✓Tender information last checkedLast checked 9 Oct 2026, 16:55.
Opportunity overview
The Bank is seeking proposals from suitably qualified and authorised investment management firms to establish and manage a 15 million GBP segregated investment mandate for the delivery of the Scottish Universities Ignition Fund Strategy ("the Mandate").
The successful bidder will be expected to establish and operate an appropriate investment vehicle through which the Mandate will be delivered, with the Bank acting as the sole investor. The Mandate forms one of two complementary investment strategies within the Scottish Universities Fund ("SUF"), a broader investment platform designed to support the creation, growth and long-term scaling of university-originated companies in Scotland.
The purpose of this Invitation to Tender (ITT) is to appoint an investment manager with delegated discretion to manage the Mandate in accordance with an agreed Investment Management Contract and the requirements set out in this ITT.
Classification
CPV66100000 — Banking and investment services
Lots
The Bank is seeking proposals from suitably qualified and authorised investment management firms to establish and manage a 15 million GBP segregated investment mandate for the delivery of the Scottish Universities Ignition Strategy ("the Mandate").
The successful bidder will be expected to establish and operate an appropriate investment vehicle through which the Mandate will be delivered, with the Bank acting as the sole investor. The Mandate forms one of two complementary investment strategies within the Scottish Universities Fund ("SUF"), a broader investment platform designed to support the creation, growth and long-term scaling of university-originated companies in Scotland.
The purpose of this Invitation to Tender (ITT) is to appoint an investment manager with delegated discretion to manage the Mandate in accordance with an agreed Investment Management Contract and the requirements set out in this ITT.£6.5m
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.
Suitability – Authorisation or Membership
Please complete “Suitability - Authorisation or Membership” question within the SPD module of PCS:
Question 4A.2A - Bidders are required in country of establishment to hold an authorisation of the FCA and all required FCA permissions to perform the services.
Pass = The Tenderer has provided confirmation that it will provide evidence of holding an authorisation of the FCA and all required FCA permissions to perform the services when requested by the Purchaser.
Fail = The Tenderer has not provided confirmation .that it will provide evidence of holding an authorisation of the FCA and all required FCA permissions to perform the services when requested by the Purchaser.
Applies To
supplier
Criterion 2
Type
economic
Description
Please complete “Insurance Requirements” on the online SPD and submit on PCS.
It is a requirement that all Tenderers must have or commit to have the required insurance levels at commencement of the Agreement as indicated below.
Question 4B.5.a Professional Risk Indemnity - 10m GBP
Question 4B.5.b Employers Liability - 10m GBP
Question 4B.5.c Other Insurances: Product and Public Liability – 5m GBP
A copy of the Insurance Certificate or Brokers Letter must be provided prior to award to demonstrate that the Insurance requirements can be met.
Please confirm that you can meet this requirement and that this information shall be provided when requested, prior to award.
Other Economic or Financial Requirements - Financial Accounts
Question 4B.6 - The successful Tenderer will be required to provide two years of audited accounts or equivalent prior to award to the Contract. If you are unable to provide the required accounting information – e.g. a new business without the required accounts, please provide a banker’s letter demonstrating their willingness to support your organisation over the term of the Contract.
The Bank shall assess the financial accounts or banker’s letter submitted. It may seek further clarity if necessary and use all financial information submitted to ensure that the Tenderer has satisfactory economic and financial standing to meet the contract requirements. If analysis of a Tenderer’s financial position determines that additional measures are necessary to provide adequate assurance of the Tenderer’s financial strength to the Bank that Tenderer may be required to provide additional guarantees. If such additional measures are not suitable or cannot be provided by the Tenderer, then the Bank reserves the right to disqualify the Tenderer.
Minimum
QUESTION 4B5:
All Insurance requirements are minimum standards and are mandatory. A fail will result in elimination of the procurement exercise.
Pass = The Tenderer has the relevant Insurance in place with evidence of an Insurance Certificate or the Tenderer has committed to obtaining the required insurance with evidence of a brokers letter.
Fail = The Tenderer does not have the relevant insurance requirements in place and cannot commit to obtaining the relevant insurance OR the Tenderer has stated they have the relevant insurance in place or can obtain it but is unable to provide evidence to demonstrate this.
QUESTION 4B.6 Other Economic or Financial Requirements - Financial Accounts:
Pass = The Tenderer has provided all financial accounts or banker’s letter and/or supporting information requirements as requested by the Bank and has demonstrated satisfactory economic and financial standing.
Fail = The Tenderer has not provided the required financial accounts or banker’s letter and/or supporting information as requested by the Bank or has provided the information but has not demonstrated satisfactory economic and financial standing.
Applies To
supplier
Criterion 3
Type
technical
Description
Question 4C.1.2 of SPD:
Bidders are required to provide a fully attributable performance track record for funds and strategies comparable to the services described within the specification of requirements of this ITT.
Track record information should be presented on both a gross and net basis and include, as a minimum, TVPI, DPI, IRR, and MOIC, in a clear, tabulated format to enable comparability across submissions.
In addition to quantitative track record data, bidders are required to provide two representative case studies that demonstrate their approach to sourcing, underwriting, and scaling early-stage, innovation-led companies. Case studies should be comparable in stage and nature to the Mandate and should clearly set out the bidder’s role and attribution, investment thesis, key risks, value creation approach and outcomes achieved.
Minimum
Pass = The Tenderer has provided an attributable track record with TVPI, DPI, IRR, and MOIC (gross and net) in a clear table; and two relevant case studies on early-stage, innovation-led investments comparable to the Mandate.
Fail = The Tenderer has not provided an attributable track record, or it is unclear or lacks required metrics; and fewer than two relevant case studies have been provided, This includes where the submission has insufficient evidence to assess experience against.
Applies To
supplier
Contract terms
Performance Terms
As provided within the ITT Document.
Has Electronic Ordering
Yes
Electronic Invoicing Policy
allowed
Has Electronic Payment
Yes
Other Requirements
Requires Staff Names And Qualifications
Yes
Covered By
GPA
Tender Period
Ends
10 Nov 2026, 12:00
Submission terms
Languages
en
Bid Validity Period
Duration In Days
90
Expected award period
Starts
10 Nov 2026, 12:00
Bid Opening
Date
10 Nov 2026, 12:00
Lots and requirements
Entry 1
Id
1
Description
The Bank is seeking proposals from suitably qualified and authorised investment management firms to establish and manage a 15 million GBP segregated investment mandate for the delivery of the Scottish Universities Ignition Strategy ("the Mandate").
The successful bidder will be expected to establish and operate an appropriate investment vehicle through which the Mandate will be delivered, with the Bank acting as the sole investor. The Mandate forms one of two complementary investment strategies within the Scottish Universities Fund ("SUF"), a broader investment platform designed to support the creation, growth and long-term scaling of university-originated companies in Scotland.
The purpose of this Invitation to Tender (ITT) is to appoint an investment manager with delegated discretion to manage the Mandate in accordance with an agreed Investment Management Contract and the requirements set out in this ITT.
1 published notice version reviewed by ProcuraAxis.
1 VERSION
1
095775-2026tender ·
PROCURAAXIS ANALYSIS
ProcuraAxis Analysis
Our approved analysis of the opportunity appears below the official tender information.
ANALYSIS PREVIEW
Opportunity intelligence at a glance
Scottish National Investment Bank is inviting tenders for an authorised investment manager to create and run a segregated investment mandate supporting university-originated companies in Scotland. The Bank will be the sole investor and the appointed manager will have delegated investment discretion.
Who this may suit
Suitable for authorised investment management firms able to establish and operate an investment vehicle and manage a segregated mandate. No specific certifications, minimum experience thresholds or supplier-size requirements are stated in the supplied notice data.
Key points identified
Supplier authorisationSupplier must be a suitably qualified and authorised investment management firm.Evidence: “The Bank is seeking proposals from suitably qualified and authorised investment management firms.”
Investment vehicleEstablish and operate an appropriate investment vehicle through which the mandate will be delivered.Evidence: “The successful bidder will be expected to establish and operate an appropriate investment vehicle through which the Mandate will be delivered.”
Delegated investment managementManage the mandate with delegated discretion under an agreed Investment Management Contract and the ITT requirements.Evidence: “appoint an investment manager with delegated discretion to manage the Mandate in accordance with an agreed Investment Management Contract and the requirements set out in this ITT.”
96% approved-analysis confidence7 supplier criteria identified3 risks or unknowns
ProcuraAxis structures information found in published procurement records, checks the result for consistency and publishes only approved analysis. Confidence describes the completeness and consistency of the available source information; it is not a guarantee of eligibility or contract award.
Scottish National Investment Bank is inviting tenders for an authorised investment manager to create and run a segregated investment mandate supporting university-originated companies in Scotland. The Bank will be the sole investor and the appointed manager will have delegated investment discretion.
Who this may suit
Suitable for authorised investment management firms able to establish and operate an investment vehicle and manage a segregated mandate. No specific certifications, minimum experience thresholds or supplier-size requirements are stated in the supplied notice data.
Key deliverables
Establish and manage a GBP 15 million segregated investment mandate
Establish and operate an appropriate investment vehicle
Provide delegated-discretion investment management under an Investment Management Contract
Deliver the Scottish Universities Ignition Fund Strategy mandate
SUPPLIER REQUIREMENTS
7 criteria identified
Supplier authorisation
98% confidence
Supplier must be a suitably qualified and authorised investment management firm.
View supporting evidence
“The Bank is seeking proposals from suitably qualified and authorised investment management firms.”
Investment vehicle
98% confidence
Establish and operate an appropriate investment vehicle through which the mandate will be delivered.
View supporting evidence
“The successful bidder will be expected to establish and operate an appropriate investment vehicle through which the Mandate will be delivered.”
Delegated investment management
98% confidence
Manage the mandate with delegated discretion under an agreed Investment Management Contract and the ITT requirements.
View supporting evidence
“appoint an investment manager with delegated discretion to manage the Mandate in accordance with an agreed Investment Management Contract and the requirements set out in this ITT.”
Supplier type
98% confidence
Suitably qualified and authorised investment management firm.
View supporting evidence
“The Bank is seeking proposals from suitably qualified and authorised investment management firms.”
Specific regulator or authorisation regime
97% confidence
Unknown.
View supporting evidence
The supplied notice requires firms to be authorised but does not name a regulator, regime or authorisation category.
SME suitability
99% confidence
Unknown.
View supporting evidence
suitable_for_sme is not stated.
VCSE suitability
99% confidence
Unknown.
View supporting evidence
suitable_for_vcse is not stated.
COMMERCIAL AND DELIVERY
Contract intelligence
Commercial
Published contract value
98% confidence
Up to GBP 6,500,000.
View supporting evidence
process value_max: 6500000 GBP; lot 1 value_amount: 6500000 GBP.
Investment mandate size
99% confidence
GBP 15,000,000 segregated investment mandate.
View supporting evidence
“establish and manage a 15 million GBP segregated investment mandate.”
Sole investor
98% confidence
Scottish National Investment Bank will act as the sole investor.
View supporting evidence
“with the Bank acting as the sole investor.”
Pricing and payment terms
99% confidence
Unknown.
View supporting evidence
No pricing, fee, payment or remuneration terms are supplied.
Delivery
Delivery geography
85% confidence
United Kingdom (region stated as UK).
View supporting evidence
Delivery location record: region UK.
Buyer location
98% confidence
Edinburgh, United Kingdom.
View supporting evidence
Buyer location record: Edinburgh, EH1 3EG, United Kingdom.
procurement_method: open; procurement_method_details: Open procedure.
Submission deadline
99% confidence
10 November 2026, 12:00 UTC.
View supporting evidence
submission_deadline: 2026-11-10T12:00:00Z; lot 1 has the same deadline.
Lots
98% confidence
One active lot is supplied (lot 1); no lot title is provided.
View supporting evidence
One lot record is supplied with lot_id 1, status active and title null.
RISKS AND UNKNOWNS
Points requiring attention
Published value context unclear
98% confidence
The notice states a GBP 15 million investment mandate but records a maximum/lot value of GBP 6.5 million. The supplied data does not explain whether the GBP 6.5 million is the service contract value, fees, or another measure.
View supporting evidence
Description: “15 million GBP segregated investment mandate”; process value_max and lot 1 value_amount: GBP 6,500,000.
Authorisation evidence unspecified
98% confidence
Authorisation is required, but the required regulator, permissions and evidence are not stated in the supplied data.
View supporting evidence
The description requires “authorised investment management firms” without naming a regulator or authorisation standard.
Commercial and contract terms unavailable
98% confidence
Fee structure, payment terms, performance measures, liability, investment parameters and contract duration are not provided.
View supporting evidence
No such terms are present in the supplied opportunity or lot data.
ProcuraAxis analysis supplements, but does not replace, the original notice and tender documents. Always verify eligibility, deadlines and commercial terms with the issuing authority.
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