Published date: 24 February 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: 29 March 2022, 12pm

Contract summary

Industry

  • Financial and insurance services - 66000000

Location of contract

United Kingdom

Value of contract

£350,000

Procurement reference

DCC001-DN576359-29585322

Published date

24 February 2022

Closing date

29 March 2022

Closing time

12pm

Contract start date

1 August 2022

Contract end date

31 July 2027

Contract type

Service contract

Procedure type

Restricted procedure

A two-stage procedure, where the first stage is used to select suppliers, who are then invited to bid in the second stage.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

DCC operates a £20m investment fund (the Finance Durham Fund) to invest in enterprises (via debt, mezzanine and equity finance) across County Durham. Though not exclusively for SMEs, investees to date have been SMEs and it is anticipated that investees will be largely be SMEs in the future. The Fund is 100% financed by DCC and is operated on a commercial basis to deliver both an economic development impact and financial return to the Authority over the longer term.

The Finance Durham fund is structured as 'Evergreen' - that is, to provide debt and equity finance on an ongoing / permanent basis through the recycling of investment and interest returns to the Fund.

The Purpose of this procurement is to procure the services of a single FCA regulated fund manager, following the completion of the contractual term, to undertake the following activity in relation to the Finance Durham Fund:

1. Investment Fund Management

2. Portfolio management

3. Provision of access to finance (A2F) business support activity .

The procurement documents are available for unrestricted and full direct access, free of charge, at

www.nepo.org

About the buyer

Contact name

Aidan Keith

Address

County Hall
Durham
DH1 5UE
United Kingdom

Telephone

+44 3000

Email

aidan.keith@durham.gov.uk

Website

http://www.durham.gov.uk