Invest NI — Provision of fund management services for Co-Fund II. ERDF.

Descriptions

It is intended to procure a fund manager to manage and deliver CoFund II on behalf of Invest NI under a contract for services. The role of the manager will be to facilitate investment and identify circa 42 potential companies and associated investors so that a pipeline of deals can be developed. The manager will be required to invest 3 000 000 by way of follow on investment into an existing portfolio of investee companies from CoFund I and manage that portfolio accordingly, including taking some companies through to exit. The contract will run for 6 years with an option to extend for 1 year. A cap for the management fee for the initial 6 years of the Management Services Agreement has been set at 3 834 000 excl. VAT based on the anticipated activity levels referred to above. Should investment activity levels exceed expectations, INI will seek approval for additional investment capital and will seek to remunerate the Manager as provided for in the Management Services Agreement.