Planning

Green Growth West Impact Fund - Fund Management - Market Engagement

WEST OF ENGLAND COMBINED AUTHORITY

This public procurement record has 1 release in its history.

Planning

01 Nov 2024 at 10:25

Planning Notice
Summary of the contracting process

The West of England Combined Authority has announced a planned procurement process titled "Green Growth West Impact Fund - Fund Management - Market Engagement," under the industry category of banking and investment services. This initiative aims to appoint a Financial Conduct Authority (FCA) regulated Alternative Investment Fund Manager (AIFM) through a competitive Invitation to Tender (ITT). The procurement is currently in the planning stage. Interested parties are invited to register for an online market engagement event scheduled for 13th November 2024. The Authority plans to launch a £100m Green Growth West Impact Fund, with a cornerstone investment of £10m, to tackle the ambitious goals set out in its 2023 Climate and Ecological Strategy and Action Plan. Key dates include the anticipated AIFM appointment in Q1 2025, first close in Q2 2025, and final close in Q1 2026, with a fund duration of 12 years, extendable by 3 years.

This tender offers considerable business growth opportunities, particularly for companies experienced in fund management, infrastructure investment, and environmental, social, and governance (ESG) strategies. The West of England Combined Authority is looking for an AIFM with a strong track record, competitive fees, a sound investment strategy, and robust governance systems. Such a project is ideal for firms capable of raising significant external capital from both public and private sectors, aiming for substantial impact beyond the Authority's initial investment. Businesses with proven expertise in market-standard fund structures, experienced management teams, and compelling fund-raising capabilities will find this tender particularly well-suited to their strengths.

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Notice Information

Notice Title

Green Growth West Impact Fund - Fund Management - Market Engagement

Notice Description

Market engagement by the West of England Combined Authority to advise and engage with the market ahead of a Financial Conduct Authority (FCA) Alternative Investment Fund Manager (AIFM) appointment by competitive Invitation to Tender (ITT) to establish and administer the West of England Combined Authority proposed Green Growth West Impact Fund.

Lot Information

Lot 1

The West of England Combined Authority will be holding an online market engagement event, prior to release of the invitation to tender, on the 13th November 2024 for interested parties to understand more detail around the requirement to procure an appropriately qualified and experienced AIFM. Parties wishing to register to attend the market engagement event should register interest with Angel Prado at angel.prado@westofengland-ca.gov.uk. Details of the requirement are shown below: The West of England Combined Authority (MCA) is seeking to launch a PS100m Green Growth West Impact Fund (GGWIF) seed capitalized by the MCA with PS10m as a cornerstone investor. GGWIF has been designed to assist with the tackling of ambitious goals set out in its 2023 Climate and Ecological Strategy and Action Plan, by generating significant environmental, social and economic impacts while preserving and amplifying the Combined Authority's capital. This MCA is seeking to procure an appropriately qualified and experienced AIFM to go to market and raise matching capital from significant external public and importantly, private investors, aiming at a 10x multiple of the Combined Authority's impact. The MCA requires the appointed AIFM to be able to demonstrate the following attributes as part of the procurement process: 1. A competitive / market standard fees and fund structure 2. A Track record ( above the median/ top quartile for benchmark funds ) of previous funds 3. A strong experienced proven management team 4. The ability to demonstrate evidence of a sound investment strategy with projected return ( financial and impact) exceeding what would normally be expected in the sector context 5. A visible pipeline and clear origination strategy 6. Evidence of high quality performing underlying assets for existing funds 7. Evidence of of access to a strong investor base and significant fund-raising experience 8. Evidence of strong governance and management systems in place 9. ESG / Impact reporting experience at a regulated fund reporting level 10. A commitment to work with the MCA Grant funded BBRC Investment Readiness Advisory Service (IRAS) as illustrated 1 Terms & Conditions of the Appointment: * Anticipated AIFM appointment Date : Q1 2025 * Anticipated First Close Q2 2025 * Target first Close Assets Under Management (AUM) : (PS60m) * Anticipated Final Close Q1 2026 * Target Final Close Assets under Management(AUM) : (PS100m) * Fund Deployment Phase : Q2 25 - Q2 2030 * Fund Duration: 12 years with the potential ( subject to contract) to extend by 3 years * Target yield 6-8% after all Annual Management Fees are accounted for, excluding establishment fees (to be determined by competitive ITT) * Target Debt to Equity ratio: A minimum of 70% Debt and a maximum of 30% Equity * A minimum of a 2% AIFM commitment of target final close AUM The MCA is seeking to appoint a suitably qualified AIFM for the duration of the fund Additional Performance Criteria: The MCA appointed AIFM will be required to provide Investment Committee rigour and regulatory compliance, plus be expected to bring considerable infrastructure investing technical knowledge, and experience from across the UK. In addition, the AIFM will directly (and in partnership with the MCA Grant funded BBRC Investment Readiness Advisory Service 1) carry out the role of on-the-ground investment origination, due diligence and transaction structuring, preparing cases for Investment Committee and closing approved deals, producing reporting data, and retaining a close relationship with the investors. The AIFM is expected to work closely with the IRAS as a source of investment origination, and there will be clear segregation of duties between the work of the IRAS and the regulated activities of the Fund1. Additional information: Parties wishing to register to attend the market engagement event should register interest with Angel Prado at angel.prado@westofengland-ca.gov.uk.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-04b32b
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/035431-2024
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Planning Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66100000 - Banking and investment services

Notice Value(s)

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

Notice Dates

Publication Date
1 Nov 20241 years ago
Submission Deadline
Not specified
Future Notice Date
27 Nov 2024Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Planned
Lots Status
Planned
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
WEST OF ENGLAND COMBINED AUTHORITY
Contact Name
Paul Smith
Contact Email
paul.smith@westofengland-ca.gov.uk
Contact Phone
+44 7500040480

Buyer Location

Locality
BRISTOL
Postcode
BS1 6EW
Post Town
Bristol
Country
England
Major Region (ITL 1)
TLK South West (England)
Basic Region (ITL 2)
TLK5 West of England
Small Region (ITL 3)
TLK51 Bristol, City of
Delivery Location
TLK South West (England)
Local Authority
Bristol, City of
Electoral Ward
Lawrence Hill
Westminster Constituency
Bristol East

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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