{
    "tag": [
        "compiled"
    ],
    "id": "ocds-h6vhtk-04cf14-2025-03-12T12:02:44Z",
    "date": "2025-03-12T12:02:44Z",
    "ocid": "ocds-h6vhtk-04cf14",
    "description": "Contract Monitoring. The successful contractor's performance on the contract will be regularly monitored in line with the tender documentation. Contractors not delivering on contract requirements is a serious matter. It means the public purse is not getting what it is paying for. If a contractor fails to reach satisfactory levels of contract performance they will be given a specified time to improve. If, after the specified time, they still fail to reach satisfactory levels of contract performance, the matter will be escalated to senior management in CPD for further action. If this occurs and their performance still does not improve to satisfactory levels within the specified period, it may be regarded as an act of grave professional misconduct and they may be issued with a Notice of Unsatisfactory Performance and the contract may be terminated. The issue of a Notice of Unsatisfactory Performance can result in the Contractor being excluded from all procurement competitions being undertaken by Centres of Procurement Expertise on behalf of bodies covered by the Northern Ireland Procurement Policy for a period of three years from the date of issue.",
    "initiationType": "tender",
    "tender": {
        "id": "ID 5408838",
        "legalBasis": {
            "id": "32014L0024",
            "scheme": "CELEX"
        },
        "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"
        },
        "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"
        },
        "lots": [
            {
                "id": "1",
                "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.",
                "awardCriteria": {
                    "criteria": [
                        {
                            "name": "Personnel Experience of Executive 1,2,3 and 4",
                            "type": "quality",
                            "description": "14.95"
                        },
                        {
                            "name": "Management of the Successor Seed Capital Fund and the POC Grant Fund",
                            "type": "quality",
                            "description": "11.7"
                        },
                        {
                            "name": "Personnel Recruitment",
                            "type": "quality",
                            "description": "3.9"
                        },
                        {
                            "name": "Marketing Strategy Development",
                            "type": "quality",
                            "description": "7.15"
                        },
                        {
                            "name": "Venture Capital Development, links to potential private investors",
                            "type": "quality",
                            "description": "9.1"
                        },
                        {
                            "name": "Engagement with Invest NI",
                            "type": "quality",
                            "description": "3.9"
                        },
                        {
                            "name": "Governance",
                            "type": "quality",
                            "description": "3.9"
                        },
                        {
                            "name": "Social Value",
                            "type": "quality",
                            "description": "10.4"
                        },
                        {
                            "name": "General Partner's share and the POC Grant Management Fee",
                            "type": "cost",
                            "description": "35"
                        }
                    ]
                },
                "value": {
                    "amount": 12650000,
                    "currency": "GBP"
                },
                "contractPeriod": {
                    "durationInDays": 3600
                },
                "hasRenewal": false,
                "submissionTerms": {
                    "variantPolicy": "notAllowed"
                },
                "hasOptions": true,
                "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"
            }
        ],
        "items": [
            {
                "id": "1",
                "additionalClassifications": [
                    {
                        "scheme": "CPV",
                        "id": "66100000",
                        "description": "Banking and investment services"
                    },
                    {
                        "scheme": "CPV",
                        "id": "66120000",
                        "description": "Investment banking services and related services"
                    },
                    {
                        "scheme": "CPV",
                        "id": "66122000",
                        "description": "Corporate finance and venture capital services"
                    },
                    {
                        "scheme": "CPV",
                        "id": "66113000",
                        "description": "Credit granting services"
                    },
                    {
                        "scheme": "CPV",
                        "id": "66113100",
                        "description": "Micro-credit granting services"
                    }
                ],
                "deliveryAddresses": [
                    {
                        "region": "UKN"
                    },
                    {
                        "region": "UKN"
                    }
                ],
                "relatedLot": "1"
            }
        ],
        "submissionMethod": [
            "electronicSubmission"
        ],
        "submissionMethodDetails": "https://etendersni.gov.uk/epps",
        "communication": {
            "atypicalToolUrl": "https://etendersni.gov.uk/epps"
        },
        "selectionCriteria": {
            "criteria": [
                {
                    "type": "suitability",
                    "description": "As detailed in the Tender Documents",
                    "appliesTo": [
                        "supplier"
                    ]
                },
                {
                    "type": "economic",
                    "description": "As detailed in the Tender Documents",
                    "appliesTo": [
                        "supplier"
                    ]
                },
                {
                    "type": "technical",
                    "description": "As detailed in the Tender Documents",
                    "appliesTo": [
                        "supplier"
                    ]
                }
            ]
        },
        "contractTerms": {
            "performanceTerms": "As detailed in the Tender Documents"
        },
        "otherRequirements": {
            "requiresStaffNamesAndQualifications": true
        },
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure",
        "coveredBy": [
            "GPA"
        ],
        "tenderPeriod": {
            "endDate": "2025-02-11T15:00:00Z"
        },
        "submissionTerms": {
            "languages": [
                "en"
            ],
            "bidValidityPeriod": {
                "endDate": "2025-05-12T23:59:59+01:00"
            }
        },
        "awardPeriod": {
            "startDate": "2025-02-11T15:30:00Z"
        },
        "bidOpening": {
            "date": "2025-02-11T15:30:00Z"
        },
        "hasRecurrence": false,
        "reviewDetails": "CPD complied with the Public Contracts Regulations 2015 and incorporated a standstill period (i.e. a minimum of 10 calendar days) at the point information on the award of contract was communicated to tenderers. That notification provided full information on the award decision. This provided time for the unsuccessful tenderers to challenge the award decision before the contract was entered into."
    },
    "parties": [
        {
            "id": "GB-FTS-100549",
            "name": "DfE: Invest NI",
            "identifier": {
                "legalName": "DfE: Invest NI"
            },
            "address": {
                "streetAddress": "Bedford Square, Bedford Street",
                "locality": "BELFAST",
                "region": "UK",
                "postalCode": "BT2 7ES",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "name": "SSDAdmin.CPDfinance-ni.gov.uk",
                "email": "SSDAdmin@CPDfinance-ni.gov.uk",
                "url": "https://etendersni.gov.uk/epps"
            },
            "roles": [
                "buyer",
                "centralPurchasingBody"
            ],
            "details": {
                "url": "https://www.investni.com/",
                "buyerProfile": "https://etendersni.gov.uk/epps",
                "classifications": [
                    {
                        "scheme": "TED_CA_TYPE",
                        "id": "BODY_PUBLIC",
                        "description": "Body governed by public law"
                    },
                    {
                        "scheme": "COFOG",
                        "id": "04",
                        "description": "Economic affairs"
                    }
                ]
            }
        },
        {
            "id": "GB-FTS-25435",
            "name": "The UK does not have any such bodies with responsibility for appeal/mediation procedures. Instead; any challenges are dealt with by the High Court, Commercial Division, to which proceedings may be issued regarding alleged breaches of the PCR 2015 as amended",
            "identifier": {
                "legalName": "The UK does not have any such bodies with responsibility for appeal/mediation procedures. Instead; any challenges are dealt with by the High Court, Commercial Division, to which proceedings may be issued regarding alleged breaches of the PCR 2015 as amended"
            },
            "address": {
                "locality": "Belfast",
                "countryName": "United Kingdom"
            },
            "roles": [
                "reviewBody"
            ]
        },
        {
            "id": "GB-FTS-140468",
            "name": "TECHSTART VENTURES LLP",
            "identifier": {
                "legalName": "TECHSTART VENTURES LLP"
            },
            "address": {
                "streetAddress": "3rd Floor 21 Talbot Street",
                "locality": "BELFAST",
                "region": "UK",
                "postalCode": "BT1 2LD",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "telephone": "+44 2890325506",
                "email": "northernireland@techstart.vc"
            },
            "roles": [
                "supplier"
            ],
            "details": {
                "url": "https://etendersni.gov.uk/epps",
                "scale": "sme"
            }
        },
        {
            "id": "GB-FTS-20217",
            "name": "The UK does not have any such bodies with responsibility for appeal/mediation procedures. Instead; any challenges are dealt with by the High Court, Commercial Division, to which proceedings may be issued regarding alleged breaches of the PCR 2015 as amended.",
            "identifier": {
                "legalName": "The UK does not have any such bodies with responsibility for appeal/mediation procedures. Instead; any challenges are dealt with by the High Court, Commercial Division, to which proceedings may be issued regarding alleged breaches of the PCR 2015 as amended."
            },
            "address": {
                "locality": "Belfast",
                "countryName": "United Kingdom"
            },
            "roles": [
                "reviewBody"
            ]
        }
    ],
    "buyer": {
        "id": "GB-FTS-100549",
        "name": "DfE: Invest NI"
    },
    "language": "en",
    "awards": [
        {
            "id": "008948-2025-1-1",
            "relatedLots": [
                "1"
            ],
            "title": "Contract",
            "status": "active",
            "suppliers": [
                {
                    "id": "GB-FTS-140468",
                    "name": "TECHSTART VENTURES LLP"
                }
            ]
        }
    ],
    "contracts": [
        {
            "id": "008948-2025-1-1",
            "awardID": "008948-2025-1-1",
            "title": "Contract",
            "status": "active",
            "value": {
                "amount": 10300000,
                "currency": "GBP"
            },
            "dateSigned": "2025-03-07T00:00:00Z"
        }
    ],
    "bids": {
        "statistics": [
            {
                "id": "6",
                "measure": "bids",
                "relatedLot": "1",
                "value": 1
            },
            {
                "id": "7",
                "measure": "smeBids",
                "relatedLot": "1",
                "value": 1
            },
            {
                "id": "8",
                "measure": "foreignBidsFromEU",
                "relatedLot": "1",
                "value": 0
            },
            {
                "id": "9",
                "measure": "foreignBidsFromNonEU",
                "relatedLot": "1",
                "value": 1
            },
            {
                "id": "10",
                "measure": "electronicBids",
                "relatedLot": "1",
                "value": 1
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        ]
    }
}