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PROCUREMENT OPPORTUNITY

Opportunistic Private Markets Asset Allocation - Investment Management Services

Dundee City Council · compiled

Tender information last checkedLast checked 30 Sept 2026, 11:18.

Opportunity overview

Dundee City Council (the Council) as administering authority for the Tayside Pension Fund (the Fund) is launching this procurement for an investment manager to manage 50% of the Fund’s opportunistic portfolio, which forms 10% of the Fund’s assets (this represents 5% of the value of the Fund, circa GBP 250–GBP 290 million). The Fund is seeking a new mandate to compliment an existing alternatives mandate that would invest across a range of private market asset classes (including private equity, private infrastructure, private debt and private real estate debt). The Fund requires a proportion of the assets to be invested in the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of at least 10-20% of the total mandate). As well as geographical preferences, environmental and social impact are also key priorities of the mandate, and consideration should be given.

Classification

  • CPV66141000 — Pension fund management services
  • CPV66131100 — Pension investment services
  • CPV66520000 — Pension services

Lots

  • The Council is the administering authority for the Fund. The Fund is part of the Local Government Pension Scheme (LGPS) and is one of the 11 LGPS funds in Scotland and around 100 in the UK. The Council wishes to appoint an investment manager to manage 50% of the Fund’s opportunistic portfolio, which forms 10% of the Fund’s assets (this represents 5% of the value of the Fund, circa 250–290 million GBP). The new mandate should seek to compliment the Fund’s existing alternatives mandate, and invest across a range of private market asset classes (including, but not limited to, private equity, private infrastructure, private debt, and private real estate debt). The Council wishes the mandate to have the following characteristics: · Target a return of 8% – 10% per annum (net of all fees). · Be sufficiently diversified, with no one asset class representing more than 40% of the mandate. · Focus on the following asset classes: private equity, private debt, real estate debt and infrastructure (both debt and equity). Additional asset classes will also be considered on a case-by-case basis. · Geographical exposure - investments should be focused on Developed Markets (with currency hedging back to Sterling implementable as required). The portfolio should also consider local investment opportunities within the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of 10-20% of the total mandate). · Investment term – it is expected that the mandate will be in place for at least 10 years. · Liquidity - the preference would be for the mandate to offer at least annual liquidity. However, there is an understanding that an initial lock-up period may be required to help build out investments. The mandate should also be sufficiently liquid to allow further investments to be made, should the Council wish to scale up the size of the mandate. · The Fund wishes to achieve access to best in class investments across asset classes and is open to using external managers to access investments. Where this is proposed, consideration should be given to minimising double layers of fees and providing transparency on the overall cost of the strategy. · Environmental and Social impact are key priorities of the mandate’s objectives, and specific consideration should be given. More broadly, Environmental, Social and Governance considerations should be integrated throughout the investment process. · Fees – the preference would be for a flat fee structure, with no performance fee element. The contract is being procured using the competitive procedure with negotiation in accordance with the Public Contracts (Scotland) Regulations 2015. The contract will be entered into between the Council and the successful bidder. The procurement process leading to the award of the contract will comprise the following stages: 1. Prequalification (SPD) stage 2. Initial tender stage 3. Negotiation stage 4. Final tender stage 5. Contract award The procurement documents being issued at this SPD stage are located within the ‘Additional Documents’ area for this particular contract on the PCS Portal. To participate in the procurement, economic operators must submit a completed SPD Questionnaire via the PCS Portal in accordance with this Contract Notice and the instructions in the SPD Guidance document. This Contract Notice and the SPD Guidance document must be reviewed carefully. Detailed information regarding the later stages of the procurement including the award criteria and evaluation methodology will be provided to the shortlisted economic operators who are invited to submit an initial tender.£12m

Published notice details

Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.

Scope, procedure and submissions

Id
DCC/TPF/151/25
Status
active
Has Recurrence
No
Review Details
Court proceedings can be brought in either the Sheriff Court or Court of Session. Any proceedings relating to a breach of a duty owed by Dundee City Council to an economic operator under the Public Contracts (Scotland) Regulations 2015 in relation to this procurement must be started within 30 days beginning with the day on which the economic operator first knew or ought to have known that grounds for beginning the proceedings had arisen. The 30-day limitation period can exceptionally be extended by the Court for up to three months if satisfied that there is a good reason for doing so.
Procurement Method
selective
Main Procurement Category
services
Procurement Method Details
Competitive procedure with negotiation

Covered By

GPA

Legal basis

Id
32014L0024
Scheme
CELEX

Second Stage

Invitation Date
19 Dec 2025, 00:00
Successive Reduction
Yes
No Negotiation Necessary
Yes

Tender Period

Ends
19 Nov 2025, 17:00

Contract terms

Performance Terms
Included in the contract documentation
Has Electronic Payment
Yes
Has Electronic Ordering
Yes
Electronic Invoicing Policy
allowed

Classification

Id
66141000
Scheme
CPV
Description
Pension fund management services

Submission terms

Languages

en

Bid Validity Period

Duration In Days
180

Submission Method

electronicSubmission

Other Requirements

Requires Staff Names And Qualifications
Yes

Selection criteria

Criteria

Criterion 1
Type
economic
Minimum
Economic operators are required to satisfy minimum standards of economic and financial standing. These are described below: Average turnover in the area covered by the contract (SPD Question 4B.2(b) Economic operators must confirm that their average yearly turnover in the private market sector over the last three years is over GBP 25million. Where the economic operator is unable to demonstrate that it meets the requirement, they may receive a ‘Fail’ and be excluded from the procurement. Other economic and financial requirements (SPD Question 4B.6) Economic operators must confirm that they have over GBP 40bn in Assets under Management in private markets. Where the economic operator responds that it cannot meet the requirement, they may receive a ‘Fail’ and be excluded from the procurement. Economic operators must confirm that their three largest clients represent less than 50% of Assets under Management in private markets. Where the economic operator responds that it cannot meet the requirement, they may receive a ‘Fail’ and be excluded from the procurement. Where the economic operator is seeking to rely on the economic and financial standing of a parent company (or other organisation) to satisfy the the economic and financial criteria then the economic operator must: (i) state this explicitly; and (ii) provide a letter of commitment from the parent company (or other organisation) to provide a guarantee. Insurance (SPD Question 4B.5) Economic operators must confirm they already have or can commit to obtain, prior to the commencement of the contract, the following levels of insurance: Employer’s (Compulsory) Liability Insurance = GBP 10 million Public Liability Insurance = GBP 5 million Products Liability Insurance = GBP 5 million Professional Indemnity Insurance = GBP 5 million Where the economic operator responds “No, and I cannot commit to obtain it” they may receive a ‘Fail’ and be excluded from the procurement.
Description
The relevant selection criteria are included in the SPD Scotland module and the SPD Guidance document which are located within the ‘Additional Documents’ area for this particular contract on the PCS Portal. Economic operators are required to satisfy minimum levels of economic and financial standing and to provide proof of economic and financial standing. Economic operators must: a) In response to SPD Question 4B.2(b), confirm that their average yearly turnover in the private market sector over the last three years is over 25million GBP; b) In response to SPD Question 4B.6, confirm that they have over 40bn GBP in Assets under Management in private markets; c) In response to SPD Question 4B.6, confirm that their three largest clients represent less than 50% of Assets under Management in private markets; d) In response to SPD Questions 4B.5, confirm that they have or can commit to obtain, prior to commencement of the contract, the required levels of insurance; e) In response to SPD Question 4B.6, explicitly state if the economic operator is reliant upon another organisation to satisfy the economic and financial criteria and provide a commitment to obtain a guarantee.

Applies To

supplier
Criterion 2
Type
technical
Minimum
Scored and weighted questions (SPD Question 4C.1.2) In response to SPD Question 4C.1.2, economic operators are required to provide responses and examples that demonstrate that they have the relevant technical and professional ability to deliver the services as described in section II.2.4 of the Contract Notice. Pass/Fail questions (SPD Question 4C.1.2) Economic operators must satisfy minimum levels of technical and professional ability. Economic operators must: a) In response to SPD Question 4C.1.2, confirm that there are more than 10 investment professionals employed within the firm’s private markets investing team. b) In response to SPD Question 4C.1.2, confirm that there is an independent risk management team that reviews private markets strategies. Pass/Fail question (SPD Question 4C.2) Economic operators must satisfy minimum levels of technical and professional ability. Economic operators must in response to SPD Question 4C.2, confirm that they have an SAS70 report (or equivalent) and an unqualified audit opinion and provide copies of any relevant reports. Pass/Fail question (SPD Question 4C.7) Economic operators must satisfy minimum levels of technical and professional ability. Economic operators must in response to SPD Question 4C.7 demonstrate that it has polices and procedures in place to ensure ESG factors have an appropriate impact on decision making.
Description
The relevant selection criteria are included in the SPD Scotland module and the SPD Guidance document which are located within the ‘Additional Documents’ area for this particular contract on the PCS Portal.

Applies To

supplier

Lots and requirements

Entry 1
Id
1
Status
active
Has Options
No
Has Renewal
No
Description
The Council is the administering authority for the Fund. The Fund is part of the Local Government Pension Scheme (LGPS) and is one of the 11 LGPS funds in Scotland and around 100 in the UK. The Council wishes to appoint an investment manager to manage 50% of the Fund’s opportunistic portfolio, which forms 10% of the Fund’s assets (this represents 5% of the value of the Fund, circa 250–290 million GBP). The new mandate should seek to compliment the Fund’s existing alternatives mandate, and invest across a range of private market asset classes (including, but not limited to, private equity, private infrastructure, private debt, and private real estate debt). The Council wishes the mandate to have the following characteristics: · Target a return of 8% – 10% per annum (net of all fees). · Be sufficiently diversified, with no one asset class representing more than 40% of the mandate. · Focus on the following asset classes: private equity, private debt, real estate debt and infrastructure (both debt and equity). Additional asset classes will also be considered on a case-by-case basis. · Geographical exposure - investments should be focused on Developed Markets (with currency hedging back to Sterling implementable as required). The portfolio should also consider local investment opportunities within the UK with a focus in Scotland (investments within Scotland are anticipated to be in the region of 10-20% of the total mandate). · Investment term – it is expected that the mandate will be in place for at least 10 years. · Liquidity - the preference would be for the mandate to offer at least annual liquidity. However, there is an understanding that an initial lock-up period may be required to help build out investments. The mandate should also be sufficiently liquid to allow further investments to be made, should the Council wish to scale up the size of the mandate. · The Fund wishes to achieve access to best in class investments across asset classes and is open to using external managers to access investments. Where this is proposed, consideration should be given to minimising double layers of fees and providing transparency on the overall cost of the strategy. · Environmental and Social impact are key priorities of the mandate’s objectives, and specific consideration should be given. More broadly, Environmental, Social and Governance considerations should be integrated throughout the investment process. · Fees – the preference would be for a flat fee structure, with no performance fee element. The contract is being procured using the competitive procedure with negotiation in accordance with the Public Contracts (Scotland) Regulations 2015. The contract will be entered into between the Council and the successful bidder. The procurement process leading to the award of the contract will comprise the following stages: 1. Prequalification (SPD) stage 2. Initial tender stage 3. Negotiation stage 4. Final tender stage 5. Contract award The procurement documents being issued at this SPD stage are located within the ‘Additional Documents’ area for this particular contract on the PCS Portal. To participate in the procurement, economic operators must submit a completed SPD Questionnaire via the PCS Portal in accordance with this Contract Notice and the instructions in the SPD Guidance document. This Contract Notice and the SPD Guidance document must be reviewed carefully. Detailed information regarding the later stages of the procurement including the award criteria and evaluation methodology will be provided to the shortlisted economic operators who are invited to submit an initial tender.

Value

Amount
12,000,000
Currency
GBP

Second Stage

Maximum Candidates
3
Minimum Candidates
3

Award criteria

Criteria

Criterion 1
Name
Quality
Type
quality
Description
75
Criterion 2
Type
price
Description
25

Contract period

Ends
29 Jun 2030, 23:59
Starts
30 Jun 2026, 00:00

Submission terms

Variant Policy
notAllowed
Electronic Catalogue Policy
required

Selection criteria

Description
It is intended that 3 economic operators will be shortlisted at the SPD stage and will be invited to participate in the initial tender stage. It is anticipated that the shortlisted economic operators will be those who have: (i) Submitted a compliant submission, comprising the completed SPD Questionnaire; (ii) Received a ‘Pass’ for the exclusion grounds questions (Questions 3A-D); (iii) Satisfied the minimum standards of economic and financial standing and received a ‘Pass’ for the economic and financial standing questions (Questions 4B.2(b), 4B.6 and 4B.5.1); (iv) Satisfied the minimum standards of technical and professional ability and received a ‘Pass’ for the pass/fail Technical and Professional Ability questions (Questions 4C1.2, 4C.2, 4C.7); (vi) Achieved the first, second, or third highest total score in respect of the scored Technical and Professional Ability questions (Questions 4C.1.2). The Council reserves the right to require economic operators to provide proof of economic and financial standing and of technical and professional ability prior to proceeding to the initial tender stage and prior to contract award.

Items and delivery

Item 1
Id
1
Related Lot
1

Delivery Location

Description
Dundee City

Delivery locations

Entry 1
Region
UKM71

Additional Classifications

Entry 1
Id
66131100
Scheme
CPV
Description
Pension investment services
Entry 2
Id
66520000
Scheme
CPV
Description
Pension services

Buyer, suppliers and contacts

Organisation 1
Id
GB-FTS-122330
Name
Dundee City Council

Roles

buyer

Address

Region
UKM71
Locality
Dundee
Postal Code
DD1 1QE
Country Name
United Kingdom
Street Address
Dundee House, 50 North Lindsay Street

Details

Classifications

Entry 1
Id
REGIONAL_AUTHORITY
Scheme
TED_CA_TYPE
Description
Regional or local authority
Entry 2
Id
01
Scheme
COFOG
Description
General public services

Identifier

Legal Name
Dundee City Council

Contact

Name
Ann Conway
Telephone
+44 1382433401
Organisation 2
Id
GB-FTS-1026
Name
Dundee Sheriff Court

Roles

reviewBody

Address

Locality
Dundee
Postal Code
DD1 9AD
Country Name
United Kingdom
Street Address
6 West Bell Street

Details

Identifier

Legal Name
Dundee Sheriff Court

Contact

Telephone
+44 1382229961

Recorded locations

  • Buyer location · Dundee · UKM71 · DD1 1QE · United Kingdom
  • Delivery location · UKM71

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. ocds-h6vhtk-05cf46-2025-10-17T17:52:12+01:00compiled ·