Infrastructure Fund Asset Management Services NEW

Sasria SOC Ltd, South Africa's sole provider of short-term special risk insurance (including riots, strikes, civil commotion, public disorder and terrorism cover), invites proposals from capable service providers to manage part of its investment portfolio. The appointment covers an initial allocation of approximately R1.2 billion over five years (subject to change), to be managed under an Investment Management Agreement on a segregated or pooled basis. The mandate must consist of interest-bearing assets with at least 20% in infrastructure-related investments, target a STeFI Composite +2% or greater benchmark, provide liquidity within 180 days of request, and allow full redemption at the end of the contract. Sasria may award the mandate to one or more managers, in whole or in part.

The scope of work covers sourcing, due diligence and monitoring of economic and social infrastructure investments; portfolio construction with issuer, sector and concentration limits; monthly (or other agreed frequency) instrument-level look-through data; and compliance with Prudential Authority Financial Soundness Standards, including market risk capital treatment and controls preventing unapproved encumbrances. Managers must also integrate ESG and SDG considerations, support stress testing, and provide insurer-specific reporting. Evaluation proceeds in stages: Level 1 governance compliance (CSD tax compliance, B-BBEE certificate or sworn affidavit, and the prescribed SBD and Annexure forms); mandatory requirements (valid FSCA Category II discretionary FSP licence, company and team information, professional indemnity, directors and officers, cyber and fidelity insurance, AUM above R1 billion, an actual five-year track record with no back-tested returns, quarterly holdings showing at least 20% direct infrastructure assets, a 180-day liquidity confirmation, and documented risk, compliance and operations controls); a functional evaluation requiring 70 out of 100 points; a presentation phase requiring 70 out of 100; and finally price and specific goals. Pricing must be in ZAR, VAT exclusive, on a fee scale from R0 to R3 billion, with no performance fees.

The mandate offers a substantial, long-term institutional relationship with a state-owned insurer and gives credible infrastructure managers a route to deploy capital into South African economic and social infrastructure. Sasria encourages partnerships, joint ventures and subcontracting with majority black-owned (51% or more) and small to medium enterprises, which should be detailed in the submission. Bids must be submitted through the online portal at https://procurement.sasria.co.za/ by 12:00 on 2 December 2026, with queries accepted until 25 November 2026 and proposals valid for 150 days after closing. Note that eTenders lists this opportunity as draft, so bidders should confirm all dates, amendments and documents on the Sasria portal before submitting.