Section one: Contracting authority
one.1) Name and addresses
D2N2 Local Enterprise Partnership
8 Experian Way
Nottingham
NG2 1EP
Contact
Miss Holly Platts
holly.platts@derbyshire.gov.uk
Telephone
+44 1629530000
Country
United Kingdom
NUTS code
UKF - East Midlands (England)
Internet address(es)
Main address
Buyer's address
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://procontract.due-north.com/Advert/Index?advertId=51d12d8f-8f36-ee11-8124-005056b64545
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://procontract.due-north.com/Advert/Index?advertId=51d12d8f-8f36-ee11-8124-005056b64545
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
D2N2-0723 D2N2 Early Stage Angel Investment Fund (ESAIF) Fund Manager
Reference number
DN683649
two.1.2) Main CPV code
- 66122000 - Corporate finance and venture capital services
two.1.3) Type of contract
Services
two.1.4) Short description
Established in 2010, D2N2 is a Local Enterprise Partnership (LEP) operating in the local authority areas of Derby, Derbyshire, Nottingham, and Nottinghamshire to grow the area’s economy. Local enterprise partnerships are non-statutory bodies responsible for local economic development in England. D2N2 is one of the largest LEPs in England, with a population of more than two million people and with an economic output of over £50.5 billion GVA (gross value added).
D2N2 is looking to establish an early stage angel investment fund (the Fund) in order to promote equity investment in a core client group where intervention is required to stimulate real opportunity, namely early-stage, start-up businesses between 6 months to 2-years old, typically requiring small amounts of pre-seed and seed investment. D2N2 has up to £4m to invest and requires a 1:1 co-investment rate from the successful Tenderer.
D2N2 proposes a Limited Partnership fund structure for the Fund in order to deliver the investments. D2N2 is looking for a service provider who will be appointed to establish the Fund (including taking the role of General Partner of the Limited Partnership) and to be responsible for the day-to-day operation, decision-making and management of the Fund (the Fund Manager).
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.3) Place of performance
NUTS codes
- UKF - East Midlands (England)
two.2.4) Description of the procurement
Established in 2010, D2N2 is a Local Enterprise Partnership (LEP) operating in the local authority areas of Derby, Derbyshire, Nottingham, and Nottinghamshire to grow the area’s economy. Local enterprise partnerships are non-statutory bodies responsible for local economic development in England. D2N2 is one of the largest LEPs in England, with a population of more than two million people and with an economic output of over £50.5 billion GVA (gross value added).
D2N2 is looking to establish an early stage angel investment fund (the Fund) in order to promote equity investment in a core client group where intervention is required to stimulate real opportunity, namely early-stage, start-up businesses between 6 months to 2-years old, typically requiring small amounts of pre-seed and seed investment. D2N2 has up to £4m to invest and requires a 1:1 co-investment rate from the successful Tenderer.
D2N2 proposes a Limited Partnership fund structure for the Fund in order to deliver the investments. D2N2 is looking for a service provider who will be appointed to establish the Fund (including taking the role of General Partner of the Limited Partnership) and to be responsible for the day-to-day operation, decision-making and management of the Fund (the Fund Manager).
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 80
Cost criterion - Name: Cost / Weighting: 20
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
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
Bidders must be authorised by the Financial Conduct Authority (FCA) to undertake regulated activities.
three.2) Conditions related to the contract
three.2.2) Contract performance conditions
As detailed in Appendix F - Proposed Limited Partnership Agreement and Appendix G - Proposed Fund Management Agreement.
three.2.3) Information about staff responsible for the performance of the contract
Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract
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
11 September 2023
Local time
5:00pm
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
11 September 2023
Local time
5:00pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.3) Additional information
Any contract or agreement resulting from any invitation to tender will be considered as a contract made in England according to English Law and subject to the exclusive jurisdiction of the English courts.
The Freedom of Information Act 2000 imposes a statutory obligation on public bodies to disclose information they are holding. Tenderers should be aware of the Authority's obligations under the Act, whereby information provided by tenderers in response to this advertisement may be requested by a third party.
The Authority does not bind itself to accept any tender.
The Authority expressly reserves the right:
(i) to make whatever changes it may see fit to the content and structure of the procurement process;
(ii) to require further information or clarification from a tenderer before considering its response;
(iii) to exclude a tenderer from the procurement process if it is subsequently determined that any information supplied by that tenderer was inaccurate, incomplete or untrue and was relied upon for selection purposes;
(iv) to cancel this procurement at any stage; and
(v) not to award any Contract as a result of the procurement process commenced by publication of this notice.
Neither the Authority nor any of its advisers shall be liable for any costs or expenses borne by any tenderer or any of its advisers in responding to this contract notice or at any stage in the procurement process to the extent permitted by law.
Instructions
This should include specific instructions for responding to the notice.
To register your interest in this notice and obtain any additional information please visit the East Midlands Tenders - https://www.eastmidstenders.org/
Suppliers 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.
six.4) Procedures for review
six.4.1) Review body
Public Procurement Review Service
London
publicprocurementreview@cabinetoffice.gov.uk
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
Deadline is two years.
six.4.4) Service from which information about the review procedure may be obtained
Royal Courts of Justice
The Strand
London
WC1A 2LL
Telephone
+44 2079476000
Country
United Kingdom