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DfE - Invest NI - Management of Co-Fund I, II and III

Invest Northern Ireland

This public procurement record has 2 releases in its history.

Award

25 Sep 2024 at 16:21

Award Notice
Tender

13 Aug 2024 at 10:04

Tender Notice
Summary of the contracting process

Invest Northern Ireland is seeking to appoint a fund manager to oversee and deliver the Co-Investment Fund III (CIF III) for a ten-year period, with an option to extend the contract for up to four additional one-year periods. The procurement falls under the Banking and Investment Services category and will be governed by both a Limited Partnership Agreement (LPA) and a Management Services Agreement (MSA). The contract, valued at approximately £7,628,724, is currently in the "award" stage, with Clarendon Fund Managers Limited named as the successful supplier. The initial ten-year period is split into a five-year investment phase and a five-year follow-on and exit phase, specifically targeting the UKN region, including Belfast.

This tender presents a substantial opportunity for fund management firms specialising in corporate finance, venture capital, and financial & insurance services. The long-term nature of the contract and potential for extensions offer stability and growth potential for the awarded firm. Businesses with strong expertise in personnel recruitment, venture capital development, and links to private investors are well-suited to compete. The emphasis on governance, social value, and marketing strategy development in the award criteria highlights the focus on quality and sustainable business practices, positioning firms to enhance their market standing and foster long-term partnerships.

How relevant is this notice?

Notice Information

Notice Title

DfE - Invest NI - Management of Co-Fund I, II and III

Notice Description

Invest NI is seeking to appoint a fund manager to manage and deliver CIF III for a ten-year period with an option to extend for four periods of one year each. The initial ten-year term is split into a five year investment period, followed by a five year follow on and exit period. A legal contract, by way of a Limited Partnership Agreement ("LPA") and a Management Services Agreement ("MSA"), will govern the ten-year contract to deliver CIF III and a draft LPA and MSA will be included in the tender documents.

Lot Information

Lot 1

Invest NI is seeking to appoint a fund manager to manage and deliver CIF III for a ten-year period with an option to extend for four periods of one year each. The initial ten-year term is split into a five year investment period, followed by a five year follow on and exit period. A legal contract, by way of a Limited Partnership Agreement ("LPA") and a Management Services Agreement ("MSA"), will govern the ten-year contract to deliver CIF III and a draft LPA and MSA will be included in the tender documents. Additional information: The figure indicated in Section II 1.7 represents an estimated contract value. This value reflects the potential scale of the contract and takes into account potential optional extension periods and the uptake of potential optional services as detailed in the tender documents. This figure does not however take into account the application of indexation. Neither CPD nor the Authority can provide any guarantee as to the level of business under this contract. The Contracting Authority does not bind itself to accept the lowest or any tender. Economic Operators remain responsible for all costs and expenses incurred by them or by any third party acting under instructions from the Economic Operator in connection with taking part in this procurement process regardless of whether such costs arise as a consequence, directly or indirectly of any amendments made to the procurement documents by the Contracting Authority at any time. No legally binding contract shall arise and an Economic Operator shall. have no legitimate expectation that a contract will be entered into until such time as entry into the Contract has been confirmed by the. Contracting Authority. Economic Operators should note that all dates, time periods and figures in relation to values and volumes specified. in this notice and the procurement documents are approximate only and the Contracting Authority reserves the right to change any or all oft hem.

Options: four periods of one year

Renewal: the option to extend for 4 further periods of 1 year each.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-048a2e
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/030663-2024
Current Stage
Award
All Stages
Tender, Award

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
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

66100000 - Banking and investment services

66122000 - Corporate finance and venture capital services

Notice Value(s)

Tender Value
£9,685,000 £1M-£10M
Lots Value
£9,685,000 £1M-£10M
Awards Value
Not specified
Contracts Value
£7,628,724 £1M-£10M

Notice Dates

Publication Date
25 Sep 20241 years ago
Submission Deadline
12 Sep 2024Expired
Future Notice Date
Not specified
Award Date
24 Sep 20241 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Invest Northern Ireland
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BELFAST
Postcode
BT2 7ES
Postcode Area
Northern Ireland
Country
Northern Ireland
Major Region (ITL 1)
TLN Northern Ireland
Basic Region (ITL 2)
TLN0 Northern Ireland
Small Region (ITL 3)
TLN06 Belfast
Delivery Location
TLN Northern Ireland
Local Authority
Belfast
Electoral Ward
Central
Westminster Constituency
Belfast South and Mid Down

Supplier Information

Number of Suppliers
1
Supplier Name

CLARENDON FUND MANAGERS LIMITED

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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