Published date: 14 June 2022

Last edited date: 15 June 2022

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Closing: 21 July 2022, 12pm

Contract summary

Industry

  • Financial and insurance services - 66000000

Location of contract

United Kingdom

Value of contract

£7,000,000

Procurement reference

NTYN001-DN609918-22808413

Published date

14 June 2022

Closing date

21 July 2022

Closing time

12pm

Contract start date

23 July 2022

Contract end date

30 July 2032

Contract type

Service contract

Procedure type

Open procedure

Any interested supplier may submit a tender in response to an opportunity notice.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

On behalf of North of Tyne Combined Authority ("NTCA") (see section VI.3 of this notice), North Tyneside Council (the "Procuring Council") is conducting a procurement of a fund manager in respect of a venture fund it is establishing to improve access to finance for high-growth potential organisations based in North East region of England (the "Fund").
The Fund is estimated to have an initial value of c.£30m, composed of £10m of funding from NTCA and £20m being co-investment finance to be raised by the fund manager. The fund manager will be responsible for executing deals and managing the Fund during the 10 year funding cycle. Provided additional funding is secured, the total Fund value could exceed £100m.

While the estimated range of value for the contract is explained in this notice, NTCA is unable to give a definitive contract value as this will depend on the scope of the final services required and total value of the Fund.

Further details are contained in section II.2.3.

https://procontract.due-north.com/Advert?advertId=66077649-f0dc-ec11-8114-005056b64545&p=1c9e782c-541e-e611-8114-000c29c9ba21

More information

Previous notice about this procurement

North of Tyne Combined Authority Fund Manager for Venture/Equity Fund

  • Opportunity
  • Published 14 June 2022, last edited 14 June 2022

About the buyer

Contact name

Joanna Elliott

Address

Quadrant East
The Silverlink North
North Tyneside
NE27 0BY
England

Telephone

+44 1916434351

Email

joanna.elliott@northtyneside.gov.uk

Website

http://www.northtyneside.gov.uk/