FUND MANAGEMENT SERVICES IN RELATION TO THE WEST MIDLANDS EQUITY CO-INVESTMENT FUND

A Tender Notice
by WEST MIDLANDS COMBINED AUTHORITY

Source
Find a Tender
Type
Contract (Services)
Duration
10 year
Value
£5M
Sector
BUSINESS
Published
24 Jun 2022
Delivery
To 29 May 2032 (est.)
Deadline
21 Jul 2022 10:00

Concepts

Location

West Midlands England:

Geochart for 1 buyers and 0 suppliers

1 buyer

Description

The West Midlands Combined Authority (“WMCA”) and the West Midlands Pension Fund (“WMPF”) will be establishing a co-investment fund (“the West Midlands Equity Co-Investment Fund” or “the Fund”), making equity investments into the region’s high growth potential SMEs. Both parties aim to have the fund established and ready to launch by no later than 3rd October 2022. WMCA will be issuing this procurement exercise but will be novating this to a company 100% owned by WMCA. We need to ensure this point is covered in the ITT, please can you place this in the appropriate section of the ITT. Reason for this is that WMDC (a company 100% owned by WMCA) or a NewCo (again 100% WMCA owned) will be the Limited Partner of the Fund, thus will be the entity that contractually appoints the Fund Manager as its General Partner.

Total Quantity or Scope

The West Midlands Equity Co-Investment Fund (“the Fund” or “WMCO”) is a £25m co-investment fund to facilitate the provision of equity finance to up to 45, revenue generating businesses with potential for high growth across the Region. Targeting a minimum 2x return, the Fund will take a sector agnostic approach to its investment, aligned to WMCA regional strategy. WMCA strategic areas include: • New manufacturing economy – advanced manufacturing; • Creative and digital (including technology); • Low carbon and environmental technologies; • Medical and life sciences; • Logistics and transport technologies; and • Construction (building technologies) Operating over a ten-year life cycle, the Fund will operate as a co-investment fund, investing alongside the public and private sectors on a minimum £1:£1 basis.

CPV Codes

  • 66000000 - Financial and insurance services
  • 66100000 - Banking and investment services
  • 66120000 - Investment banking services and related services

Indicators

  • This is a one-off contract (no recurrence)
  • Renewals are not available.
  • Professional qualifications are sought.
  • Technical restrictions apply.

Other Information

** PREVIEW NOTICE, please check Find a Tender for full details. **

Reference

Domains