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DfE Invest NI - Successor pre seed and seed fund and Proof of Concept grant fund

DfE: Invest NI

Value
£10,300,000
Currency
GBP
Region
Northern Ireland
Category
Professional & Business Services
Procedure / notice type
award,contract
Published
12 Mar 2025
Closing date
Not stated
Contract ends
Not stated
Current supplier
TECHSTART VENTURES LLP

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Professional & Business ServicesNorthern Ireland

Overview

Invest NI would like to procure a fund manager to deliver the following services on its behalf: Manage a Successor pre seed and seed equity fund for an initial period of ten years (with scope to extend by a maximum of five years to allow an orderly exit from the equity investments) to undertake a total investment of £48m in the NI market with an associated management fee of a maximum of £10.3m over 10 years. Investments will be made in the form of equity securities, mainly ordinary shares but can include preference shares or instruments convertible into ordinary/ preference shares. If the fund is extended beyond the 10 years, Invest NI will negotiate with the fund manager in relation to additional fees and Manage a Proof of Concept (POC) grant fund for a period of six years to undertake total investment of £7.2m in the NI market with an associated maximum fee of £900k plus VAT. A legal contract, by way of a Limited Partnership Agreement (LPA) and a Management Service Agreement (MSA) will govern the ten-year contract to deliver the successor fund. There will be a separate Grant Management Agreement for the POC grant fund. Please see Tender documents for full details.

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Contains public sector information licensed under the Open Government Licence v3.0. 123 Tenders is not affiliated with, endorsed by, or acting on behalf of any buyer organisation named in these notices, and gives no guarantee as to accuracy or outcome.