Published date: 19 January 2023

Last edited date: 19 January 2023

This notice was replaced on 19 January 2023

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Early engagement (published 19 January 2023)

Closed early engagement


Contract summary

Industry

  • Financial and insurance services - 66000000

  • Forestry services - 77200000

  • Evaluation consultancy services - 79419000

    • Environmental services - 90700000

Location of contract

United Kingdom

Procurement reference

Defra P-30708

Published date

19 January 2023

Closing date

2 February 2023

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

Background
The Big Nature Impact Fund (BNIF) is a policy framework designed to create a public-private blended impact investment fund. It aims to increase private sector investment in domestic nature recovery projects - particularly woodland creation, peatland restoration and habitat banks to support Biodiversity Net Gain (BNG) implementation. It will also develop a track record for private investment in nature which others can build upon.
By investing on a repayable basis into a private sector fund, Defra aims to show market actors that HMG is committed to scaling up nature-based investment and demonstrate the potential for achieving a financial return on investment.
BNIF's fund manager was announced as Federated Hermes and Finance Earth in November 2022[1] with Defra committing £30m seed capital to act in a 'first loss' position. Federated Hermes and Finance Earth will invest blended public-private capital through BNIF, on a repayable basis, into a portfolio of nature projects that can generate revenue from ecosystem services and green enterprises to support the development and delivery of such projects. BNIF will only invest in England but will be part of a UK-wide investment strategy managed jointly managed by Federated Hermes and Finance Earth.

DRAFT - SPECIFICATION
Research Requirements
The aim of this contract is to:
i. design a robust yet proportionate and reasonable evaluation framework in line with HMT Magenta Book guidance and relevant supplementary guidance to enable us to understand the success of BNIF as a policy intervention; and
ii. undertake the initial process evaluation to explore the initial set up of the fund and collect and present baseline data to enable us to track progress on tackling market failures, for example around investor confidence.
The contract is made up of the following 2 work packages:
Work Package 1: Developing the Evaluation Framework
Work Package 2: Carry out an initial process evaluation

Project Team
We anticipate that the contractor should have experience in carrying out successful, complex, evaluations, with knowledge and expertise of impact investment funds which invest capital on a repayable basis, the financial market and nature-based solutions. We would like the contractor to have a track record of working collaboratively with the key stakeholders in the environmental and green finance sector.

RFI - Response to Catherine.Hacker@defra.gov.uk
with Subject heading: BNIF M&E RFI response

HOW TO RESPOND:
You are not required to answer every question - any information will be gratefully received.
· Clarification period will be 18th November 2023 - 16:00 1st February 2023.
Questions and further information can be found within the attached documents.

More information

Attachments

About the buyer

Contact name

Catherine Hacker

Address

Nobel House,17 Smith Square
LONDON
SW1P3JR
England

Telephone

07557173521

Email

catherine.hacker@defra.gov.uk