--- title: "Appointment of Pension Fund Manager - Private Corporate Debt" ocid: "ocds-r6ebe6-0000559211" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000559211" markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000559211.md" json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000559211.json" source: "Public Contracts Scotland" current_stage: "Tender" buyer: "GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND" published: "2018-12-17" --- # Appointment of Pension Fund Manager - Private Corporate Debt Buyer: GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND Current stage: Tender OCID: ocds-r6ebe6-0000559211 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000559211) [Download OCDS JSON](https://d3tenders.com/contract/ocds-r6ebe6-0000559211.json) ## Summary Glasgow City Council, acting as the administering authority for the Strathclyde Pension Fund, is currently seeking to appoint a Pension Fund Manager for a private corporate debt mandate under an open procurement method. This tender is in the active stage, with submissions due by 12:00 PM on 16 January 2019. The contract will be centred around providing services within the economic affairs industry, located in Glasgow, UK. Interested parties can submit their proposals electronically via the stated link. The planned duration for this contract is extensive, with a potential length of up to 1800 days, dependent upon specific terms outlined in the Investment Management Agreement. This procurement process represents a significant opportunity for financial management firms specialising in private lending, corporate debt strategies, and investment management. Companies well-versed in LGPS regulations or those providing innovative debt solutions would be particularly competitive. Given the substantial mandate size ranging from £300 million to £600 million, service providers capable of delivering robust risk management and compliance frameworks stand to benefit greatly from this contract. The expected return of LIBOR plus 4-6% net of fees presents an attractive prospect for firms looking to expand their portfolio in the public pension fund sector. ## Notice Glasgow City Council, as administering authority to the Strathclyde Pension Fund, is seeking to appoint an investment manager, or managers, to manage a private corporate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. The manager should be able to offer an implementation solution either through the construction of a segregated evergreen portfolio or through the management and allocation to a range of underlying debt managers. ### Lot Information Lot 1 Glasgow City Council, as administering authority to the Strathclyde Pension Fund, is seeking to appoint an investment manager, or managers, to manage a private corporate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. The manager should be able to offer an implementation solution either through the construction of a segregated evergreen portfolio or through the management and allocation to a range of underlying debt managers. The mandate will be focussed predominantly on senior secured direct corporate lending, either first or second lien, to corporate borrowers. The loans should be viewed as equivalent to sub-investment grade credit risk. The strategy may also include allocations to unitranche, mezzanine (junior debt) and other forms of debt and potentially a small allocation to equity. The expected return on this mandate is in the region of LIBOR plus 4-6% p.a. net of fees and costs. The proposed mandate size is between 300m GBP and 600m GBP, although Glasgow City Council reserve the right to alter the value and coverage of the mandate both initially and over the period of the mandate. Renewal: The contract will commence on the Commencement Date as detailed in the Investment Management Agreement ("IMA") and shall continue in full force and effect until terminated in accordance with the terms of the IMA. Please refer to Clauses 25 and 26 of the IMA for full details. ## Key Details | Field | Value | | --- | --- | | Publication source | Public Contracts Scotland | | Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340501 | | Notice type | OJEU - F2 - Contract Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Open | | Procurement method details | Open procedure | | Tender suitability | Not specified | | Awardee scale | Not specified | | All stages | Tender | ## Dates | Field | Value | | --- | --- | | Publication date | 17 Dec 2018 | | Submission deadline | 16 Jan 2019 | | 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 | GLASGOW CITY COUNCIL AS THE ADMINISTERING AUTHORITY FOR THE STRATHCLYDE PENSION FUND | | Locality | GLASGOW | | Post town | Glasgow | | Postcode | G2 9EW | | Country | Scotland | | ITL 1 | TLM Scotland | | ITL 2 | TLM3 West Central Scotland | | ITL 3 | TLM32 Glasgow City | | Local authority | Glasgow City | | Electoral ward | Anderston/City/Yorkhill | | Westminster constituency | Glasgow North East | | Delivery location | TLM82 Glasgow City | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### Codes - 66141000 - Pension fund management services ## Release History - 17 Dec 2018 at 00:00 - Tender - OJEU - F2 - Contract Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340501 ## Documents - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=7 8th January 2019 - Freedom of Information Certificate - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=4 20th December 2018 - ITT - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=6 20th December 2018 - Technical and Professional Capability - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=1 20th December 2018 - 4C1.2 Technical & Professional Capability - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=5 20th December 2018 - 4C1.2 Technical & Professional Capability - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=2 19th December 2018 - ITT - https://www.publiccontractsscotland.gov.uk/NoticeDownload/DownloadDocument.aspx?id=DEC340501&idx=3 19th December 2018 - Template IMA - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=DEC340501 Appointment of Pension Fund Manager - Private Corporate Debt - Glasgow City Council, as administering authority to the Strathclyde Pension Fund, is seeking to appoint an investment manager, or managers, to manage a private corporate debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. The manager should be able to offer an implementation solution either through the construction of a segregated evergreen portfolio or through the management and allocation to a range of underlying debt managers. ## Notice URLs - http://www.spfo.org.uk - http://www.spfo.org.ukuk - https://Strathclyde2018CorpDebtSearch@hymans.co.uk - https://Strathclyde2018REDebtSearch@hymans.co.uk - https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000559211 - https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=559211 - https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=559211 - https://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx ## 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-r6ebe6-0000559211. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000559211.json.