Section one: Contracting authority/entity
one.1) Name and addresses
LGPS CENTRAL LIMITED
1st Floor I9
Wolverhampton
WV11LD
Contact
Tim Metcalfe
Country
United Kingdom
Region code
UKG39 - Wolverhampton
Companies House
10425159
Internet address(es)
Main address
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Private Markets Fund Administrator and Portfolio Monitoring System
two.1.2) Main CPV code
- 66150000 - Financial markets administration services
two.1.3) Type of contract
Services
two.2) Description
two.2.2) Additional CPV code(s)
- 48812000 - Financial information systems
- 66150000 - Financial markets administration services
two.2.3) Place of performance
NUTS codes
- UKG39 - Wolverhampton
two.2.4) Description of the procurement at the time of conclusion of the contract:
LGPS Central manages on behalf of its Partner Funds a range of investments in Private Equity, Private Debt and Infrastructure.
These are all managed in-house via Scottish Limited Partnership ("SLP") structure, whereby LGPSC sources and commits to fund investments on behalf of the investors.
LGPS Central wishes to outsource the administration of all these investments and appointment a Fund Administrator. In addition,
LGPS Central requires the provision of a Portfolio Monitoring System for these investments.
two.2.7) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
60
Section four. Procedure
four.2) Administrative information
four.2.1) Contract award notice concerning this contract
Notice number: 2023/S 000-008215
Section five. Award of contract/concession
Contract No
SYSTEM00000018
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract/concession award decision:
21 March 2023
five.2.2) Information about tenders
The contract/concession has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor/concessionaire
State Street Bank and Trust Company
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
FC010828
The contractor/concessionaire is an SME
No
five.2.4) Information on value of the contract/lot/concession (at the time of conclusion of the contract;excluding VAT)
Total value of the procurement: £3,374,689
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
LGPS Central Limited
Wolverhampton
Country
United Kingdom
Section seven: Modifications to the contract/concession
seven.1) Description of the procurement after the modifications
seven.1.1) Main CPV code
- 66150000 - Financial markets administration services
seven.1.2) Additional CPV code(s)
- 48812000 - Financial information systems
- 66150000 - Financial markets administration services
seven.1.3) Place of performance
NUTS code
- UKG39 - Wolverhampton
seven.1.4) Description of the procurement:
LGPS Central manages on behalf of its Partner Funds a range of investments in Private Equity, Private Debt and Infrastructure.
These are all managed in-house via Scottish Limited Partnership ("SLP") structure, whereby LGPSC sources and commits to fund investments on behalf of the investors. LGPS Central wishes to outsource the administration of all these investments and appointment a Fund Administrator.
In addition, LGPS Central requires the provision of a Portfolio Monitoring System for these investments.
seven.1.5) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
60
seven.1.6) Information on value of the contract/lot/concession (excluding VAT)
Total value of the contract/lot/concession:
£3,374,689
seven.1.7) Name and address of the contractor/concessionaire
State Street Bank and Trust Company
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
FC010828
The contractor/concessionaire is an SME
No
seven.2) Information about modifications
seven.2.1) Description of the modifications
Nature and extent of the modifications (with indication of possible earlier changes to the contract):
LGPS Central are required to deliver fund administration services in relation to legacy assets of our current Partner Funds. These additional services do not alter the overall nature of the contract.
seven.2.2) Reasons for modification
Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee.
Description of the circumstances which rendered the modification necessary and explanation of the unforeseen nature of these circumstances:
Following the Government's "Fit for the Future" review in relation to the LGPS and pension pooling, LGPS Central are required to transition assets (and deliver fund administration services in relation to these assets) by the 1st April 2026.
The challenging nature of this deadline was unforeseen and therefore a modification to our current contract is required to deliver the required services in-line with the timescales prescribed by Government.
seven.2.3) Increase in price
Updated total contract value before the modifications (taking into account possible earlier contract modifications, price adaptions and average inflation)
Value excluding VAT: £3,374,689
Total contract value after the modifications
Value excluding VAT: £4,196,689