Procurement Summary
Country : United Kingdom
Summary : Contract notice: Financial and insurance services
Deadline : 24 May 2019
Other Information
Notice Type : Tender
TOT Ref.No.: 30783833
Document Ref. No. : 076886-2019
Competition : ICB
Financier : Self Financed
Purchaser Ownership : -
Tender Value : Refer Document
Purchaser's Detail
Purchaser : INVEST NORTHERN IRELAND
Office Name: Invest Northern Ireland
Address: Bedford Square
Town: Belfast
Postal Code: BT2 7ES
United Kingdom
Email :ssdadmin@finance-ni.gov.uk
URL :https://etendersni.gov.uk/epps
Tender Details
Object of the contract
Financial and insurance services
Description: Contract notice: Financial and insurance services
Authority Type: Body governed by public law
Contact Nature: Services
Procedure: Open procedure
Document: Contract notice
Regulation: European Union, with participation by GPA countries
Award criteria: The most economic tender
CPV code: 66000000, 66100000, 66120000, 66122000, 66110000, 66113000, 66190000, 66000000, 66100000, 66120000, 66122000, 66110000, 66113000, 66190000
CPV Description: Financial and insurance services.
Banking and investment services.
Investment banking services and related services.
Corporate finance and venture capital services.
Banking services.
Credit granting services.
Loan brokerage services.
DfE Invest NI — Invest NI — Managing Agent to deliver Development Fund II
Reference Number : ID 1855938
An FCA approved fund manager is required to manage and deliver Development Fund II on behalf of Invest NI for a 10-year period (5-year investment/5-year realisation). The legal agreements will also incorporate provision for 4 1-year extensions to the contract. The role of the fund manager will be to make suitable investments in 2 7 businesses each year of the investment period. Thereafter, the Fund Manager will be responsible for continued management and exit from all investments within the realisation period, subject to 4 1-year extensions.
An FCA approved fund manager is required to manage and deliver Development Fund II on behalf of Invest NI for a 10-year period (5-year investment/5-year realisation). The legal agreements will also incorporate provision for 4 1-year extensions to the contract. The role of the fund manager will be to make suitable investments in 2 7 businesses each year of the investment period. Thereafter, the Fund Manager will be responsible for continued management and exit from all investments within the realisation period, subject to 4 1-year extensions.
The successful contractor's performance on the contract will be regularly monitored as detailed within Clause 4.7 of the LPA and as follows: KPI Failure.
4.7.1 If at any time there is a KPI Failure, the manager shall inform the General Partner and the Limited Partners of such KPI Failure in writing and the General Partner shall issue a KPI Failure. Notice to the manager and the provisions of Clause 4.7.2 of this agreement shall apply. If the General Partner fails to issue a KPI Failure Notice in accordance with this Clause 4.7.1, then a KPI Failure Notice will be deemed to have been issued upon delivery of a report referred to in either Clause 15 below, Clause 13 of the Management Services Agreement or pursuant to any Side Letter which identifies, expressly or impliedly, a KPI Failure.
4.7.2 If a KPI Failure Notice is issued or is deemed to be issued pursuant to Clause 4.7.1, the Manager shall remedy the KPI Failure to the satisfaction of the partners (evidenced by a Limited Partners' Ordinary Consent) ("Remedy") or provide a written explanation as to why the KPI Failure was not in any way due to circumstances within the power or control of the Manager in writing to the Partners to the satisfaction of the Partners (evidenced by a Limited Partners' Ordinary Consent) (a "Reasonable Explanation"). If within 30 calendar days of issue of or deemed issue of a KPI Failure Notice the manager fails to remedy or provide a Reasonable explanation then unless otherwise agreed by Limited Partners' Ordinary Consent the entitlement of the General Partner to receive payments of the General Partner's Share in accordance with the provisions of Clause 8.2 and any entitlement of the Founder Partner to the Carried Interest Share and pursuant to Clause 11.1.7, if applicable, shall be suspended and the General Partner shall immediately withhold payment of all (or with Limited Partners' Ordinary Consent) a portion of all future payments of the management fee due to the manager pursuant to the Management Services Agreement ("Management Fee"). The Partners may in their sole discretion, acting by a Limited Partners' Ordinary Consent, allow the manager a further 30 calendar days (an "Extension") to Remedy or to provide a Reasonable Explanation. Where such an extension has been granted to the manager and the manager does remedy or provide a Reasonable Explanation before the expiry of the extension, then the entitlement of the General Partner to receive payments of the General Partner's Share in accordance with the provisions of Clause 8.2, entitlement of the Founder Partner to the Carried Interest Share and pursuant to Clause 11.1.7 and payment of the Management Fee by the General Partner to the Manager shall resume and any portion of the General Partner's Share, the Carried Interest Share, the entitlement pursuant to Clause 11.1.7 and Management Fee withheld shall be paid to the General Partner, Founder Partner and/or manager as appropriate. If the manager does not remedy or provide a Reasonable Explanation within an extension then, the Limited Partners, acting by a Limited Partners' Special Consent, may issue the General Partner notice that either:
(a) the Investment Period shall terminate and the Commitments and General Partner's Share shall be subject to evaluation pursuant to Clause 25 or
(b) this Agreement is to be terminated with immediate effect without any liability of any Limited Partner or the Partnership to either the Manager, Founder Partner or the General Partner, and the General Partner, Founder Partner and the Manager hereby expressly waive all claims in relation to any liability of any kind that arises or may arise in relation thereto.
Internet address (URL): https://etendersni.gov.uk/epps
Documents
Tender Notice