Number of growth SMEs supported (ERDF definition C3): 45
• New to Company Product supported (ERDF definition C28): 23
• Direct jobs created (ERDF definition C8): 563
• Indirect jobs safeguarded:225
Safeguarded jobs equate to all jobs in place at the point of Fund investment
• Private sector co-investment leveraged (ERDF definition C7): £33.75m (£1.50 for every £1 deployed by WMCO)
At a minimum, the Fund Manager will be asked to report on Fund performance against each of the socio-economic outputs within the Advisory Committee report.
The Fund will also have GVA targets of:
• GVA Gross: £49m
• GVA per £1 of public sector funds invested: £1.96
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
21 July 2022
Local time
11:00am
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 3 (from the date stated for receipt of tender)
four.2.7) Conditions for opening of tenders
Date
21 July 2022
Local time
12:00pm
Place
https://wmca.bravosolution.co.uk/web/login.html
Information about authorised persons and opening procedure
Member of WMCA procurement team
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.2) Information about electronic workflows
Electronic invoicing will be accepted
six.4) Procedures for review
six.4.1) Review body
The High Court of Justice
Strand
London
WC2A 2LL
Country
United Kingdom
six.4.2) Body responsible for mediation procedures
CEDR
London
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
WMCA will incorporate a standstill period at the point at which information on the intention to award the contract is communicated to all bidders. The notification will provide full information on the award in accordance with the PCR regulations. The standstill period, which will be a minimum of 10 calendar days, provides time for the unsuccessful bidders to challenge the award decision before the Contract is entered into.
The Public Contract Regulations 2015 (SI 2015 No 102) provide for aggrieved parties who have been harmed or are at risk of being harmed by a breach of the rules to take action on the High Court (England Wales & Northern Ireland).
six.4.4) Service from which information about the review procedure may be obtained
CEDR
London
Country
United Kingdom