Award

Ask AI about this notice

Summarise, research or assess it with AI

View Markdown

Share this notice

Send this contract to a colleague

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

DfE: Invest NI

This public procurement record has 2 releases in its history.

Award

12 Mar 2025 at 12:02

Award Notice
Tender

10 Jan 2025 at 12:36

Tender Notice
Summary of the contracting process

DfE: Invest NI has awarded a contract to Techstart Ventures LLP for the management of a Successor pre-seed and seed fund as well as a Proof of Concept (POC) grant fund. This procurement, classified under the Financial and Insurance services category, involves the delivery of investment and grant funds within Northern Ireland. The contract, issued through an open procedure, includes the management of a £48m investment fund over ten years with an option to extend for five years and a £7.2m grant fund over six years. The contract stage is complete, with key dates including the award notification period and details from the Public Contracts Regulations 2015 standstill provisions.

This tender presents significant opportunities for businesses involved in fund management, equity investments, and grant administration. It is particularly suited to firms with strong experience in financial services, venture capital, corporate finance, and related areas. The successful management of these funds can attract substantial investment to the Northern Ireland market, promoting business growth and innovation in the region. Firms proficient in personnel recruitment, marketing strategy development, and engagement with Invest NI are well-placed to benefit from this contract, which emphasizes performance quality, governance, and social value.

How relevant is this notice?

Notice Information

Notice Title

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

Notice 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.

Lot Information

Lot 1

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.

Options: 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-04cf14
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/008948-2025
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

66100000 - Banking and investment services

66113000 - Credit granting services

66113100 - Micro-credit granting services

66120000 - Investment banking services and related services

66122000 - Corporate finance and venture capital services

Notice Value(s)

Tender Value
£12,650,000 £10M-£100M
Lots Value
£12,650,000 £10M-£100M
Awards Value
Not specified
Contracts Value
£10,300,000 £10M-£100M

Notice Dates

Publication Date
12 Mar 20251 years ago
Submission Deadline
11 Feb 2025Expired
Future Notice Date
Not specified
Award Date
7 Mar 20251 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
DfE: Invest NI
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BELFAST
Postcode
BT2 7ES
Postcode Area
Northern Ireland
Country
Northern Ireland
Major Region (ITL 1)
TLN Northern Ireland
Basic Region (ITL 2)
TLN0 Northern Ireland
Small Region (ITL 3)
TLN06 Belfast
Delivery Location
TLN Northern Ireland
Local Authority
Belfast
Electoral Ward
Central
Westminster Constituency
Belfast South and Mid Down

Supplier Information

Number of Suppliers
1
Supplier Name

TECHSTART VENTURES LLP

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

JSON Markdown

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

Loading OCDS record...