2026PR065 IMPQQ for Investment Management Services

AI-generated analysis of the documents. Check the official notice and any amendments for current submission details.

1. At a glance

2. Scope of Work

This tender seeks pre-qualification for Investment Management Services for funds controlled and managed by the National Treasury Management Agency (NTMA). The scope involves the provision of investment management expertise across three distinct asset classes: Private Equity, Private Credit, and Real Assets.

The core requirement is for applicants to demonstrate a proven track record and current capability in managing significant assets within these alternative investment areas. This includes:

• Asset Under Management (AUM) Demonstration: Applicants must provide evidence of substantial discretionary AUM allocated to third-party General Partners (GPs). Specifically, this requires:
• A minimum of €5 billion in Private Equity as at 31 December 2025.
• A minimum of €5 billion in Private Credit as at 31 December 2025.
• A minimum of €5 billion in Private Real Assets as at 31 December 2025.
• Overall AUM and Private Markets Focus: Applicants must also demonstrate a minimum of €1.5 billion in overall AUM as at 31 December 2025, with at least €1.0 billion of this specifically in private markets allocations.
• Performance Reporting: A critical component of the pre-qualification is the submission of detailed historic performance data for reference mandates. This data, to be submitted by 31 December 2025, must include:
• Quarterly net returns for the mandate and its benchmark.
• Summary metrics such as Commencement of Investment Period Date, Total Commitment, Total Contributed, Total Distributed, Current NAV, DPI, RVPI, TVPI/MOIC, and Since Inception IRR.
• Periodic performance data (1 Year, 3 Years, 5 Years, 10 Years) for both the mandate and benchmark, including annualised net returns and annualised volatility.
• Detailed cashflow information (Contributions, Distributions, NAV) on a quarterly basis for the Total Mandate and each sub-asset class.
• Regulatory Status: Applicants must hold the necessary regulatory status to provide these investment management services.
• Reference Mandates: Applicants must provide details of a minimum of two (2) reference mandates, demonstrating experience within the 36 months prior to the tender deadline.

The NTMA intends to shortlist a minimum of three applicants following this pre-qualification stage.

3. Background & buyer context

This procurement is initiated by the National Treasury Management Agency (NTMA), an independent body responsible for managing the National Debt, investing the assets of the National Pension Reserve Fund, and managing state assets. The tender is linked to the establishment of new funds, specifically the Climate and Nature Fund Act, which was enacted on 18 June 2024, and the subsequent establishment of the Future Ireland Fund (FIF) and the Irish Strategic Investment Fund (ISIF) on 30 July 2024. These funds are intended to support long-term investment objectives, including designated environmental projects. The NTMA's strategic driver is to secure expert investment management services to effectively deploy capital within these new fund structures, aligning with national policy objectives for sustainable and strategic investment.

4. Eligibility & selection criteria

To be considered for this tender, applicants must meet specific minimum requirements, assessed on a pass/fail basis. Failure to meet any of these will result in elimination.

• Assets Under Management (AUM):
• Discretionary AUM allocated to third-party GPs:
• Private Equity: Not less than €5 billion as at 31 December 2025.
• Private Credit: Not less than €5 billion as at 31 December 2025.
• Private Real Assets: Not less than €5 billion as at 31 December 2025.
• Overall AUM: Not less than €1.5 billion as at 31 December 2025.
• Private Markets Allocation within Overall AUM: Not less than €1.0 billion as at 31 December 2025.
• Past Experience:
• Evidence of providing the Services by detailing a minimum of two (2) reference mandates.
• These mandates must have been active within the 36 months prior to the tender deadline.
• Regulatory Status: Applicants must provide evidence of their required regulatory status.
• Open Architecture Solution: Applicants must demonstrate a minimum capability in providing an open architecture solution.
• SMA Capabilities: Applicants must demonstrate minimum capabilities in Separately Managed Accounts (SMA).
• Insurance: Not specified for this tender.
• Certifications: Not specified for this tender.
• Personnel: Not specified for this tender.
• Geographic / facility constraints: Not specified for this tender.

5. Award criteria & scoring

This tender is a pre-qualification questionnaire (IMPQQ). Therefore, there is no scoring or award criteria in the traditional sense. Applicants are assessed on a pass/fail basis against the Minimum Requirements detailed in Schedule 1 of the tender documents. Those who successfully meet all minimum requirements will be shortlisted to proceed to the next stage of the procurement process. The NTMA intends to shortlist a minimum of three applicants.

6. Submission requirements

Applicants must submit a Pre-qualification Submission that addresses all requirements set out in Schedule 1 (Minimum Requirements) of the Invitation to Participate Questionnaire (IMPQQ). The submission must include:

• Completed Self-Declarations: For each of the Minimum Requirements, including:
• Minimum Insurance (as required by Minimum Requirement 2).
• Minimum Open Architecture Solution (as required by Minimum Requirement 3).
• Minimum Assets Under Management (as required by Minimum Requirement 4).
• Minimum SMA Capabilities (as required by Minimum Requirement 5).
• Regulatory Status (as required by Minimum Requirement 6).
• Evidence of Past Experience: Details of a minimum of two (2) reference mandates within the 36 months prior to the tender deadline.
• Performance Data: Completed performance templates (Appendix 2) for relevant mandates, including:
• Summary Metrics (as at 31/12/2025).
• Quarterly Return Series (Net) with Quarter End Dates.
• Periodic Performance data (1 Year, 3 Years, 5 Years, 10 Years).
• Quarterly Cashflows (Contributions, Distributions, NAV) for the Total Mandate and each sub-asset class.
• Certification Letter: A signed letter from the CCO, COO, CFO, or CLO (or equivalent) attesting to the accuracy of all submitted figures.
• Group Structure Confirmation: If relying on a group structure to meet minimum requirements, confirmation of this must be provided.
• Submission Portal: Submissions must be made via the eTenders platform.

7. Key dates & process

8. Contract terms that matter

As this is a pre-qualification stage, specific contract terms are not detailed. However, the process indicates a multi-stage procurement. The NTMA intends to shortlist a minimum of three applicants to proceed to subsequent stages, which will likely involve more detailed proposals and contract negotiations. The final contract will govern the provision of investment management services for funds controlled and managed by the NTMA, including the Future Ireland Fund and Climate and Nature Fund. Key terms will likely cover performance expectations, fee structures, reporting requirements, and termination clauses, tailored to the long-term nature of the funds and the specific asset classes involved.

9. Risks, red flags & unusuals

The primary unusual aspect of this tender is its structure as a Pre-Qualification Questionnaire (IMPQQ) with a submission deadline set far in the future (August 2026). This suggests a long lead time for the NTMA's planning and fund establishment phases. The specific and high-value AUM requirements (€5 billion per asset class) are designed to filter for very large, established asset managers, significantly limiting the potential bidder pool. The requirement for performance data as at 31 December 2025, well before the submission deadline, indicates a need for applicants to have up-to-date, auditable performance records readily available. The focus on alternative assets (Private Equity, Private Credit, Real Assets) means bidders must possess deep specialisation in these areas.

10. SME fit assessment

This tender is structured to attract large, established asset management firms with significant global track records in alternative investments. The minimum AUM requirements of €5 billion per asset class (Private Equity, Private Credit, Real Assets) are substantial and would exclude most small and medium-sized enterprises (SMEs) unless they operate as part of a larger consortium or as a specialist sub-contractor to a prime bidder.

• Credible Bidders: Firms with multi-billion euro AUM in private markets, a global presence, and a history of managing mandates for sovereign wealth funds, large pension funds, or similar institutional investors are the target demographic.
• Consortium/Sub-contracting: While not explicitly stated as disallowed, the nature of the requirements suggests that a prime bidder would need to meet these criteria directly. SMEs might find opportunities as sub-contractors if a lead firm seeks specialist expertise, but the primary contract is unlikely to be awarded to an SME alone.
• Bid-Prep Effort: For a firm meeting the criteria, the effort would focus on compiling extensive historical performance data, certifications, and detailed descriptions of their investment processes and teams. This is a significant undertaking, likely requiring several weeks of dedicated work from specialist teams.
• Pwin Signal: The high AUM thresholds and the NTMA's role as a sophisticated institutional investor suggest a competitive but quality-focused process. The long lead time and specific asset class focus indicate the NTMA is seeking highly specialised managers. The absence of explicit scoring criteria for this stage means the "win probability" is entirely dependent on meeting the stringent minimum requirements.

11. Where to dig deeper

• Source RFT Filename(s): 2026PR065 IMPQQ
• eTenders CFT ID: Not surfaced in provided data.
• Contact / Clarification Portal: Not specified in provided data.
• Most Important Attachments:
• 2026PR065 IMPQQ Appendix 2 Performance Template.xlsx
• Schedule 1 (Minimum Requirements)