--- title: "LGPS Central UK Direct Property Fund Depositary" ocid: "ocds-h6vhtk-02c30f" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02c30f" markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-02c30f.md" json_url: "https://d3tenders.com/contract/ocds-h6vhtk-02c30f.json" source: "Find A Tender Service" current_stage: "Tender" buyer: "LGPS CENTRAL LIMITED" published: "2021-07-27" --- # LGPS Central UK Direct Property Fund Depositary Buyer: LGPS CENTRAL LIMITED Current stage: Tender OCID: ocds-h6vhtk-02c30f [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02c30f) [Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-02c30f.json) ## Summary The procurement process for the "LGPS Central UK Direct Property Fund Depositary" is currently active and being conducted by LGPS Central Limited, an Alternative Investment Fund Manager based in Wolverhampton. The tender belongs to the financial and insurance services industry and is classified under the CPV code 66000000. The procurement method is selective, with a competitive dialogue process in place. Key dates include a submission deadline that has been extended to 2nd August 2021, and a contract period of 7 years with a potential renewal based on performance. This initiative aims to establish a property fund with initial investments expected to reach approximately £150 million by late 2021. This tender presents significant opportunities for businesses specialising in financial services, asset management, or consultancy within the public sector. Companies well-suited to compete include those knowledgeable in fund management procedures, regulatory compliance, and property asset oversight. As LGPS Central aims to monitor a range of activities related to the fund’s operation, including cash flow management and investor transactions, businesses with proven expertise in these areas will likely find this procurement advantageous for expanding their portfolio and client base. ## Notice LGPS Central will be the AIFM of the Property ACS and wishes to appoint a Depositary to: - Provision of a Formal Property Procedure for the sale and disposal of assets the Investment Manager will be expected to follow.- Monitoring the AIF's cash flows.- Monitoring that the investor transactions, sale, issue, repurchase and redemption of units in the funds are processed correctly and on a timely basis.- Monitoring that the investments are appropriate.- Oversight of the register of investors.- Monitoring NAV calculations according to the prospectus and regulatory requirements.- Oversight of income and distributions.- Monitoring reconciliation of cash accounts and reviewing cash flows.- How you will hold the fund's assets and how this is specifically tailored for a property fund.An overview of the services in respect of the Project is set out in the Selection Questionnaire document on the In-tend system. ### Lot Information Lot 1 LGPS Central Limited (LGPS Central) is an Alternative Investment Fund Manager (AIFM) and an investment advisor, authorised and regulated by the Financial Conduct Authority (FCA). It was established to manage investment assets on behalf of eight Local Government Pension Scheme (LGPS) funds across the Midlands (Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands, and Worcestershire) (the Partner Funds). It is jointly owned on an equal-shares basis by the eight Partner Funds. LGPS Central currently has approximately PS45bn of assets under management, including PS17bn in the LGPS Central Limited Authorised Contractual Scheme (the LGPSC ACS). It also provides consultancy and investment advisory services, to the Partner Funds.Three of the LGPS Central's Partner Funds have expressed interest in investing new monies in a pooled direct property fund and it has been agreed that such a fund will be set up as a sub-fund under a new authorised contractual scheme structure, to be known as the LGPS Central Property ACS ( the Property ACS).The sub-fund will be called the LGPS Central UK Direct Property Fund (the Fund).It is anticipated that the Fund will be launched by the end of 2021 with approximately PS150million of investment of new money from the three Partner Funds. It is expected that over time this amount will grow (expected to reach approximately PS500m in 7 years) and include cash investment from other Partner Funds.LGPS Central will be the AIFM of the Property ACS and wishes to appoint a Depositary to: - Provision of a Formal Property Procedure for the sale and disposal of assets the Investment Manager will be expected to follow.- Monitoring the AIF's cash flows.- Monitoring that the investor transactions, sale, issue, repurchase and redemption of units in the funds are processed correctly and on a timely basis.- Monitoring that the investments are appropriate.- Oversight of the register of investors.- Monitoring NAV calculations according to the prospectus and regulatory requirements.- Oversight of income and distributions.- Monitoring reconciliation of cash accounts and reviewing cash flows.- How you will hold the fund's assets and how this is specifically tailored for a property fund.An overview of the services in respect of the Project is set out in the Selection Questionnaire document on the In-tend system. Renewal: 7 year + 3 year contract duration. Renewal is dependent on meeting agreed performance. ## Key Details | Field | Value | | --- | --- | | Publication source | Find A Tender Service | | Latest notice | https://www.find-tender.service.gov.uk/Notice/015260-2021 | | Notice type | Tender Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Selective | | Procurement method details | Competitive dialogue | | Tender suitability | Not specified | | Awardee scale | Not specified | | All stages | Tender | ## Dates | Field | Value | | --- | --- | | Publication date | 27 Jul 2021 | | Submission deadline | 30 Jul 2021 | | Future notice date | Not specified | | Award date | Not specified | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Active | | Lots status | Active | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | LGPS CENTRAL LIMITED | | Locality | WOLVERHAMPTON | | Post town | Wolverhampton | | Postcode | WV1 3NB | | Country | England | | ITL 1 | TLG West Midlands (England) | | ITL 2 | TLG3 West Midlands | | ITL 3 | TLG39 Wolverhampton | | Local authority | Wolverhampton | | Electoral ward | St Peters | | Westminster constituency | Wolverhampton West | | Delivery location | TLF East Midlands (England), TLG West Midlands (England) | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66000000 - Financial and insurance services ## Release History - 27 Jul 2021 at 17:14 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/015260-2021 - 20 Jul 2021 at 15:15 - TenderUpdate - Tender Notice - https://www.find-tender.service.gov.uk/Notice/017109-2021 ## Notice URLs - https://in-tendhost.co.uk/lgpscentral/aspx/Home - https://www.lgpscentral.co.uk/ ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02c30f. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-02c30f.json.