Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Invest Northern Ireland
Bedford Square
Belfast
BT2 7ES
UK
E-mail: SSDAdmin.cpd@finance-ni.gov.uk
NUTS: UK
Internet address(es)
Main address: https://etendersni.gov.uk/epps
Address of the buyer profile: https://etendersni.gov.uk/epps
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
General public services
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
DfE Invest NI — Invest NI — Managing Agent to Deliver Development Fund II
Reference number: ID 1855938
II.1.2) Main CPV code
66000000
II.1.3) Type of contract
Services
II.1.4) Short description
An FCA approved fund manager is required to manage and deliver Development Fund II on behalf of Invest NI for a 10-year period (5 year investment/5 year realisation). The legal agreements will also incorporate provision for 4 1-year extensions to the contract. The role of the fund manager will be to make suitable investments in 2-7 businesses each year of the investment period. Thereafter, the fund manager will be responsible for continued management and exit from all investments within the realisation period, subject to 4 1-year extensions.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
11 017 500.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66100000
66120000
66122000
66110000
66113000
66190000
II.2.3) Place of performance
NUTS code:
UKN
II.2.4) Description of the procurement
An FCA approved fund manager is required to manage and deliver Development Fund II on behalf of Invest NI for a 10-year period (5 year investment/5 year realisation). The legal agreements will also incorporate provision for 4 1-year extensions to the contract. The role of the fund manager will be to make suitable investments in 2-7 businesses each year of the investment period. Thereafter, the fund manager will be responsible for continued management and exit from all investments within the realisation period, subject to 4 1-year extensions.
II.2.5) Award criteria
Quality criterion: Qualitative
/ Weighting: 50
Cost criterion: Quantitative
/ Weighting: 50
II.2.11) Information about options
Options:
Yes
Description of options:
At the end of the original 10-year fund life, there will be an option to extend the duration or the realisation period by up to 4 additional 1-year periods.
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
Yes
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
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:
2019/S 034-076886
Section V: Award of contract
Contract No: 1
Title: Contract
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
25/06/2019
V.2.2) Information about tenders
Number of tenders received: 2
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
Crescent Capital NI Limited
7 Upper Crescent
Belfast
BT7 1NT
UK
NUTS: UK
Internet address(es)
URL: https://etendersni.gov.uk/epps
The contractor is an SME:
Yes
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 11 017 500.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
The successful contractor’s performance on the contract will be regularly monitored as detailed within Clause 4.7 of the LPA and as follows: KPI Failure. 4.7.1 If at any time there is a KPI Failure, the Manager shall inform the General Partner and the Limited Partners of such KPI Failure in writing and the General Partner shall issue a KPI Failure Notice to the Manager and the provisions of Clause 4.7.2 of this Agreement shall apply. If the General Partner fails to issue a KPI Failure Notice in accordance with this Clause 4.7.1, then a KPI Failure Notice will be deemed to have been issued upon delivery of a report referred to in either Clause 15 below, Clause 13 of the Management Services Agreement or pursuant to any Side Letter which identifies, expressly or impliedly, a KPI Failure. 4.7.2 If a KPI Failure Notice is issued or is deemed to be issued pursuant to Clause 4.7.1, the Manager shall remedy the KPI Failure to the satisfaction of the Partners (evidenced by a Limited Partners’ Ordinary Consent) (“Remedy”) or provide a written explanation as to why the KPI Failure was not in any way due to circumstances within the power or control of the manager in writing to the Partners to the satisfaction of the Partners (evidenced by a Limited Partners’ Ordinary Consent) (a “Reasonable Explanation”). If within 30 calendar days of issue of or deemed issue of a KPI Failure Notice the Manager fails to remedy or provide a reasonable explanation then unless otherwise agreed by Limited Partners’ Ordinary Consent the entitlement of the General Partner to receive payments of the General Partner’s Share in accordance with the provisions of Clause 8.2 and any entitlement of the Founder Partner to the Carried Interest Share and pursuant to Clause 11.1.7, if applicable, shall be suspended and the General Partner shall immediately withhold payment of all (or with Limited Partners’ Ordinary Consent) a portion of all future payments of the management fee due to the manager pursuant to the Management Services Agreement. (“Management Fee”). The Partners may in their sole discretion, acting by a Limited Partners’ Ordinary Consent, allow the manager a further 30 calendar days (an “Extension”) to Remedy or to provide a Reasonable Explanation. Where such an Extension has been granted to the Manager and the Manager does Remedy or provide a Reasonable Explanation before the expiry of the Extension, then the entitlement of the General Partner to receive payments of the General Partner’s Share in accordance with the provisions of Clause 8.2, entitlement of the Founder Partner to the Carried Interest Share and pursuant to Clause 11.1.7 and payment of the Management Fee by the General Partner to the Manager shall resume and any portion of the General Partner’s Share, the Carried Interest Share, the entitlement pursuant to Clause 11.1.7 and Management Fee withheld shall be paid to the General Partner, Founder Partner and/or Manager as appropriate. If the Manager does not Remedy or provide a Reasonable Explanation within an Extension then, the Limited Partners, acting by a Limited Partners’ Special Consent, may issue the General Partner notice that either:
(a) the Investment Period shall terminate and the Commitments and General Partner’s Share shall be subject to evaluation pursuant to Clause 25; or
(b) this Agreement is to be terminated with immediate effect without any liability of any Limited Partner or the Partnership to either the Manager, Founder Partner or the General Partner, and the General Partner, Founder Partner and the Manager hereby expressly waive all claims in relation to any liability of any kind that arises or may arise in relation thereto.
VI.4) Procedures for review
VI.4.1) Review body
The UK does not have any such bodies with responsibility for appeal/mediation procedures
N/A
UK
VI.4.3) Review procedure
Precise information on deadline(s) for review procedures:
CPD complied with the Public Contracts Regulations 2015 and incorporated a standstill period (i.e. a minimum of 10 calendar days) at the point information on the award of contract was communicated to tenderers. That notification provided full information on the award decision. This provided time for the unsuccessful tenderers to challenge the award decision before the contract is entered into.
VI.5) Date of dispatch of this notice
25/06/2019