Official UK procurement notice
The Provision of Investment Management Services for the Scottish Universities Fund Ignition Strategy
Authority: Scottish National Investment Bank
What is being bought
Published requirement descriptionThe 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.
CPV: Banking and investment services
The lotProcurement structure
single lot · value publishedLot #1RenewalPublished value£6,500,000
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Published award criteria (2)
- Quality: 80%
- Price: 20%
- Suitability
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.
- Economic & financial standing
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 provi…
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 obta… - Technical & professional ability
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 t…
- Staff
- Names and qualifications of delivery staff must be submitted
- Price carries 20 of 100 points: a 10% discount moves about 2 points. The method statement decides this lot, not the discount.
- Turnover usually expected at this size: about £13,000,000 (twice the annual value).
Price arithmetic assumes straight proportional scoring; the tender pack may use another formula. Turnover is an indicative market norm (≈2× annual value), not a published condition.
Competition analysis · published record, not a forecast of who will bid
How Scottish National Investment Bank buys Banking and investment services (CPV 6610), and who usually turns up
Scottish National Investment Bank has little published record in this market. Frameworks and DPS are left out: they draw different bid counts. Whole-market view: Banking and investment services (CPV 6610) →
How the contest usually goes
Winner shares use published awards; bid and price charts use contested lots.
i
How often small and medium firms win.
Share of awards where the winner’s size is known.
The counts under this question show how many awards have a known supplier size.
Across this market, small firms won 28% of awards with a known supplier size.
i
How often local firms win similar work.
Winners with a registered address in the delivery region, out of awards with a known address.
Local means the winner is registered in the region where that award was delivered.
A local branch does not count if the registered address is elsewhere.
Across this market, 40% of winners were registered in the delivery region.
i
How long buyers here take to decide after bids close.
Middle value in days from the bid deadline to the award date, on competitions that published both.
Only decided tenders count, so slow ones still waiting are not in.
Half of these awards have an award date within 48 days of the bid deadline.
i
How often work is awarded with no recorded rival.
Direct awards and tenders where every published lot count shows one bid.
The market share is a minimum: some awards have no bid count.
Thin markets produce this too; it is not proof of a tailored specification.
Across this market, at least 45% of awarded procurements had no recorded rival.
How many bids did past lots attract?
i
How many bids past lots received.
Each colour is a bid-count range. Only competed lots with a published count are included.
Past bids do not predict this tender.
1 bid8%
2–333%
4–650%
7+8%
How did awards compare with estimates?
i
Where winning prices landed against estimates.
Each colour shows awards below, close to or above the published estimate, one lot at a time.
Past prices are a guide, not a bid price.
Below estimate29%
Within ±2%29%
Above estimate43%
Assess each lot i
What past awards tell you about each lot.
See the forecast, this buyer’s earlier suppliers and firms with relevant wins.
No supplier is confirmed as a bidder.
i
What past awards tell you about each lot.
See the forecast, this buyer’s earlier suppliers and firms with relevant wins.
No supplier is confirmed as a bidder.
Open a lot for its forecast, this buyer’s previous supplier and possible competitors, from published award history, not a bid list
Lot #1CPV 6610Published estimate£6.5m
i
How many bids this lot may attract.
The forecast uses similar past competitions. The bar shows either that forecast or past bid counts; the line below says which.
Each lot shows its own forecast based on its own category; forecasts for different lots of the same notice are not comparative.
A forecast, not a list of bidders.
1 bid11%
2–345%
4–635%
7+9%
i
Where the award price may land.
The forecast uses similar awards and the buyer’s estimate. The band covers the middle half of likely prices.
Based on 46 comparable awards. Each lot reflects its own category; forecasts for different lots of the same notice are not comparative.
A statistical guide from past awards, not a price to bid.
Middle 50%£5.6m–£6.3m
Estimate£6.5m
Who has supplied this buyer on similar work? i
Who has done similar work for this buyer.
Past contracts are matched by buyer, title and type of work.
A past supplier may not bid again.
i
Who has done similar work for this buyer.
Past contracts are matched by buyer, title and type of work.
A past supplier may not bid again.
No earlier contract of this buyer matches this lot on the published record.
Who could compete for this lot? i
Who could compete for this lot?
Firms with relevant past wins. On a framework, we show firms on that agreement.
None is confirmed as a bidder.
i
Who could compete for this lot?
Firms with relevant past wins. On a framework, we show firms on that agreement.
None is confirmed as a bidder.
| Supplier | Won in this category | Live contracts | Award vs estimate |
|---|---|---|---|
DeloitteLarge | £277m111 awards in 36m · last 1 month ago | 25 live · £237m iPublic contracts this supplier still holds. Its awards whose published end date is still in the future, with their values. Many contracts publish no end date, so this is a floor, not the whole book. Unexpired says nothing about spare capacity. | 3% below n=14 |
| £45m61 awards in 36m · last this month | 14 live · £31m iPublic contracts this supplier still holds. Its awards whose published end date is still in the future, with their values. Many contracts publish no end date, so this is a floor, not the whole book. Unexpired says nothing about spare capacity. | 10% below n=16 | |
Marsh LtdLarge | £56m127 awards in 36m · last 1 month ago | 60 live · £45m iPublic contracts this supplier still holds. Its awards whose published end date is still in the future, with their values. Many contracts publish no end date, so this is a floor, not the whole book. Unexpired says nothing about spare capacity. | 3% below n=45 |
Hymans RobertsonLarge | £7.9m14 awards in 36m · last 1 month ago | 8 live · £4.5m iPublic contracts this supplier still holds. Its awards whose published end date is still in the future, with their values. Many contracts publish no end date, so this is a floor, not the whole book. Unexpired says nothing about spare capacity. | 45% below n=1 |
| £542k3 awards in 36m · last 4 months ago | None on file | 15% below n=2 |
About this data
- Source. Official UK public procurement notices (Find a Tender), reused under the Open Government Licence v3.0. New notices arrive through the day; the figures are rebuilt nightly.
- Two views, kept apart. The authority’s own track record and the wider market for the same kind of work sit side by side and are never mixed. Where the local picture is too thin, a figure widens to a broader market and says which one it used.
- Forecasts are labelled. The price forecast and its range, possible competitors and the earlier-work matches are our estimates from past awards: not published facts, not win chances and not price advice. Official notices do not say who is bidding.
- Every figure shows what it rests on. Not every notice publishes a bid count, a value or a delivery region, so each figure carries the number of records behind it, and one built on few records is marked as such. The on a figure explains it; the counting rules are in the methodology. Spotted something wrong? Tell us.
Procedure terms & legal framework
From the official record · publisher note attached- Procedure method
- Open procedure
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Open for tender
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Yes (GPA)
- Recurring procurement
- No (one-off requirement)
- First published
- 9 Oct 2026, 15:37 BST
- Last source update
- 9 Oct 2026, 15:37 BST
- Award evaluation window
- 10 Nov 2026 – …
- Authority reference
CON-0313- FTS notice number
2026/S 000-095775- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-0784ffFind a Tender
- Electronic trading
- e-invoicing allowed · electronic ordering · electronic payment
- Performance terms
As provided within the ITT Document.
Publisher note: Economic operators may be excluded from this competition if they are in any of the situations referred to in regulation 58 of the Public Contracts (Scotland) Regulations 2015. Within the SPD, Tenderers should respond “yes” where they have been the subject of any enforcement action, restriction or other sanction or intervention by the Financial Conduct Authority or any other regulator and then provide an explanation in response to questions 3D10.1 to 3D10.4 NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=840049. The buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at https://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx. 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 Contracting Authority does not intend to include a sub-contract clause as part of community benefits (as per Section 25 of the Procurement Reform (Scotland) Act 2014) in this contract for the following reason: The Contracting Authority does not intend to include a sub-contract clause as part of community benefits (as per Section 25 of the Procurement Reform (Scotland) Act 2014) in this contract for the following reason: Sub-Contracting is not a significant part of the overall anticipated contract spend. Community benefits are included in this requirement. For more information see: https://www.gov.scot/policies/public-sector-procurement/community-benefits-in-procurement/ A summary of the expected community benefits has been provided as follows: Provision of skills and training opportunities – details of mentorship opportunities, apprenticeships, and structured learning pathways that could be offered as a result of this Contract. (SC Ref:840049) Download the ESPD document here: https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=840049
How to participate & submission route
Official notice Submit via Public Contracts Scotland- Requests to participate (first stage)
- —
- Tender submission deadline
- 10 Nov 2026, 12:00 GMT
- Clarification deadline
- —
- Submission channel
- {"electronicSubmission"}
- Accepted languages
- en
- Bid validity
- 90 days from the deadline
- Bids opened
- 10 Nov 2026, 12:00 GMT
Timeline
9 Oct 2026 → 10 Nov 2026 · 3 dates- Notice published19 days ago9 Oct 2026, 15:37 BST
- Today29 Oct 2026
- Submission deadlinein 11 days10 Nov 2026, 12:00 GMT
- Bids openedin 11 days10 Nov 2026, 12:00 GMT
Commercial outcome & contract awards
Nothing awarded yet- Awards (0)
- No award published
- Contracts (0)
- No contract published
- Bid statistics
- No aggregate bid statistics published
Contracting authority & participating public bodies
Dispute resolution & review bodies
- Edinburgh Sheriff CourtReview body
Official documents & specifications
Official links; attachments are not copiedNo document links were published on the notice; the tender pack is on the portal.