Corporate finance and venture capital services

Tender description

This procurement exercise seeks an experienced venture capital partner (VCP) to be an integral member of the Northern Accelerator Project and to manage investment and fundraising activities. These are: 1) Membership of the investment panel as a partner/advisor to the university led pre-incorpoation fund; 2) Provide direct management of the Seed Investment Fund (SIF); 3) Lead the design, fund raising and subsequent management of the Northern Universities Investment Fund (NUIF). This procurement exercise seeks an experienced venture capital partner (VCP) to be an integral member of the Northern Accelerator Project and to manage investment and fundraising activities. These are: 1) Membership of the investment panel as a partner/advisor to the university led pre-incorpoation fund; 2) Provide direct management of the Seed Investment Fund (SIF); 3) Lead the design, fund raising and subsequent management of the Northern Universities Investment Fund (NUIF). The ultimate goal of the VCP wil be to raise and launch the NUIF as an economically viable venture fund. The fund will provide further capital for the most attractive opportunities arising from the project's pre-seed and seed activities, as well as providing a dedicated source of investment for future spin-outs from the participating Universities. It is intended that NUIF will make investments at all stages of development (seed through to development capital) and be able to support its portfolio with substantial follow-on investment. In building the fund, the VCP will be expected to work with a wide range of investors to establish the fund structure and strategy and engage external organisations with appropriate experience, as necessary. The size of the NUIF has a target of at least 50 000 000 GBP and ideally up to 100 000 000 GBP, but the ultimate size and precise nature of the fund will be determined by the close engagement of the VCP in all aspects of the project. Whilst the value of the procurement is stated at 167 000 GBP this is the value the partner universities will pay to the supplier from project funding. Please note that project funding is only available until 31.3.2021 and any work of the VCP beyond this date will need to be self-funded. A supplier engagement event is scheduled to take place during week commencing 24th June in Newcastle. Further details will be available to those suppliers who express an interest in participating in this procurement exercise.