--- title: "DfE Invest NI - Successor pre seed and seed fund and Proof of Concept grant fund" ocid: "ocds-h6vhtk-04cf14" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-04cf14" markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-04cf14.md" json_url: "https://d3tenders.com/contract/ocds-h6vhtk-04cf14.json" source: "Find A Tender Service" current_stage: "Award" buyer: "DFE: INVEST NI" published: "2025-03-12" --- # DfE Invest NI - Successor pre seed and seed fund and Proof of Concept grant fund Buyer: DFE: INVEST NI Current stage: Award OCID: ocds-h6vhtk-04cf14 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-04cf14) [Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-04cf14.json) ## Summary 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. ## Notice 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. ## Key Details | Field | Value | | --- | --- | | Publication source | Find A Tender Service | | Latest notice | https://www.find-tender.service.gov.uk/Notice/008948-2025 | | 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 | | All stages | Tender, Award | ## Dates | Field | Value | | --- | --- | | Publication date | 12 Mar 2025 | | Submission deadline | 11 Feb 2025 | | Future notice date | Not specified | | Award date | 7 Mar 2025 | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | £12,650,000 | | Lots value | £12,650,000 | | Awards value | Not specified | | Contracts value | £10,300,000 | ## Status | Field | Value | | --- | --- | | Tender status | Complete | | Lots status | Cancelled | | Awards status | Active | | Contracts status | Active | ## Buyer | Field | Value | | --- | --- | | Main buyer | DFE: INVEST NI | | Locality | BELFAST | | Post town | Northern Ireland | | Postcode | BT2 7ES | | Country | Northern Ireland | | ITL 1 | TLN Northern Ireland | | ITL 2 | TLN0 Northern Ireland | | ITL 3 | TLN06 Belfast | | Local authority | Belfast | | Electoral ward | Central | | Westminster constituency | Belfast South and Mid Down | | Delivery location | TLN Northern Ireland | ## Supplier | Field | Value | | --- | --- | | Number of suppliers | 1 | | Supplier names | TECHSTART VENTURES | ## CPV Codes ### Divisions - 66 - Financial and insurance services ### 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 ## Release History - 12 Mar 2025 at 12:02 - Award - Award Notice - https://www.find-tender.service.gov.uk/Notice/008948-2025 - 10 Jan 2025 at 12:36 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/000845-2025 ## Notice URLs - https://etendersni.gov.uk/epps - https://www.investni.com/ ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-04cf14. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-04cf14.json.