The Provision of Alternative Investment Fund Manager('AIFM') Services and Administration and Depositary Services

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    "id": "ocds-h6vhtk-06b87a-2026-06-18T17:03:06+01:00",
    "date": "2026-06-18T17:03:06+01:00",
    "ocid": "ocds-h6vhtk-06b87a",
    "description": "Economic operators may be excluded from this competition if they are in any of the situations referred to in regulation 58 of the Public Contracts (Scotland) Regulations 2015. Within the SPD, Tenderers should respond \"yes\" where they have been the subject of any enforcement action, restriction or other sanction or intervention by the Financial Conduct Authority or any other regulator and then provide an explanation in response to questions 3D10.1 to 3D10.4 NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=835049. The buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at https://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx. Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems. Community benefits are included in this requirement. For more information see: https://www.gov.scot/policies/public-sector-procurement/community-benefits-in-procurement/ A summary of the expected community benefits has been provided as follows: Provision of skills and training opportunities - details of any work placements, secondments that could be offered as a result of this Contract (SC Ref:835049) Download the ESPD document here: https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=835049",
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    "tender": {
        "id": "CON-0294",
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            "id": "32014L0024",
            "scheme": "CELEX"
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        "title": "The Provision of Alternative Investment Fund Manager('AIFM') Services and Administration and Depositary Services",
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        "classification": {
            "scheme": "CPV",
            "id": "66100000",
            "description": "Banking and investment services"
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        "mainProcurementCategory": "services",
        "description": "The Bank is seeking a Supplier for the Provision of Alternative Investment Fund Manager ('AIFM') services and Administration and Depositary services in relation to the planned launch of a small number of UK-domiciled, non-Retail unregulated collective investment schemes (UCIS) to be privately placed to institutional investors. Depositary Services are only required where relevant to the fund structure. Estimated contract value for initial contract period (4 years) is 1.5m GBP. Including optional extensions (6 years total), the estimated value is 2.8m GBP. This is indicative based on expected fund roll-out and values which is subject to change.",
        "value": {
            "amount": 2800000,
            "currency": "GBP"
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                "description": "The Bank is seeking to appoint a suitably authorised and experienced UK Alternative Investment Fund Manager (\"AIFM\") to provide a hosted AIFM solution, and associated Fund Administration and Depositary Services (Depositary Services only required where relevant to the fund structure). Under a hosted AIFM model, the appointed provider will be responsible for providing the regulatory permissions, compliance framework and operational infrastructure required to establish and manage investment funds. This includes, but is not limited to, activities relating to regulatory oversight, risk management, compliance, governance and reporting. Additional information: Estimated contract value for initial contract period (4 years) is 1.5m GBP. Estimated value including optional extensions (6 years total contract period) is 2.8m GBP. This is indicative based on expected fund roll-out and values which is subject to change.",
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                "value": {
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                    "description": "2 x 12 month extension periods"
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                    "type": "suitability",
                    "description": "Suitability - Authorisation or Membership Please complete \"Suitability - Authorisation or Membership\" question within the SPD module of PCS: Question 4A.2A - Bidders are required in country of establishment to hold an authorisation of the FCA and all required FCA permissions to perform the services. Pass = The Tenderer has provided confirmation that it will provide evidence of holding an authorisation of the FCA and all required FCA permissions to perform the services when requested by the Purchaser. Fail = The Tenderer has not provided confirmation .that it will provide evidence of holding an authorisation of the FCA and all required FCA permissions to perform the services when requested by the Purchaser.",
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                    "description": "Please complete \"Insurance Requirements\" on the online SPD and submit on PCS. It is a requirement that all Tenderers must have or commit to have the required insurance levels at commencement of the Agreement as indicated below. Question 4B.5.a Professional Risk Indemnity - 10m GBP Question 4B.5.b Employers Liability - 10m GBP Question 4B.5.c Other Insurances: Product and Public Liability - 5m GBP A copy of the Insurance Certificate or Brokers Letter must be provided prior to award to demonstrate that the Insurance requirements can be met. Please confirm that you can meet this requirement and that this information shall be provided when requested, prior to award. Other Economic or Financial Requirements - Financial Accounts Question 4B.6 - The successful Tenderer will be required to provide two years of audited accounts or equivalent prior to award to the Contract. If you are unable to provide the required accounting information - e.g. a new business without the required accounts, please provide a banker's letter demonstrating their willingness to support your organisation over the term of the Contract. The Bank shall assess the financial accounts or banker's letter submitted. It may seek further clarity if necessary and use all financial information submitted to ensure that the Tenderer has satisfactory economic and financial standing to meet the contract requirements. If analysis of a Tenderer's financial position determines that additional measures are necessary to provide adequate assurance of the Tenderer's financial strength to the Bank that Tenderer may be required to provide additional guarantees. If such additional measures are not suitable or cannot be provided by the Tenderer, then the Bank reserves the right to disqualify the Tenderer. Other Economic or Financial Requirements - Internal Control Reports Question 4B.6 - Bidders must provide last two audited internal control reports (SOC / ISAE or equivalent). The Bank shall review the internal control reports submitted. It may seek further clarity if necessary and use the information submitted to ensure that the Tenderer has satisfactory internal controls. If review of the reports determines that additional measures are necessary to provide adequate assurance of the Tenderer's internal controls to the Bank, that Tenderer may be required to provide additional information. If such additional measures are not suitable or cannot be provided by the Tenderer, then the Bank reserves the right to disqualify the Tenderer.",
                    "minimum": "QUESTION 4B5: All Insurance requirements are minimum standards and are mandatory. A fail will result in elimination of the procurement exercise. Pass = The Tenderer has the relevant Insurance in place with evidence of an Insurance Certificate or the Tenderer has committed to obtaining the required insurance with evidence of a brokers letter. Fail = The Tenderer does not have the relevant insurance requirements in place and cannot commit to obtaining the relevant insurance OR the Tenderer has stated they have the relevant insurance in place or can obtain it but is unable to provide evidence to demonstrate this. QUESTION 4B.6 Other Economic or Financial Requirements - Financial Accounts: Pass = The Tenderer has provided all financial accounts or banker's letter and/or supporting information requirements as requested by the Bank and has demonstrated satisfactory economic and financial standing. Fail = The Tenderer has not provided the required financial accounts or banker's letter and/or supporting information as requested by the Bank or has provided the information but has not demonstrated satisfactory economic and financial standing. Question 4B.6 - Other Economic or Financial Requirements - Internal Control Reports Pass = Unqualified audit opinion with no material breaches noted. Fail = Unable to provide reports / qualified audit opinion with material breaches noted.",
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                {
                    "type": "technical",
                    "description": "Question 4C.1.2 of SPD: Bidders are required to provide clear evidence of their track record, capacity for scaling operations, and market presence that align with the Bank's specific requirements. Additionally, they must substantiate their claims by addressing each example of past experience outlined in point 8.3, ensuring their previous engagements directly reflect the scope and standards expected for this opportunity. This covers experience over the last 5 years. Track Record Outline your experience providing both Host AIFM and fund administration services, including evidence of operating these services in an integrated model. Clearly articulate your organisation's track record supporting institutional clients with similar structures (e.g. closed-ended funds, private markets vehicles, asset-backed funds). Scale and Market Presence Outline the scale and relevance of the organisation's operations, including the number and nature of clients currently supported under a hosted AIFM mode similar in size to the banks' requirements. Provide evidence of assets under management (AUM) and assets under administration that reflect experience relevant to the Bank's proposed fund structure. Provide evidence that the organisation has the operational capacity and financial resilience to support a fund of the size and complexity envisaged by the Bank. Provide Relevant Examples of the following: Evidence of past experience delivering Host AIFM and administration services. Specifically: Example 1 (Set-up): Evidence of supporting a client establishing a new AIFM structure and initial launch of funds, including regulatory set-up and governance design. As part of this, the example must show that the firm supported at least one fund launch, inc. structuring and operational readiness. Evidence should include timeline from mandate to first close, key challenges and role of the AIFM vs. the client. Example 2 (Scaling Delivery): Evidence of supporting a client with multiple fund launches (min. 3) or a clearly scalable programme of fund launches over time. Through this, evidence is required that a consistent AIFM and administration framework was applied across the multiple funds. Evidence should include number of funds launched and timeframe; overview of fund strategies and asset classes; approach to scaling operations (systems, governance, resourcing); and how consistency and control were maintained across funds. Evidence of past experience supporting private markets strategies, including private equity, private debt, infrastructure, or similarly illiquid asset classes as well as demonstrating familiarity with the operational, regulatory, and valuation complexities associated with such asset classes. Specifically: Example 1 (Private Credit / Infrastructure): Evidence of the Bidder's experience in delivering Host AIFM and administration services for funds investing in infrastructure projects and private credit. Responses should demonstrate an understanding of the operational and governance complexities associated with long-term, capital-intensive investments, including asset-level oversight and coordination across multiple stakeholders. Evidence should include a description of valuation approaches (inc. use of external valuers) and cash flow management for infrastructure investments and evidence of interest calculation, covenant tracking and impairment recognition for debt investments. Example 2 (Unlisted Equity): Evidence of supporting a client which has funds investing unlisted equity investments. Evidence should include how the Bidder managed valuation uncertainty (inc. application of IPEV or equivalent valuation guidelines), managed investor reporting in the absence of observable market prices and managed key investment events including dilution / cap table changes and exit events.",
                    "minimum": "Pass = The bidder demonstrates, through clear and relevant evidence, sufficient and credible track record in delivering hosted AIFM and associated fund administration services of a similar nature, scale, and complexity to those required by the Bank, including providing 2 relevant examples for each element of i) delivery of Host AIFM services and ii) experience in private markets and illiquid asset structures. Fail = The bidder fails to demonstrate an adequate track record in delivering services of a similar nature, scale, and complexity to those required by the Bank and fails to provide 2 relevant examples for each element of i) delivery of Host AIFM services and ii) experience in private markets and illiquid asset structures. This includes where supporting evidence is insufficiently detailed or where examples provided are too limited, too generic, or not sufficiently aligned to the Bank's requirements.",
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            "name": "Scottish National Investment Bank",
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