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Fund Managers for the South East Investment Fund and the East of England Investment Fund

British Business Bank

This public procurement record has 2 releases in its history.

Award

05 May 2026 at 17:06

UK6 - Contract Award Notice
Tender

15 Dec 2025 at 14:05

UK4 - Tender Notice
Summary of the contracting process

The British Business Bank, a public authority within the central government, has recently completed a procurement process to appoint fund managers for two significant investment funds: the South East Investment Fund (SEIF) and the East of England Investment Fund (EEIF). The procurement, which utilised an open and competitive flexible procedure, has been managed by the Bank's subsidiary, Nations and Regions Investments Limited (NRIL). With the awards announced in May 2026, these funds are designed to provide substantial economic support within the regions, with contract services expected to commence from 27th June 2026. The procurement covered financial and insurance services and involved several key dates, such as the award notice dated 5th May 2026, and a future contract signature scheduled for 26th June 2026.

These investment opportunities offer substantial potential for business growth, particularly for SMEs in the financial sector. With a total allocation of £350 million, split between equity and debt investments, organisations with regional experience and a successful track record of funding SMEs in the South East and East of England are particularly well-suited for this opportunity. Businesses involved in financial and insurance services, including investment banking and loan brokerage, are ideal contenders. The SEIF and EEIF are strategically designed to boost regional economic development by extending financial support beyond traditional public sector grants, thus encouraging a more sustainable and investment-focused culture among smaller businesses. The alignment with national goals, such as net-zero commitments and inclusive financing, further enhances the business climate for diverse firms looking to innovate and expand.

How relevant is this notice?

Notice Information

Notice Title

Fund Managers for the South East Investment Fund and the East of England Investment Fund

Notice Description

The British Business Bank (the Bank) is a government-owned economic development bank that makes finance markets for smaller businesses work more effectively. Our mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country. The Bank designs programmes that provide funds and guarantees to private sector partners, enabling them to finance a greater number of smaller businesses, either through debt or equity. It uses economic evidence so that its programmes address market failures affecting smaller businesses across the economy. It also works to improve smaller businesses' awareness of the finance options available to them. Nations and Regions Investments Limited (NRIL) is a wholly owned subsidiary of the British Business Bank that manages a number of investment schemes for the Department for Business and Trade (DBT), including the proposed South East Investment Fund (SEIF) and East of England Investment Fund (EEIF). NRIL is the Contracting Authority for this procurement. In the 2025 Spending Review, the Government announced an extension of the Nations and Regions Investment Funds (NRIF) programme to include PS350m to be made available for the South East and the East of England regions. The funds are to be allocated according to the following split: - PS210m for the South East Investment Fund (SEIF) - PS140m for the East of England Investment Fund (EEIF) Within each region the funding will be split into two sub-funds: one for Equity (approximately 60% - offering early stage and later stage equity investments up to PS5m); and one for Debt (approximately 40% - offering business loans of between PS25,000 and PS2m). A proportion of each fund will be held back ("Investor Reserve") and may be added as additional funding ("Additional Allocation") depending on circumstances and particular factors. Tenderers are expected to have some regional experience and a track record of funding viable Small and Medium Enterprises (SMEs) that are looking to grow. Tenderers should be aligned to the Programme Objectives, that the funds will: - increase the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment and helping to reduce disparities in access to finance; - be run in a commercially sustainable way to promote a shift away from an expectation of public sector grants towards a culture of borrowing and investing for growth; - drive sustainable economic growth through supporting new and growing businesses across the UK with an inclusive approach to all eligible sectors; - have a demonstrable presence across the relevant geographical area linking up the finance community to increase reach and create an impact beyond the funds, helping to boost productivity, innovation and jobs; - align with the Bank's commitments to net zero by 2050 and promoting diversity, equity and inclusion in the distribution of finance. It is expected that NRIL will begin making investment commitments to the SEIF and EEIF Fund Managers in Summer 2026. The duration of the Contract Services will be: - Investment Period: The first 5 years of the fund during which the Fund can make new investments. This period can be extended by up to two years at the sole discretion of NRIL. - Realisation: the period beginning immediately after the Investment Period and ending on the date which is 5 years after the end of the Investment Period (which will include the ability of the SEIF and EEIF Fund Managers to make follow-on investments in portfolio businesses). This period can be extended by up to two years at the sole discretion of NRIL.

Lot Information

South East Investment Fund - Equity

Initial Allocation of Funds: PS88m Equity investments up to PS5m - this figure may be exceeded in exceptional circumstances and with Investor Consent In the South East of England Region only Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract. The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.

Renewal: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority.

South East Investment Fund - Debt

Initial Allocation of Funds: PS59m Debt loans from PS25k up to PS2m - this figure may be exceeded in exceptional circumstances and with Investor Consent In the South East of England Region only Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract. The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.

Renewal: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority.

East of England Investment Fund - Equity

Initial Allocation of Funds: PS63m Equity investments up to PS5m - this figure may be exceeded in exceptional circumstances and with Investor Consent In the East of England Region only Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract. The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.

Renewal: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority.

East of England Investment Fund - Debt

Initial Allocation of Funds: PS42m Debt loans from PS25k up to PS2m - this figure may be exceeded in exceptional circumstances and with Investor Consent In the East of England Region only Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract. The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.

Renewal: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-05f5ca
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/041235-2026
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
UK6 - Contract Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Competitive flexible procedure
Tender Suitability
SME
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

66120000 - Investment banking services and related services

66122000 - Corporate finance and venture capital services

66190000 - Loan brokerage services

Notice Value(s)

Tender Value
£52,000,000 £10M-£100M
Lots Value
£52,000,000 £10M-£100M
Awards Value
£52,000,000 £10M-£100M
Contracts Value
Not specified

Notice Dates

Publication Date
5 May 20263 months ago
Submission Deadline
2 Feb 2026Expired
Future Notice Date
Not specified
Award Date
23 Apr 20264 months ago
Contract Period
27 Jun 2026 - 26 Jun 2036 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Pending
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
British Business Bank
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SHEFFIELD
Postcode
S1 2GQ
Postcode Area
Sheffield
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE3 South Yorkshire
Small Region (ITL 3)
TLE32 Sheffield
Delivery Location
TLH East (England), TLJ South East (England)
Local Authority
Sheffield
Electoral Ward
City
Westminster Constituency
Sheffield Central

Supplier Information

Number of Suppliers
4
Supplier Names

Beechbrook Capital LLP

FSE Fund Managers Ltd

Maven Capital Partners UK LLP

Mercia Regional Investments Ltd

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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.

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