Information relating to Lot I (Early Stage Venture and Circular Economy Fund) of the Greater London Investment Fund

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Thank you for your request received by Transport for London (TfL) on 24 July 2018 asking for information about Lot I (Early Stage Venture and Circular Economy Fund) of the Greater London Investment Fund.

Your request has been processed in accordance with the requirements of the Freedom of Information Act and our information access policy. I can confirm we do hold the information you requested. You asked:

Please provide us with the following information in relation to the Framework Agreement:

1. A list of all tenderers who submitted tenders that were rejected for the following reasons:

    

   1. They were not submitted by the submission deadline:

       

   2. The complete information called for was not given at the time of responding; or

       

   3. They were in any other way deemed non-compliant by TfL.

       

      No submitted tenders were rejected for the aforementioned reasons.

       

       

2. A list of the tenderers who submitted tenders.

    

   Albion Capital Group LLP

    

   Concentric Team LLP

    

   EcoMachines Ventures Ltd

    

   FSE Fund Managers Ltd

    

   MMC Ventures Ltd

    

   Mustard Seed Impact Ltd

    

   Newable Ventures Ltd

    

   Oxford Capital Partners LLP

    

   Turquoise International Ltd

    

    

3. A list of the tenderers who failed to pass Stage 1 of the tender process.

    

   Five of the nine tenderers listed in question 2 failed to pass Stage 1.

    

    

4. A list of the tenderers whose tenders were evaluated at Stage 2.

    

   Four of the nine tenderers listed in question 2 were evaluated at Stage 2.

    

    

   Additionally, for these tenderers please provide:

    

   1. Each tenderer’s overall score; and

       

   2. Each tenderer’s score (between 0 and 4 points) for each of the questions.

       

       

      Please see the table below. We are only providing the name of the successful bidder as it is already in the public domain.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Stage 2 Questions & weighting

      Question Score

      MMC Ventures

      Understanding the Clients Expectations (x10)

      2

      2

      2

      4

      Investment Approach (x15)

      3

      1

      2

      3

      Value Added (x12)

      2

      2

      2

      3

      Portfolio Management (x14)

      2

      2

      2

      3

      Expected Returns (x12)

      3

      2

      2

      3

      Proposed Teams Experience and Skills (x15)

      1

      1

      1

      3

      Ability to raise additional resources - Syndicate Participation/co-investment/investment (x8)

      2

      2

      3

      4

      Operations and Additionality of proposed investment activity (x6)

      2

      1

      2

      3

      Terms & Conditions in support of Final Recipients (x4)

      2

      1

      3

      3

      Alignment of Interest (x4)

      2

      2

      2

      2

      Overall Score (having applied question and section weighting) 

      42.40

      32.00

      39.40

      62.80

       

       

       

5. A list of the tenderers whose tenders were evaluated at Stage 3.

    

   The same tenderers who were evaluated at stage 2 were evaluated at stage 3.

    

    

   Additionally, for these tenderers please provide:

    

   1. Each tenderer’s overall score; and

       

   2. Each tenderer’s score for their management fees.

       

       

      Please see the table below. As mentioned above, we are only providing the name of the successful bidder as it is already in the public domain.

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Overall score

      Management Fee score

      17.00

      14.00

      13.62

      8.62

      17.62

      12.62

      MMC Ventures

      14.86

      9.86

       

       

       

6. A copy of the Volume 4 (Response Document), Appendix 5 submission of MMC Ventures Limited, or in the alternative for the following information from MMC Ventures Limited’s Appendix 5 submission:

    

   1. Fixed fee for establishment costs offered by MMC Ventures:

       

   2. The Base Fee offered by MMC Ventures Ltd for:

       

      1. Investment Period, for the first 24 Months;

          

      2. Investment Period, after the first 24 Months; and

          

      3. Realisation Period;

          

          

   3. The Performance Fee offered by MMC Ventures;

       

      1. Investment Period; and

          

      2. Realisation Period; an

          

          

   4. Carried interest and Hurdle Rate offered by MMC Ventures.

       

       

      In accordance with the FOI Act, we are not obliged to supply information relating to fees, interest and rates as it is subject to a statutory exemption to the right of access to information under section 43(2).

       

       

      In this instance the exemption has been applied as disclosure of the information you have requested is commercially sensitive. Disclosing details of fees, interest and rates would prejudice our commercial interests as it would be likely to prejudice our future negotiations with commercial partners.

       

       

      The use of this exemption is subject to an assessment of the public interest in relation to the disclosure of the information concerned. TfL recognises the need for openness and transparency by public authorities, particularly where the use of public assets is involved, but in this instance the public interest in ensuring that TfL is able to obtain the best value from commercial activities, outweighs the general public interest in increasing transparency of TfL’s processes.

       

       

      Further, this information is exempt from disclosure as it was provided by a third party in confidence. S41 of the FOI Act exempts information obtained from a third party where disclosure of that information would constitute an actionable breach of confidence. Since section 41 confers an absolute exemption, it is not necessary to consider whether the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

       

       

7. A copy of the standstill letter received by the tenderer who scored the second highest score at Stage 3.

    

   Please see attached.

    

    

8. A copy of the letter informing MMC Ventures Limited that they were the successful tenderer.

Please see attached.

Please note that in accordance with TfL’s obligations under Data Protection legislation some personal data and company names have been removed, as required by section 40(2) of the FOI Act. This is because disclosure of this personal data would be a breach of the legislation, specifically the first principle which requires all processing of personal data to be fair and lawful. It would not be fair to disclose this personal information when the individuals have no expectation it would be disclosed and TfL has not satisfied one of the conditions which would make the processing ‘fair’.

If this is not the information you are looking for, or if you are unable to access it for some reason, please feel free to contact me.

Please see the attached information sheet for details of your right to appeal.

Yours sincerely,

Melissa Nichols

FOI Case Officer

FOI Case Management Team

General Counsel

Transport for London

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