Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Cardiff Council
County Hall, Atlantic Wharf
Cardiff
CF10 4UW
UK
Telephone: +44 2920873732
E-mail: procurement@cardiff.gov.uk
NUTS: UKL22
Internet address(es)
Main address: www.cardiff.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0422
I.1) Name and addresses
Blaenau Gwent County Borough Council
Municipal Offices, Civic Centre
Ebbw Vale
NP23 6XB
UK
Telephone: +44 1495311556
E-mail: procurement@cardiff.gov.uk
NUTS: UKL16
Internet address(es)
Main address: http://www.blaenau-gwent.gov.uk/
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0278
I.1) Name and addresses
Bridgend County Borough Council
Bridgend County Borough Council, Procurement Unit, Civic Offices, Angel Street
Bridgend
CF31 4WB
UK
Telephone: +44 1656642596
E-mail: procurement@cardiff.gov.uk
NUTS: UKL17
Internet address(es)
Main address: www.bridgend.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0417
I.1) Name and addresses
Caerphilly County Borough Council
Penallta House, Tredomen Park, Ystrad Mynach
Hengoed
CF82 7PG
UK
Telephone: +44 1443863161
E-mail: procurement@cardiff.gov.uk
Fax: +44 1443863167
NUTS: UKL16
Internet address(es)
Main address: www.caerphilly.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0272
I.1) Name and addresses
Merthyr Tydfil County Borough Council
Unit 5,, Triangle Business Park, Pentrebach
Merthyr Tydfil
CF48 4TQ
UK
Telephone: +44 1685725000
E-mail: procurement@cardiff.gov.uk
NUTS: UKL15
Internet address(es)
Main address: http://www.merthyr.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0347
I.1) Name and addresses
Monmouthshire County Council
County Hall, Rhadyr
Usk
NP15 1GA
UK
Telephone: +44 1633644644
E-mail: procurement@cardiff.gov.uk
NUTS: UKL21
Internet address(es)
Main address: http://www.monmouthshire.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0277
I.1) Name and addresses
Newport City Council
Civic Centre
Newport
NP20 4UR
UK
Telephone: +44 1633656656
E-mail: procurement@cardiff.gov.uk
NUTS: UKL21
Internet address(es)
Main address: www.newport.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0273
I.1) Name and addresses
Rhondda Cynon Taf CBC
The Pavilions, Clydach Vale
Tonypandy
CF40 2XX
UK
Telephone: +44 1443
E-mail: procurement@cardiff.gov.uk
NUTS: UKL15
Internet address(es)
Main address: http://www.rctcbc.gov.uk/
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0276
I.1) Name and addresses
Torfaen County Borough Council
Civic Centre, Pontypool
Torfaen
NP4 6YB
UK
Telephone: +44 1495762200
E-mail: procurement@cardiff.gov.uk
NUTS: UKL16
Internet address(es)
Main address: www.torfaen.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0498
I.1) Name and addresses
Vale of Glamorgan Council
Civic Offices, Holton Road
BARRY
CF63 4RU
UK
Telephone: +44 1446700111
E-mail: procurement@cardiff.gov.uk
NUTS: UKL22
Internet address(es)
Main address: http://www.valeofglamorgan.gov.uk
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0275
I.2) Joint procurement
The contract involves joint procurement
I.4) Type of the contracting authority
Regional or local authority
I.5) Main activity
General public services
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Innovation Investment Fund – Procurement of a Fund Manager
Reference number: ERFX 1007681
II.1.2) Main CPV code
66171000
II.1.3) Type of contract
Services
II.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).
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
7 875 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
79412000
72221000
79410000
II.2.3) Place of performance
NUTS code:
UKL
Main site or place of performance:
South East Wales
II.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.
II.2.5) Award criteria
Quality criterion: Quality
/ Weighting: 60
Price
/ Weighting:
40
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
No
II.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 IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Competitive dialogue
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2021/S 000-028625
Section V: Award of contract
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
09/01/2023
V.2.2) Information about tenders
Number of tenders received: 2
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from 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
V.2.3) Name and address of the contractor
PwC LLP
1 Embankment Place
London
WC2N6RH
UK
NUTS: UKL22
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 7 875 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
(WA Ref:129041)
VI.4) Procedures for review
VI.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
WC2A 2LL
UK
Telephone: +44 2079477501
VI.5) Date of dispatch of this notice
10/02/2023