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

Descriptions

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.