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Opportunistic Private Markets Asset Allocation - Investment Management Services

Dundee City Council

This public procurement record has 1 release in its history.

Tender

17 Oct 2025 at 01:00

OJEU - F2 - Contract Notice
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Notice Information

Notice Title

Opportunistic Private Markets Asset Allocation - Investment Management Services

Notice Description

Dundee City Council (the Council) as administering authority for the Tayside Pension Fund (the Fund) is launching this procurement for an investment manager to manage 50% of the Fund's opportunistic portfolio, which forms 10% of the Fund's assets (this represents 5% of the value of the Fund, circa GBP 250-GBP 290 million). The Fund is seeking a new mandate to compliment an existing alternatives mandate that would invest across a range of private market asset classes (including private equity, private infrastructure, private debt and private real estate debt). The Fund requires a proportion of the assets to be invested in the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of at least 10-20% of the total mandate). As well as geographical preferences, environmental and social impact are also key priorities of the mandate, and consideration should be given.

Lot Information

Lot 1

The Council is the administering authority for the Fund. The Fund is part of the Local Government Pension Scheme (LGPS) and is one of the 11 LGPS funds in Scotland and around 100 in the UK. The Council wishes to appoint an investment manager to manage 50% of the Fund's opportunistic portfolio, which forms 10% of the Fund's assets (this represents 5% of the value of the Fund, circa 250-290 million GBP). The new mandate should seek to compliment the Fund's existing alternatives mandate, and invest across a range of private market asset classes (including, but not limited to, private equity, private infrastructure, private debt, and private real estate debt). The Council wishes the mandate to have the following characteristics: * Target a return of 8% - 10% per annum (net of all fees). * Be sufficiently diversified, with no one asset class representing more than 40% of the mandate. * Focus on the following asset classes: private equity, private debt, real estate debt and infrastructure (both debt and equity). Additional asset classes will also be considered on a case-by-case basis. * Geographical exposure - investments should be focused on Developed Markets (with currency hedging back to Sterling implementable as required). The portfolio should also consider local investment opportunities within the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of 10-20% of the total mandate). * Investment term - it is expected that the mandate will be in place for at least 10 years. * Liquidity - the preference would be for the mandate to offer at least annual liquidity. However, there is an understanding that an initial lock-up period may be required to help build out investments. The mandate should also be sufficiently liquid to allow further investments to be made, should the Council wish to scale up the size of the mandate. * The Fund wishes to achieve access to best in class investments across asset classes and is open to using external managers to access investments. Where this is proposed, consideration should be given to minimising double layers of fees and providing transparency on the overall cost of the strategy. * Environmental and Social impact are key priorities of the mandate's objectives, and specific consideration should be given. More broadly, Environmental, Social and Governance considerations should be integrated throughout the investment process. * Fees - the preference would be for a flat fee structure, with no performance fee element. The contract is being procured using the competitive procedure with negotiation in accordance with the Public Contracts (Scotland) Regulations 2015. The contract will be entered into between the Council and the successful bidder. The procurement process leading to the award of the contract will comprise the following stages: 1. Prequalification (SPD) stage 2. Initial tender stage 3. Negotiation stage 4. Final tender stage 5. Contract award The procurement documents being issued at this SPD stage are located within the 'Additional Documents' area for this particular contract on the PCS Portal. To participate in the procurement, economic operators must submit a completed SPD Questionnaire via the PCS Portal in accordance with this Contract Notice and the instructions in the SPD Guidance document. This Contract Notice and the SPD Guidance document must be reviewed carefully. Detailed information regarding the later stages of the procurement including the award criteria and evaluation methodology will be provided to the shortlisted economic operators who are invited to submit an initial tender.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000813245
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=OCT541721
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
OJEU - F2 - Contract Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Competitive procedure with negotiation
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66131100 - Pension investment services

66141000 - Pension fund management services

66520000 - Pension services

Notice Value(s)

Tender Value
£12,000,000 £10M-£100M
Lots Value
£12,000,000 £10M-£100M
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
17 Oct 202510 months ago
Submission Deadline
19 Nov 2025Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Jun 2026 - 29 Jun 2030 4-5 years
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
Dundee City Council
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
DUNDEE
Postcode
DD1 1QE
Postcode Area
Dundee
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM0 Eastern Scotland
Small Region (ITL 3)
TLM03 Angus and Dundee City
Delivery Location
TLM71 Angus and Dundee City
Local Authority
Dundee City
Electoral Ward
Maryfield
Westminster Constituency
Dundee Central

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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