---
title: "UPN-00618 - Future Places Fund"
ocid: "ocds-h6vhtk-06ce8c"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-06ce8c"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-06ce8c.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-06ce8c.json"
source: "Find A Tender Service"
current_stage: "Planning"
buyer: "THE WEST OF ENGLAND COMBINED AUTHORITY"
published: "2026-07-20"
---

# UPN-00618 - Future Places Fund

Buyer: THE WEST OF ENGLAND COMBINED AUTHORITY  
Current stage: Planning  
OCID: ocds-h6vhtk-06ce8c

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## Summary

The West of England Combined Authority is in the planning stage of a significant procurement process for the Future Places Fund, with a total investment of £500 million targeted at stimulating stalled housing and commercial projects within the region. The procurement focuses on financial consultancy and real estate services and involves an innovative revolving investment model. A market engagement event is planned for 23rd July 2026, aimed at fostering interaction with potential bidders. Interested parties must express interest by 22nd July 2026 to participate. The contract period is expected to begin on 22nd October 2026, with a potential maximum duration of 5 years, subject to renewals.

This tender presents substantial opportunities for businesses in financial consultancy and real estate, particularly those capable of engaging in deal structuring and active portfolio management. Companies that can deliver innovative investment models, collaborate with regional stakeholders, and ensure project completion swiftly are well-positioned to benefit. SMEs are encouraged to participate, and the opportunity prioritises schemes ready for swift delivery, enhancing regional economic growth and sustainability. This contract could catalyse business growth through partnership with institutional investors and a return-focused investment approach.

## Notice

Executive Summary & Background: The Investment Team is advancing the development of the PS500m Future Places Fund (FPF). The fund is evolving its core strategy to operate as a regional impact investment platform specifically targeting stalled, "oven-ready" housing and commercial schemes across the region. Unlike traditional public sector funding architectures, the FPF will move away from grant reliance. Instead, it will deploy a revolving, largely repayable investment model designed to recycle capital over time, alongside a deal-by-deal co-investment strategy with institutional and pension fund partners to maximize regional impact. The draft investment strategy and structure have recently been formally endorsed by the Strategic Place Partnership Board. The Authority is now finalising the necessary governance and delivery architecture to ensure schemes can be brought forward rapidly. Scope of Requirements: Core Responsibilities and Scope of Work The successful Fund Adviser will be required to manage and execute across the following three core pillars (A,B,C) of the fund lifecycle: A. Origination, Structuring & Execution Pipeline, Origination & Market Engagement * Design and implement an approach for continuous pipeline management, market engagement and opportunity sourcing, including helping the Authority maintain a transparent route for eligible schemes to be considered. This will initially prioritise opportunities capable of demonstrating realistic delivery trajectories within the current mayoral term. * Engage with a diverse network of regional stakeholders, including local authorities, public-sector partners, the local property community, and national developers or investors to source "oven-ready" schemes. Transaction Structuring & Investment Modelling * Design bespoke, deal-by-deal investment structures that balance risk and return while prioritizing capital recyclability and delivery. * Structure appropriate pricing, tenors (typically ranging from 3 to 5 years), and clear exit strategies-including complex repayment hierarchies (e.g., senior debt recovery followed by FPF equity capital recovery) and profit-share/upside mechanisms. End-to-End Due Diligence & Transaction Execution The adviser will have primary responsibility for driving transactions through a structured, 4-stage governance and underwriting process: * Investment Overview: Producing concise, one-page investment overviews for initial deal screening. * Stage 1 (Heads of Terms): Negotiating and finalizing commercial Heads of Terms (HoT) with prospective borrowers and recipients. * Stage 2 (Detailed Due Diligence): Undertaking rigorous financial, commercial, and risk due diligence on the sponsor and the scheme. * Closing: Managing the finalization of loan/equity documentation and overseeing financial closing. B. Ongoing Portfolio Management & Asset Monitoring Following financial close, the Fund Adviser will be responsible for the active commercial and operational management of the invested portfolio to safeguard public capital and ensure delivery. Responsibilities include: * Drawdown & Capital Deployment Management: Overseeing the monthly loan/equity drawdown process. This includes reviewing and validating Independent Monitoring Surveyor (IMS) reports, verifying "cost-to-complete" metrics, and ensuring funding is released only against verified development milestones. * Construction & Milestone Tracking: Actively monitoring on-site construction progress against agreed development programs. The adviser must proactively identify project delays, supply chain disruptions, or contractor insolvency risks before they impact fund deployment. * Covenant & Compliance Monitoring: Continuous tracking of borrower compliance with financial and non-financial covenants, including Loan-to-Value (LTV), Loan-to-Cost (LTC), interest cover ratios, and legal obligations. * Asset Restructuring & Workout Support: In the event of project distress or underperformance, leading on variations, extensions, or refinancing negotiations to protect the FPF's capital and ensure project completion. C. Impact, ESG & Output Reporting Embed the fund's core performance metrics into the initial appraisal and long-term monitoring of every transaction. Ensure all approved investments explicitly track and deliver against the fund's primary output metrics, specifically: o Housing Delivery: Total homes built, with a primary focus on maximizing affordable housing across all tenures. o Economic Growth: Jobs created and safeguarded through commercial, industrial, and mixed-use developments, alongside overall GVA growth. o Sustainability & Regeneration: Total acreage of brownfield regeneration achieved and measurable carbon reduction outputs. Total value (capped) * The management fee is capped at PS200,000 per annum excl VAT with a maximum capped value of PS1,000,000 excl VAT for the maximum possible five year term. * This value excludes the transactional and market facing fees. Estimated Contract dates: 3 years + optional 1 year extension + optional 1 year extension. Maximum possible term is 5 years.

### Planning Information

Engagement process description
The West of England Mayoral Combined Authority intends to host a market engagement event in advance of an upcoming procurement competition for the Future Places Fund procurement.
The event will be held online via Microsoft Teams on Thursday 23rd July 2026 from 11:00 - 11:45.
In order to register your interest for this event, please register your interest through the Atamis sourcing portal:
https://weca-atamis.my.site.com/s/Welcome
Once you have registered interest for this opportunity, a link to the Market Engagement Event will be sent to your registered supplier email address.
If you do not currently have an Atamis supplier account, you will need to register to be able to access this opportunity. Details can be found below:
https://suppliersupport.atamis.co.uk/hc/en-gb/articles/4613254620319-Registering-with-a-Supplier-Portal#h_01JETWJWYHX0AZ3TWTCYWN3PVG
The event is expected to be interactive with attendees encouraged to provide feedback and participate in Q&A
SUPPLIERS WISHING TO ATTEND MUST EXPRESS THEIR INTEREST VIA ATAMIS NO LATER THAN 17:00 ON WEDNESDAY 22ND JULY 2026
Due to capacity restrictions, attendance is limited to two representatives per organisation.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/068118-2026 |
| Notice type | UK2 - Preliminary Market Engagement Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Not Specified |
| Procurement method details | Not specified |
| Tender suitability | SME |
| Awardee scale | Not specified |
| All stages | Planning |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 20 Jul 2026 |
| Submission deadline | Not specified |
| Future notice date | 30 Jul 2026 |
| Award date | Not specified |
| Contract period | 21 Oct 2026 - 21 Oct 2029 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £1,000,000 |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Planning |
| Lots status | Planning |
| Awards status | Not specified |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE WEST OF ENGLAND COMBINED AUTHORITY |
| Locality | BRISTOL |
| Post town | Bristol |
| Postcode | BS1 6AL |
| Country | England |
| ITL 1 | TLK South West (England) |
| ITL 2 | TLK5 West of England |
| ITL 3 | TLK51 Bristol, City of |
| Local authority | Bristol, City of |
| Electoral ward | Central |
| Westminster constituency | Bristol Central |
| Delivery location | TLK South West (England) |

## CPV Codes

### Divisions

- 66 - Financial and insurance services
- 70 - Real estate services

### Codes

- 66171000 - Financial consultancy services
- 70000000 - Real estate services

## Release History

- 20 Jul 2026 at 09:53 - PlanningUpdate - UK2 - Preliminary Market Engagement Notice - https://www.find-tender.service.gov.uk/Notice/068118-2026
- 20 Jul 2026 at 09:49 - PlanningUpdate - UK2 - Preliminary Market Engagement Notice - https://www.find-tender.service.gov.uk/Notice/068116-2026
- 20 Jul 2026 at 09:42 - Planning - UK2 - Preliminary Market Engagement Notice - https://www.find-tender.service.gov.uk/Notice/068112-2026

## Documents

- https://www.find-tender.service.gov.uk/Notice/068118-2026
  20th July 2026 - Preliminary market engagement notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/068116-2026
  20th July 2026 - Preliminary market engagement notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/068112-2026
  20th July 2026 - Preliminary market engagement notice on Find a Tender

## Notice URLs

- https://suppliersupport.atamis.co.uk/hc/en-gb/articles/4613254620319-Registering-with-a-Supplier-Portal#h_01JETWJWYHX0AZ3TWTCYWN3PVG
- https://weca-atamis.my.site.com/s/Welcome
- https://www.legislation.gov.uk/ukpga/2023/54/contents
- https://www.westofengland-ca.gov.uk/about-us/contact-us/

## 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-06ce8c. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-06ce8c.json.