Report - London Borough of Hillingdon
Report - London Borough of Hillingdon
Report - London Borough of Hillingdon
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OPENING OF THE PRIVATE EQUITY TENDER OFF<br />
SITE<br />
ITEM 12<br />
Contact Officer: Louise Branford-White<br />
Telephone: 01895 250818<br />
SUMMARY<br />
The response to the Private Equity open OJEC tender will be opened <strong>of</strong>f site in the<br />
presence <strong>of</strong> an <strong>of</strong>ficer from Democratic or Legal Services. Opening the tender <strong>of</strong>f<br />
site is because a large number <strong>of</strong> proposals and quantity <strong>of</strong> supporting documents<br />
are expected. This report is required under standing orders to note to Cabinet the<br />
unopened tenders not being sent to the civic centre and not being accompanied <strong>of</strong>f<br />
site by 2 <strong>of</strong>ficers, following this approval being authorised by an appropriate <strong>of</strong>ficer.<br />
RECOMMENDATION<br />
The report be noted<br />
INFORMATION<br />
1. The pension fund is undertaking an open OJEC tender for Private Equity. The<br />
amount to be invested would be in the region <strong>of</strong> £18 million, approximately 5% <strong>of</strong> the<br />
total value <strong>of</strong> the pension fund.<br />
2. Due to the specialist nature <strong>of</strong> Private Equity, BFINANCE have been appointed to<br />
analyse and review the information returned from the tender process. It is expected<br />
that a large quantity <strong>of</strong> responses will be received and that the volume <strong>of</strong> information<br />
supplied will be great.<br />
3. It would therefore be sensible to have the completed tender documents sent<br />
straight to BFINANCE <strong>of</strong>fices. The tender documents will then be opened in the<br />
presence <strong>of</strong> an <strong>of</strong>ficer from Democratic or Legal Services.<br />
LEGAL IMPLICATIONS<br />
4. Section 16 (a) <strong>of</strong> Procurement and Contract Standing Order number requires<br />
tenders to be returned to the Civic Centre. Section 3 <strong>of</strong> the same standing order<br />
provides that the Standing Order must be complied with at all times but there are<br />
some exceptions.<br />
5. Section 3 (b) states an exception can be “by direction <strong>of</strong> the Appropriate<br />
Delegated Officer where such direction is justified by special exceptional<br />
circumstances and will be subject to a report to the cabinet”.<br />
FINANCIAL IMPLICATIONS<br />
6. The proposal is the most practical in the circumstances.<br />
PART I – MEMBERS & PUBLIC (INCLUDING THE PRESS)<br />
Cabinet <strong>Report</strong>s - 4 th March 2003 Page 174
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