The Board intends to invest in funds lending mainly to companies with a UK presence. In order to achieve this, the Board is seeking to appoint one or two investment managers capable of: originating lending transactions directly with companies; and, managing the investments in the portfolio. The legal form of the lending transactions may be loans or private debt securities.

The Board's investment is to be managed as a separately managed account. However, the manager, its parent or affiliate must co-invest alongside the Board in the individual lending transactions.

The Board is seeking to build a portfolio of lending transactions with the following characteristics:

— Fixed rate or inflation linked in Pound Sterling;

— Long term maturity, in excess of 5 years;

— Investment grade quality; and

— Originated directly with the borrower or through primary market syndication.

The minimum criteria are as follows:

— Necessary authorisation under the Financial Services and Markets Act 2000 with permission or passports to carry on investment management services in the UK (or explain why it does not require such authorisation).

— A track record of originating direct lending transactions with UK borrowers for a minimum of 10 years as of 31.12.2012.

— Manage a minimum of GBP 3bn in direct lending transactions with UK borrowers in Pound Sterling or other currency as of 31.12.2012.

— Ability to co-invest 50 % with the Board in each lending transaction.

— Ability to originate minimum GBP 150m per annum in long-term fixed rate investment grade lending transactions in Pound Sterling for the Board.

— Can demonstrate ability to generate a robust illiquidity premium through time.

— The Manager has or would expect to be able to:

a. achieve a favourable rating from a reputable adviser with respect to its investment capability;

b. pass a detailed independent operational risk assessment; and

c. pass a compliance and legal review by the Board.

Please see the ITT for further details on the Bravo website: https://ppf.bravosolution.co.uk

Note: to register your interest in this notice and obtain any additional information please visit the Bravo website: https://ppf.bravosolution.co.uk All questions for the Board should be submitted via this portal on the Bravo website. If you have any issues with the Bravo web site please contact their customer support on Freephone: +44 8003684850.