Invitation to Tender for Consultants to Undertake Evaluation of ERDF Funded Venture Capital Fund

The Contracting Authority for this Tender is The North East Fund Limited (TNEFL), a company limited by guarantee with its registered office at Suite D, Fifth Floor, West One, Forth Banks, Newcastle upon Tyne, NE1 4PA: https://www.northeastfund.org/ .

The North East Fund has been established with funding from: the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 (for which the Ministry for Housing, Communities and Local Government is the Managing Authority); the European Investment Bank and from returns on previous North East based, publicly supported investment funds.

The members of TNEFL are the seven North East Local Authorities: Durham County Council; Gateshead Council; Newcastle City Council; The Council of the Borough of North Tyneside; Northumberland County Council; South Tyneside Council and Sunderland City Council. These represent the geographic area in which The North East Fund operates and are the Local Authority members of the North East Local Enterprise Partnership, which supported the establishment of TNEFL.

TNEFL is the holding fund manager for a venture capital and loan programme which invests in Small and Medium sized Enterprises (SMEs) based in the North East of England. It is the principal investor and a limited partner in five funds which are set up as limited partnerships and which are managed by four independent, FCA authorised fund management companies: Maven Capital Partners; Mercia Asset Management; NEL Fund Managers and Northstar Ventures.

The North East Fund began operating in March 2018 and to date its funds have invested c.£62m in c.300 companies and are expected to invest a further £58m in c.300 more companies in the period to March 2023 - with the potential to continue investing until 2025. The realisation phase of the five funds will continue at least until 2028, with the potential to be extended to 2032 - to allow time for the loans and investments made to be repaid and realised.

A condition of the ERDF funding received by TNEFL is that an independent mid-fund evaluation exercise be undertaken to assess the performance of TNEFL's programme against its objectives. The purpose of this Invitation to Tender is to elicit proposals from independent consultants with expertise in the evaluation of public sector investment / funding programmes to undertake this evaluation exercise - in accordance with the specifications detailed in in the Invitation to Tender document available on Contracts Finder and at the News section of North East Fund's website.

To tender, a written proposal document with a maximum length of 20 pages, detailing your firm's relevant experience and experience and delivery methodology must be submitted by email by noon on Friday 17th September 2021 at latest.