North of Tyne Combined Authority Fund Manager for Venture/Equity Fund

{
    "tag": [
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    "id": "ocds-h6vhtk-034672-2022-06-14T16:30:34+01:00",
    "date": "2022-06-14T16:30:34+01:00",
    "ocid": "ocds-h6vhtk-034672",
    "description": "At this stage, the list of services and the CPV codes set out in sections II.1.2 and II.2.1 are indicative only and contain the broad categorisation of services rather than particulars. Bidders should assume that the services actually required will broadly be within the scope of services listed in this contract notice but will also include extensions to related or ancillary services within each categorisation. The actual scope of services required may be narrower than set out in this contract notice. The services shall also include any services required by the Fund, which the fund manager will subsequently procure. NTCA receives procurement support from North Tyneside Council and legal support from Newcastle City Council (and external providers). North Tyneside Council is supporting NTCA in the delivery of the procurement and so is listed as the procuring organisation although legal documents will be entered into by NTCA. While the estimated range of value for the contract is explained in this notice, NTCA is unable to give a definitive contract value and the final value will depend on the scope of the final services required and value of the Fund. Bidders should presume that this value will cover the services listed and those ancillary to the principal services required on a project of a comparable scale as the Fund (including any extensions of scope set out in this notice). Informal meetings have been held with a number of local and national funds and fund managers, and a formal market engagement exercise was undertaken through the NEPO portal in the form of a standard questionnaire. Details of this process are included in the ITT. If you have any issues or require further guidance on any of the processes within the procurement portal, please visit the Help Centre at https://supplierhelp.due-north.com/. For questions on how to use the web site please visit the Help Centre at https://supplierhelp.due-north.com/.",
    "initiationType": "tender",
    "tender": {
        "id": "DN609918",
        "legalBasis": {
            "id": "32014L0024",
            "scheme": "CELEX"
        },
        "title": "North of Tyne Combined Authority Fund Manager for Venture/Equity Fund",
        "status": "active",
        "classification": {
            "scheme": "CPV",
            "id": "66000000",
            "description": "Financial and insurance services"
        },
        "mainProcurementCategory": "services",
        "description": "On behalf of North of Tyne Combined Authority (\"NTCA\") (see section VI.3 of this notice), North Tyneside Council (the \"Procuring Council\") is conducting a procurement of a fund manager in respect of a venture fund it is establishing to improve access to finance for high-growth potential organisations based in North East region of England (the \"Fund\"). The Fund is estimated to have an initial value of c.PS30m, composed of PS10m of funding from NTCA and PS20m being co-investment finance to be raised by the fund manager. The fund manager will be responsible for executing deals and managing the Fund during the 10 year funding cycle. Provided additional funding is secured, the total Fund value could exceed PS100m. While the estimated range of value for the contract is explained in this notice, NTCA is unable to give a definitive contract value as this will depend on the scope of the final services required and total value of the Fund. Further details are contained in section II.2.3.",
        "lots": [
            {
                "id": "1",
                "description": "The procurement documents are available to view and download at: https://procontract.due-north.com/. Bidders are required to submit their tenders by noon on 21 July 2022. Full details of NTCA's requirements are set out in the Invitation to Tender (\"ITT\"). The Fund should support companies at any stage in the business life cycle which are engaged in innovation or developing disruptive business model, with a particular focus on innovative start-ups and early-stage growth businesses linked to key economic growth opportunities in the North East region of England. The focus of the Fund should primarily be on early-stage investment (seed, late seed and series A). This may include initial investments, as well as subsequent follow-on investments into businesses that have received earlier stage investment from the Fund. The Fund will primarily invest in projects in the NTCA region with expansion into projects outside the region where certain conditions, as set out in the ITT, are met. For example, as a result of ongoing dialogue with Government around a wider devolution deal for the region (and therefore such devolution may establish a successor authority, to which this procurement naturally relates). The legal structure of the Fund will contain a mechanism to allow any Contracting Authority or any Body Governed by Public Law (as defined in the Public Contracts Regulations 2015), including local authorities and any public sector pension funds, to invest in the Fund and access the fund manager. It is estimated that the Fund will commence investment once achieving a first close scale of PS30m, which will be comprised of: 1) PS10 million of funding from NTCA; and 2) a minimum of PS20 million co-investment finance, expected to be raised and leveraged by the fund manager (which will be required to unlock the first close of the Fund and commence investment). The Fund is estimated to have one 10 year funding cycle (although the exact duration of the Fund's operation is to be determined by the preferred bidder), though the draft contract contains options following conclusion of this initial funding cycle. The contract will also allow for early termination of the Fund and/or the exit of NTCA's investment should the Fund not achieve its key mobilisation and co-investment milestones prior to commencing investment. Revenue for the fund manager's services shall be determined in accordance with principles further detailed in the ITT. This procurement is intended to cover the initial value and scope of the Fund together with any increases in the scale of the Fund as a result of additional resources being secured. Interested organisations should use this information to aid in their estimation of the revenue likely to be generated. The services anticipated to be required by NTCA for the fund manager services are summarised below (though see the ITT for further information): 1) financial and investment services; 2) business services; and 3) fund management services. To help to ensure that sufficient interest in the contract will be generated, the services being procured will not be divided into separate lots.",
                "contractPeriod": {
                    "durationInDays": 7200
                },
                "hasRenewal": true,
                "renewal": {
                    "description": "17.9. The estimated term of the Fund is 10 years (although the exact duration of the Fund's operation is to be determined by the preferred Bidder). The 10-year term is expected to be composed of one funding cycle with an investment period followed by a realisation period of roughly equal durations. Subject to performance, the following options will be available: 17.9.1. increase in value over the initial 10-year term, though any further funding from NTCA would be subject to further approvals by NTCA Cabinet; 17.9.2. be extended in whole (extension of both investment and realisation phases) or in part (extension of either investment or realisation window) for a further period of up to 10 years following expiry of the initial term subject to the mutual agreement of the Limited Partners, with or without further funding from NTCA"
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                        "scheme": "CPV",
                        "id": "79000000",
                        "description": "Business services: law, marketing, consulting, recruitment, printing and security"
                    }
                ],
                "deliveryAddresses": [
                    {
                        "region": "UKC"
                    }
                ],
                "relatedLot": "1"
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            "electronicInvoicingPolicy": "allowed",
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        "procurementMethodDetails": "Open procedure",
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        "tenderPeriod": {
            "endDate": "2022-07-21T12:00:00+01:00"
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            "date": "2022-07-21T12:00:00+01:00"
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        "hasRecurrence": false
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    "parties": [
        {
            "id": "GB-FTS-55539",
            "name": "North Tyneside Council",
            "identifier": {
                "legalName": "North Tyneside Council"
            },
            "address": {
                "streetAddress": "Quadrant East, The Silverlink North",
                "locality": "North Tyneside",
                "region": "UKC",
                "postalCode": "NE27 0BY",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "name": "Mrs Joanna Elliott",
                "telephone": "+44 1916434351",
                "email": "joanna.elliott@northtyneside.gov.uk",
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                "url": "https://procontract.due-north.com",
                "buyerProfile": "http://www.northtyneside.gov.uk/",
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                        "scheme": "TED_CA_TYPE",
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        {
            "id": "GB-FTS-88",
            "name": "Royal Courts of Justice",
            "identifier": {
                "legalName": "Royal Courts of Justice"
            },
            "address": {
                "streetAddress": "Strand",
                "locality": "London",
                "postalCode": "WC2A 2LL",
                "countryName": "United Kingdom"
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}