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

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    "date": "2025-03-12T12:02:44Z",
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        "id": "ID 5408838",
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        "title": "DfE Invest NI - Successor pre seed and seed fund and Proof of Concept grant fund",
        "status": "complete",
        "classification": {
            "scheme": "CPV",
            "id": "66000000",
            "description": "Financial and insurance services"
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        "mainProcurementCategory": "services",
        "description": "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 PS48m in the NI market with an associated management fee of a maximum of PS10.3m 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 PS7.2m in the NI market with an associated maximum fee of PS900k 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.",
        "value": {
            "amount": 12650000,
            "currency": "GBP"
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                "description": "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 PS48m in the NI market with an associated management fee of a maximum of PS10.3m 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 PS7.2m in the NI market with an associated maximum fee of PS900k 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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                            "description": "14.95"
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                            "name": "Management of the Successor Seed Capital Fund and the POC Grant Fund",
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                            "description": "11.7"
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                            "name": "Marketing Strategy Development",
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                            "description": "7.15"
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                            "name": "Venture Capital Development, links to potential private investors",
                            "type": "quality",
                            "description": "9.1"
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                "value": {
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                    "currency": "GBP"
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                "options": {
                    "description": "Successor Pre-Seed and Seed Fund: 10 years with option to extend for an additional 5 years. The option to extend the pre seed and seed fund for an additional 5 years relates to the likely need for additional time to allow the fund the best opportunity to make timely exits and to aim to return monies to Invest NI from realisation monies from investments."
                },
                "status": "cancelled"
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