Fund Management Services for North East Early Stage Equity Fund

{
    "tag": [
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    "id": "ocds-h6vhtk-04b044-2026-03-20T12:34:16Z",
    "date": "2026-03-20T12:34:16Z",
    "ocid": "ocds-h6vhtk-04b044",
    "initiationType": "tender",
    "tender": {
        "id": "TNEFL/2024/2",
        "legalBasis": {
            "id": "32014L0024",
            "scheme": "CELEX"
        },
        "title": "Fund Management Services for North East Early Stage Equity Fund",
        "status": "complete",
        "classification": {
            "scheme": "CPV",
            "id": "66100000",
            "description": "Banking and investment services"
        },
        "mainProcurementCategory": "services",
        "description": "The North East Fund seeks to appoint a professional, FCA authorised fund management organisation to deliver an early stage venture capital fund in the North East of England. The fund will address the persistent market gap in the provision of relatively small amounts of finance to early-stage and innovative SMEs in the North East of England. In so doing, it will help to unlock regional growth, build confidence in the SME business base and ensure the region is a great place to start-up and scale a business. The Fund has the working title of \"Early Stage Equity Fund\" but its final name will be agreed with the appointed fund manager. TNEFL expects to make an initial commitment of investment capital to the Fund of PS35m, which will be invested over an Initial Investment Period of c.5 years - equating to an average annual investment by the Fund of PS7m during its first five years of operation. This quantum of investment, and the Fund's investment policy detailed below, is consistent with and will address the funding gaps identified by a market evaluation exercise which was undertaken during the first half of 2024. In a significant development compared to previous regional investment funds, the profile of this Fund has been developed with a view to facilitating a more 'patient capital' approach to investment - by making provision for the initial 5 year investment period to be followed by further periods of new (and follow-on) investments which can potentially extend to a further 10 years. This period of up to 15 years in which the Fund can make both new and portfolio investments will be followed by a Realisation Period of up to 10 years, giving a potential contract duration of 25 years in total. This will enable the manager to provide support over a longer period than previous funds, which should be beneficial for the Fund's investee companies and should also help to maximise the financial returns to the Fund. Those returns, and potentially other sources of capital which may be available to TNEFL (for example, from the regional legacy funds overseen by NEA2F) will be used to facilitate the extension of the Fund's investment activity after the initial investment capital commitment of PS35m is fully invested. The extension of investment activity in the Further Investment Periods will be effected by TNEFL providing annual commitments of additional investment capital to the Fund which are expected to be, on average, between PS3m and PS6m. The actual quantum of each annual additional capital commitment will be notified by TNEFL to the manager as far in advance of the start of each one-year Further Investment Period as is possible, to enable the manager to make plans for its utilisation.",
        "value": {
            "amount": 19800000,
            "currency": "GBP"
        },
        "lots": [
            {
                "id": "1",
                "description": "The procurement process was conducted in accordance with the Public Contracts Regulations 2015 (as amended), using the Competitive Procedure with Negotiation as detailed in Regulation 29 of those Regulations. The Purpose of the procurement was to procure the services of a single FCA regulated fund manager. The contract has an initial duration of 10 years but can be extended by up to a further 15 years, to 25 years in total. The contract value stated in this Contract Award Notice is based on the initial 10 year period and the actual amount paid during that period may vary depending on the overall quantum of capital ultimately committed to the fund and on the profile of exits from, and impairments to, portfolio companies.",
                "value": {
                    "amount": 19800000,
                    "currency": "GBP"
                },
                "contractPeriod": {
                    "durationInDays": 9000
                },
                "hasRenewal": true,
                "renewal": {
                    "description": "The contract can potentially last for 25 years but that is based on it being extended during its term, which will be initially for 10 years but - subject to performance, market demand and availability of capital - is expected to be extended by at least 10 years, on the basis set out in the Information Memorandum, and draft contract documents."
                },
                "submissionTerms": {
                    "variantPolicy": "allowed"
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                "hasOptions": true,
                "status": "cancelled",
                "awardCriteria": {
                    "criteria": [
                        {
                            "name": "As per ITN",
                            "type": "quality",
                            "description": "65"
                        },
                        {
                            "name": "As per ITN",
                            "type": "cost",
                            "description": "35"
                        }
                    ]
                },
                "options": {
                    "description": "The contract can potentially last for 25 years but that is based on it being extended during its term, which will be initially for 10 years but - subject to performance, market demand and availability of capital - is expected to be extended by at least 10 years, on the basis set out in the Information Memorandum, and draft contract documents."
                }
            }
        ],
        "items": [
            {
                "id": "1",
                "additionalClassifications": [
                    {
                        "scheme": "CPV",
                        "id": "66122000",
                        "description": "Corporate finance and venture capital services"
                    }
                ],
                "deliveryAddresses": [
                    {
                        "region": "UKC"
                    },
                    {
                        "region": "UKC"
                    }
                ],
                "deliveryLocation": {
                    "description": "The North East of England, being the seven Local Authority areas of: Northumberland; North Tyneside; South Tyneside; Newcastle; Gateshead; Sunderland and County Durham."
                },
                "relatedLot": "1"
            }
        ],
        "submissionMethod": [
            "electronicSubmission"
        ],
        "submissionMethodDetails": "https://www.northeastfund.org/business-guidance-support/",
        "selectionCriteria": {
            "criteria": [
                {
                    "type": "suitability",
                    "description": "Participants must be authorised and registered with the Financial Conduct Authority, or must be able to explain how they will become authorised in time to deliver the contract - as detailed in the Selection Questionnaire.",
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        "otherRequirements": {
            "requiresStaffNamesAndQualifications": true
        },
        "procurementMethod": "selective",
        "procurementMethodDetails": "Competitive procedure with negotiation",
        "secondStage": {
            "successiveReduction": true,
            "noNegotiationNecessary": true,
            "invitationDate": "2024-12-04T00:00:00Z"
        },
        "coveredBy": [
            "GPA"
        ],
        "tenderPeriod": {
            "endDate": "2024-11-22T12:00:00Z"
        },
        "submissionTerms": {
            "languages": [
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            "bidValidityPeriod": {
                "durationInDays": 180
            }
        },
        "hasRecurrence": false
    },
    "parties": [
        {
            "id": "GB-COH-10441614",
            "name": "THE NORTH EAST FUND LIMITED",
            "identifier": {
                "legalName": "THE NORTH EAST FUND LIMITED",
                "id": "10441614",
                "scheme": "GB-COH"
            },
            "address": {
                "streetAddress": "Suite D, Fifth Floor West One",
                "locality": "Newcastle Upon Tyne",
                "region": "UKC22",
                "postalCode": "NE13PA",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "email": "alastair.smith@northeastfund.org",
                "url": "https://www.northeastfund.org/business-guidance-support/",
                "name": "Alastair Smith",
                "telephone": "+44 1912112313"
            },
            "roles": [
                "buyer"
            ],
            "details": {
                "url": "http://www.northeastfund.org",
                "classifications": [
                    {
                        "scheme": "TED_CA_TYPE",
                        "description": "Company Owned by Local Authorities"
                    },
                    {
                        "id": "04",
                        "scheme": "COFOG",
                        "description": "Economic affairs"
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        {
            "id": "GB-FTS-3680",
            "name": "High Court of England & Wales",
            "identifier": {
                "legalName": "High Court of England & Wales"
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            "address": {
                "locality": "London",
                "countryName": "United Kingdom"
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            "roles": [
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            ]
        },
        {
            "id": "GB-COH-03249066",
            "name": "Mercia Regional Ventures Limited",
            "identifier": {
                "legalName": "Mercia Regional Ventures Limited",
                "id": "03249066",
                "scheme": "GB-COH"
            },
            "address": {
                "streetAddress": "Preston Technology Management Centre",
                "locality": "Preston",
                "region": "UK",
                "postalCode": "PR1 8UQ",
                "countryName": "United Kingdom"
            },
            "roles": [
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            "details": {
                "scale": "large"
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        {
            "id": "GB-FTS-177979",
            "name": "The North East Fund",
            "identifier": {
                "legalName": "The North East Fund"
            },
            "address": {
                "locality": "Newcastle upon Tyne",
                "countryName": "United Kingdom"
            },
            "roles": [
                "reviewBody"
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        }
    ],
    "buyer": {
        "id": "GB-COH-10441614",
        "name": "THE NORTH EAST FUND LIMITED"
    },
    "language": "en",
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            "id": "025740-2026-1",
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            "title": "Fund Management Services for North East Early Stage Equity Fund",
            "status": "active",
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                {
                    "id": "GB-COH-03249066",
                    "name": "Mercia Regional Ventures Limited"
                }
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        }
    ],
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            "title": "Fund Management Services for North East Early Stage Equity Fund",
            "status": "active",
            "value": {
                "amount": 6570000,
                "currency": "GBP"
            },
            "dateSigned": "2025-10-20T00:00:00+01:00"
        }
    ],
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}