Farmland and Timberland Investment Management Services for the Board of the Pension Protection Fund.
Contract notice
Services
Section I: Contracting authority
The Board of the Pension Protection Fund (The Board)
Knollys House, 17 Addiscombe Road
Contact point(s): Finance Directorate
For the attention of: Mr. Richard Freed
CR0 6SR Croydon
UNITED KINGDOM
Telephone: +44 8456002541
E-mail:
Fax: +44 2086334903
Internet address(es):
General address of the contracting authority: www.pensionprotectionfund.org.uk
Address of the buyer profile: http://www.mytenders.org/search/Search_AuthProfile.aspx?ID=AA4941
Further information can be obtained from: The above mentioned contact point(s)
Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: The above mentioned contact point(s)
Tenders or requests to participate must be sent to: The above mentioned contact point(s)
Section II: Object of the contract
Service category No 27: Other services
Main site or location of works, place of delivery or of performance: Croydon, Surrey, England, United Kingdom.
NUTS code UK
Number of participants to the framework agreement envisaged: 6
Duration of the framework agreement
Duration in years: 4Please note that once the bench has been established, the timing and size of any specific investment will depend on the opportunities available at the time. It is NOT a condition for participation in this tender that candidates are currently engaged in fund raising.
NOTE: To register your interest in this notice and obtain any additional information please visit the myTenders Web Site at http://www.myTenders.org/Search/Search_Switch.aspx?ID=85217.
The awarding authority has indicated that it will accept electronic responses to this notice via a 'Tender Submission Postbox' facility. Further details of this facility are available at http://www.myTenders.org/PostBox/Postbox_Explain.aspx?ID=85217.
Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems. The postbox closes precisely at the time stated.66100000, 66131100, 66141000
A thorough selection process will help identify a diverse range of managers that can demonstrate expertise in large scale farming and timberland operations. The ability to manage farmland and timberland responsibly and sustainably will be a key requirement in the selection process.
Description of these options: The original framework agreements will be awarded for a period of 4 years with up to two extensions of up to 2 years, i.e. 4+2+2, for potential investment opportunities that may last for up to 10 years.
Provisional timetable for recourse to these options:
in months: 48 (from the award of the contract)
Number of possible renewals: 2
Section III: Legal, economic, financial and technical information
Description of particular conditions: (1) All candidates must demonstrate total funds exceeding 250 000 000 USD (or equivalent) raised in the relevant asset class (Farmland or Timberland) to date, and advise how this has been deployed.
(2) The fund size of the current or proposed fund must exceed 100 000 000 USD (or equivalent). It is not a condition for participation in this tender for candidates to be currently engaged in fund raising.
(3) Proposed strategies must focus on the acquisition of land to cultivate and market agricultural or forest products. Proposals to invest directly in the soft commodities markets or in agricultural equities will not be considered.
(2) All candidates will be required to produce a certificate or declaration demonstrating that they have not committed an act of grave misconduct in the course of their business or profession.
(3) All candidates must comply with the requirements of the State in which they are established, regarding registration on the professional or trade register.
(4) Any candidate found to be guilty of serious misrepresentation in providing any information required, may be declared ineligible and not selected to continue with this procurement process.
(5) All candidates will have to demonstrate that they are licensed, or a member of the relevant organisation, in the State where they are established, when the law of that State prohibits the provision of the services, described in this notice, by a person who is not so licensed or who is not a member of the relevant organisation.
(2) All candidates will be required to provide a statement, covering the 3 previous financial years including the overall turnover of the candidate and the turnover in respect of the activities which are of a similar type to the subject matter of this notice.
(3) All candidates must demonstrate total funds exceeding 250 000 000 USD (or equivalent) raised in the relevant asset class (Farmland or Timberland) to date, and advise how this has been deployed.
(4) The fund size of the current or proposed fund must exceed 100 000 000 USD (or equivalent). It is not a condition for participation in this tender for candidates to be currently engaged in fund raising.
Minimum level(s) of standards possibly required: (1) Total funds of 250 000 000 USD (or equivalent) raised in the relevant asset class.
(2) The current or proposed fund must exceed 100 000 000 USD (or equivalent).
(1) A statement of the candidate's average annual number of staff and managerial staff over the previous 3 years.
(2) Details of the educational and professional qualifications of their managerial staff; and those of the person(s) who would be responsible for providing the services or carrying out the work or works under the contract.
(3) All candidates will be required to provide certification drawn up by an independent body attesting the compliance of the economic operator with quality assurance standards based on the relevant European standards.
(4) A check may be carried out by the contracting authority or by a competent official body of the State in which the candidate is established, to verify the technical capacity of the candidate; and if relevant, on the candidates study and research facilities and quality control measures.
(5) A statement of the candidate's technical facilities; measures for ensuring quality; and their study and research facilities.
(6) An indication of the proportion of the contract which the services provider intends possibly to subcontract.
(7) Proposed strategies must focus on the acquisition of land to cultivate and market agricultural or forest products. Proposals to invest directly in the soft commodities markets or in agricultural equities will not be considered.
Minimum level(s) of standards possibly required:
(1) Proposed strategies must focus on the acquisition of land to cultivate and market agricultural or forest products. Proposals to invest directly in the soft commodities markets or in agricultural equities will not be considered.
Section IV: Procedure
The most economically advantageous tender in terms of the criteria stated below
1. Ability to formulate and implement strategic approach to asset class
2. Disciplined and rigorous investment process
3. Approach to diversification and risk management
4. Proven performance and track record
5. Approach to responsible and sustainable investment
6. Quality of team
7. Scale and competitiveness of fees
8. Level of acceptance of terms and conditions within service agreements
9. Quality of reporting
Section VI: Complementary information
NOTE: The Board of the Pension Protection Fund was set up under the provisions of the Pensions Act 2004 in April 2005 and is classified as a public financial corporation. It has been established to pay compensation to members of eligible defined benefit and hybrid pension schemes when there has been a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation. For further information on our investments, please see our website: http://www.pensionprotectionfund.org.uk/About-Us/Pages/Investment.aspx.
NOTE: All candidates should review this notice and register their interest on the myTenders Web Site (see II.1.5) confirming that they meet the minimum requirements and conditions for participation (see III.1.4 and III.2); this is the pre-qualification stage. No other supporting documentation at this stage will be provided by the Board. Confirmation of compliance with all criteria in this notice should be submitted on the myTenders Web Site (see II.1.5) by the stated deadline (see IV.3.4). Candidates are expected to supply all required information, or clearly state the reason for being unable to do so. Candidates are not required to send the supporting documentation at this pre-qualification stage, but should be willing to do so if selected to tender. Any assumptions used in preparing responses should be clearly stated.NOTE: All questions should be submitted to the Board via the portal on the myTenders Web Site (see II.1.5). If this proves impossible please use this email address: . Any queries should state your organisation name, OJEU notice number and title and clearly reference any appropriate paragraph in this notice and, to the extent possible, should be aggregated rather than sent individually. If you do not obtain a response within three working days of initially contacting the Board, it is the tenderer's responsibility to re contact the Board.
NOTE: Candidates are advised that the Board may be engaging the services of an independent adviser during the tender process.NOTE: The Board anticipate using a number of standard provisions in our agreement which will be available in the Invitation to Tender. We would be grateful if you could indicate whether any of these provisions would provide an obstacle to your being in a position to tender at the relevant time. The Board is looking to engage with organisations that can be flexible and accommodate the commercial terms on which the Board is proposing to operate in relation to this appointment.
NOTE: Fund Accounting sits within the Board’s Finance Directorate and works closely with Board’s global custodian and is responsible for accounting for the Board’s invested assets within a controlled environment. It is essential that month end valuations are forwarded to the Board’s global custodian no later than 8 Business Days after the month end. Compliance with the Custodian’s Investment Manager Guide is essential.
NOTE: The Freedom of Information Act (FOIA) 2000 which came into force on 1.1.2005 applies to the contracting authority. If any tenderer considers that any information supplied by them is either commercially sensitive or confidential in nature, this should be highlighted and the reasons for its sensitivity specified. The contract shall be made in English and according to English Law and subject to the jurisdiction of the English Courts.
(MT Ref:85217).