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Appointment of Pension Fund Manager - Direct Corporate Lending

Essex Pension Fund

This public procurement record has 1 release in its history.

Tender

13 Jan 2021 at 15:09

Tender Notice
Summary of the contracting process

The Essex Pension Fund is currently seeking proposals for the appointment of an Investment Manager for a Direct Corporate Lending mandate, valued between £200 million and £250 million. The procurement process is at the tender stage, with submissions due by 12th February 2021. This contract, which falls within the pension fund management services sector, is based in Essex, UK. The procurement method used is an open procedure, allowing for a competitive selection process.

This tender presents significant opportunities for businesses specialising in investment management and corporate lending, particularly those with experience in managing large pension funds. Companies that are well-regulated and have a proven track record in senior secured direct corporate lending are ideal candidates. The focus on raising capital for a close-ended commingled fund targeting mid to large-cap companies will attract participants that can offer competitive returns of approximately cash plus 5% to 6% per annum, making it an appealing opportunity for established financial service providers.

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Notice Information

Notice Title

Appointment of Pension Fund Manager - Direct Corporate Lending

Notice Description

Essex Pension Fund are seeking to appoint an Investment Manager for a Direct Corporate Lending mandate of approximately PS200m-PS250m. The Council reserve the right to alter the value and length of the contract.

Lot Information

Lot 1

Essex Pension Fund are seeking to appoint an Investment Manager for a Direct Corporate Lending mandate of approximately PS200m-PS250m. - Tenderers must be appropriately regulated to manage a Direct Corporate Lending mandate for an LGPS client; - Tenderers must be actively raising capital for a close ended commingled Fund in Q2 and Q3 2021; - The Fund must seek to lend 90% or more of assets to 1st lien senior secured corporate debt, to mid - large cap companies; - Tenderers must be the sole or lead lender in the majority of loans; - The majority of loans must be structured with financial maintenance covenants as a minimum; - The Fund should be either Global or European focused; - The Fund should target a net return in the region of cash plus 5% - 6% p.a.; - The Fund must have a minimum target size of PS2 billion; - Tenderers must be on at least their 3rd Fund raise for this specific strategy; - Tenderers must have at least a 5 year track record in Senior Secured Direct Corporate Lending - Tenderers must be able to comply with the appropriate LGPS regulations; - The Council reserves the right to alter the value of the funds awarded and this may change over time; - The Council reserves the right to alter the length of the contract.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-0289f9
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/000677-2021
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66141000 - Pension fund management services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
13 Jan 20215 years ago
Submission Deadline
12 Feb 2021Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Active
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Essex Pension Fund
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
CHELMSFORD
Postcode
CM1 1LX
Postcode Area
Chelmsford
Country
England
Major Region (ITL 1)
TLH East (England)
Basic Region (ITL 2)
TLH3 Essex
Small Region (ITL 3)
TLH36 Heart of Essex
Delivery Location
TLH3 Essex
Local Authority
Chelmsford
Electoral Ward
Chelmer Village and Beaulieu Park
Westminster Constituency
Chelmsford

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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