Section I: Contracting authority
Section II: Object
Provision of a Segregated Fund of Private Debt Funds CO12983
Hampshire County Council is letting a contract for the provision of a Segregated Fund of Private Debt for Hampshire County Council Pension Fund.
The contract will commence on 1.1.2019 and be for an indefinite term.
Tenderers should be aware that the Authority reserves the right to award between 1 and 3 separate contracts.
Interested parties should register their interest in the project via the In-Tend website https://in-tendhost.co.uk/hampshire and complete and submit the tender return document together with any supporting information requested by 14:00 hours on 8.10.2018.
To obtain the Tender Documents.
The Tender documents can be accessed when logged into In-Tend by selecting “View Details” on the relevant tender advert and clicking the “Express Interest” tab. Once in the tender there are 5 tabs:
— “ITT — documents”,
— “Clarifications” and
Select the 2nd tab (ITT — documents) where you will find useful information under ‘Tender Details.
1.1) The Hampshire Pension Fund (the “Pension Fund”) provides pensions for employees of over 300 organisations under the Local Government Pension Scheme (LGPS), including Hampshire County Council (the “Authority”), the unitary authorities of Southampton and Portsmouth and the 11 district/borough councils in the Hampshire county area. On 31.3.2018 there were a total of 167 000 scheme members.
1.2) The Pension Fund was valued at 6 600 000 000 GBP at its last financial year end in March 2018 and has a strategic asset allocation to private debt of 5,0 %, which is a new addition to its investment strategy. The Pension Fund intends to appoint a single investment manager to manage the private debt mandate, with the required level of experience and skill to deliver high quality risk-adjusted returns, in a bespoke segregated mandate, effectively a “bespoke fund of funds”. A contract will be awarded to the supplier scoring the highest in this assessment.
1.3) The Pension Fund is being assisted in this procurement by MJ Hudson Investment Advisors Ltd
1.4) The target return for this mandate should be UK 3-month LIBOR plus 4 % per annum net of all fees. Fund returns are expected to be generated without the use of leverage at the portfolio level The Mandate size is approximately 325 000 000 GBP further to a strategic decision to increase HCC’s allocation to illiquid strategies.
Term and termination
Please provide that the term of the IMA is indefinite and will terminate in accordance with the termination provisions.
The notice period for termination should be as follows:
(a) For no-fault termination, the Council should be able to terminate the IMA by not more than 1 month's notice. At least 3 months' notice should be required for the manager to terminate. Due to the illiquidity of some of the permissible investments, the IMA should also provide that where the manager terminates, it will cease to have discretion to make further investments;
(b) Where the manager breaches the IMA, the Council may by written notice terminate the Agreement immediately, or within 14 days of the breach where the breach is remediable and has not been remedied;
(c) The Council may terminate the IMA immediately on written notice where the manager is subject to an insolvency event or ceases to be appropriately authorised.
In the event of termination, the IMA should provide that the manager will provide all reasonable assistance in the transition of the portfolio to a new manager.
Section III: Legal, economic, financial and technical information
List and brief description of conditions:
Information and formalities necessary for evaluating if the requirements are met:
In accordance with Articles 57 — 62 of Directive 2014/24/EC and Regulation 57 of the Public Contracts Regulations 2015. Organisations are advised it is a condition of this contract that all managers and operatives (including sub-contractors) are suitably competent to execute all trades and operations encompassed by these Contracts in full compliance with UK legislation.
We expect that as part of this tender process, you will provide us with a draft form of investment management agreement (IMA).
To inform your understanding of our expectations, this Schedule sets out a non-exhaustive list of terms that we expect to see in any form of IMA you provide to us.
The list of terms is indicative of our position and does not specify any particular form of drafting. It shall not limit our ability to depart from the non-exhaustive list of terms when concluding any IMA entered in to with you. We expect that corresponding terms in any IMA you provide to us will reflect the nature and spirit of the terms listed in the Schedule that will be provided within the procurement documents.
Section IV: Procedure
Section VI: Complementary information
Interested parties should register their interest in the project via the In-Tend website https://in-tendhost.co.uk/hampshire and complete the ITT return document by 14:00 on the 8.10.2018.
Clarifications regarding the ITT must be submitted via In-Tend by 17:00 on the 28.9.2018.
This procurement will involve a presentation stage by the highest scoring bidders in line with the details identified within the ITT documents.
These presentations will take place on the 16.11.2018, at Hampshire County Councils offices in Winchester, Hampshire, England.
Further information around this process, times, location will be advised within the ITT.
How to obtain the Invitation To Tender (ITT) Documents.
The ITT documents can be accessed when logged into In-Tend by selecting “View Details” on the relevant tender advert and clicking the “Express Interest” tab. Once in the tender there are 5 tabs:— “Tender”,
— “ITT —documents”,
— “Clarifications” and
Select the 2nd tab (ITT documents) where you will find useful information under “Tender Details”. Continue to scroll down to the heading “Tender Documents Received” where you will be able to view / download the documents.
Opting In and Out:
Please note you are required to “Opt In” before you can access the “My tender Return” to start populating your response.
The “Opt Out” functionality will also be available throughout the duration of the tender process. Opting out will give you the option of declaring you no longer want to receive any further communication in relation to this tender along with the opportunity of providing comments and feedback for this decision. You may amend your decision to “Opt In or Out” at any time during the tender process.
In addition, guidance on how to participate in a tender — download and upload documents/returns and if required, register your company (free of charge), can be found on the In-Tend site under the “Help” or “ Information for Suppliers” buttons.
Receiving Notification Emails
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