Public procurement notice: Voluntary Ex Ante Transparency Notice
Published: 2016-03-15
Buyer: North East Finance (Holdco) Limited
Country: UK
Region: NORTH EAST (ENGLAND)
Contract type: Services
Procedure: Contract award without prior publication
CPV classification: 48812000: Financial information systems | 66000000 | 66100000 | 66120000 | 66121000
Estimated value: 1646929 GBP
Award criteria: The most economic tender

Technical requirements: Storitve finančnega svetovanja in financiranja za podjetja in storitve na področju naložbenega kapitala
The modification of contracts called off from a framework for fund management services for regional venture capital and loan funds for North East England procured through OJEU ref no.2009/S 67-096958 and comprising funds identified as Proof of Concept and Technology (comprised within Lot 1: Technology Funds), Accelerator and Angel (comprised within Lot 2: Early Stage Funds) and Growth and Growth Plus (comprised within Lot 3: Later Stage Funds).
A modification of the existing fund management services contracts called-off from the framework procured under OJEU published on 7.4.2009 under Lot 1 to increase the capital funds being managed from the current figure of 47 230 000 GBP to 53 230 000 GBP. Duration of the contracts will not change but the investment period will be extended for purpose of investment of the additional capital only, minimising additional fees payable.
A modification of the existing fund management services contract called-off from the framework procured under OJEU published on 7.4.2009 under Lot 2 to increase the capital funds being managed from the current figure of 39 550 000 GBP to 44 550 000 GBP. Duration of the contracts will not change but the investment period will be extended for purpose of investment of the additional capital only, minimising additional fees payable.
A modification of the existing fund management services contract called-off from the framework procured under OJEU published on 7.4.2009 under Lot 3 to increase the capital funds being managed from the current figure of 46 500 000 GBP to 54 250 000 GBP . Duration of the contracts will not change but the investment period will be extended for purpose of investment of the additional capital only, minimising additional fees payable.
Modification of fund management contracts procured under framework established pursuant to OJEU published 7.4.2009 which are not substantial within meaning and for purposes of regulation 72(8). Funds can continue to be invested in the NEE whilst the policy and processes to establish new funds for NEE is being implemented (thereby ensuring that the opportunity to invest funds to meet recognised need is not lost). The 18 700 000 GBP of funds available during the interim period would not be sufficient to allow economic and efficient utilisation other than through the existing arrangement of a fund of funds.
Addition of funds required to be invested during 2016, is consistent with original OJEU notice (ie additional funds may be introduced after the initial fund allocations). The total value of the funds will increase to around 152 000 000 GBP (constituting an increase of 6 % over the aggregated provisional maximum value of the Lots (being 145 000 000 GBP) identified in the OJEU notice).
Fees will be adjusted in proportion to increased size of funds under management, reflecting the flexibility reserved in the original procurement to allocate funds across the Lots and call-offs and the mechanism set out in the mini-competition documentation (and included in the executed contracts) for changing fees in the event of increases and/or decreases in fund size.
Aggregated fees will not exceed the upper limit of the range of fees for the framework indicated in the OJEU notice (being 35 000 000 GBP) let alone the total aggregate values for the individual Lots (which amounted to 39 000 000 GBP in the contract notice).
Ancillary amendments will be made to the investment guidelines to ensure that targets are adjusted pro rata. Duration of the contracts will not change but the investment period will be extended for purpose of investment of the additional capital only (existing funds will move into the realisation phase as they would have done in absence of the modifications), minimising additional fees payable.
No change in (1) character of contracts or skills, expertise and qualifications required (2) economic balance of any contract in favour of the fund manager (see approach to fees and investment guidelines).
After detailed review of original procurement process, NEF is satisfied there would have been no impact on the process or outcome of the procurement and its scope is not considerably changed by the modification.


Award value: 1646929