Financial and insurance services

Tender description

Funding London is the trading name of SME Wholesale Finance (London) Limited. Funding London are seeking to competitively select between three to five additional organisations to become co-investment partners with the LCIF. The selected partners will enter into co-investment agreements with the LCIF with an investment period of 18 months. The aims of the LCIF are as follows: — To invest 23m GBP into high-growth early stage Science, Digital and Technology businesses in London during a three year period; — To achieve a target across the fund of 2.9 GBP of private sector investment for every 1 GBP invested by LCIF; — To generate approx. 2 653 jobs as a result of the investments being made; and — To maximise returns from exits to enable further investment in later years. The London Co-investment Fund (‘LCIF’) was established by Funding London and Capital Enterprise with the aim of investing 23 000 000 GBP in London-based, seed stage companies in the Science, Digital and Technology sectors. The LCIF defines seed stage as very early stage companies where the proof of concept stage has been successfully concluded. The LCIF is financed by 25 000 000 GBP provided by the Mayor of London and the London Enterprise Panel from the Growing Places Fund and 1 700 000 GBP from Funding London and is managed by Funding London. The LCIF is a co-investment fund and operates by contracting with early stage investors including venture capital funds and angel syndicates. Since its launch in December 2014 the LCIF has invested 12 300 000 GBP in 76 London-based, high-growth, early stage technology companies through nine co-investment partners selected in the autumn of 2014 and in the summer of 2015. LCIF investment has helped raise an aggregate of over 85 000 000 GBP in total investment commitments. Funding London is now seeking to recruit additional co-investment partners to broaden the reach of the fund in particular in sectors that are underrepresented in the current portfolio. We are seeking to competitively select between three and five additional organisations to become co-investment partners with the LCIF. The selected partners will enter into co-investment agreements with the LCIF with an investment period of 18 months. The co-investment agreement will set out the requirements for potential investee companies and the rights and obligations of the co-investment partners. The aims of the LCIF are as follows: — To invest 23m GBP into high-growth early stage Science, Digital and Technology businesses in London during a three year period; — To achieve a target across the fund of 2.9 GBP of private sector investment for every 1 GBP invested by LCIF; — To generate approx. 2 653 jobs as a result of the investments being made; and — To maximise returns from exits to enable further investment in later years. The co-investment partners will be selected on the basis of their knowledge of, focus on and track record of investing in the Science, Digital and Technology sectors; deal volume and pipeline; and investment approach. A ‘Bidders Briefing’ event is being held promptly at 14:00 (registration commences at 13.30) on Friday 7.4.2017 at IDEALondon EC2A 2BB. The session will run until 16:00. Please confirm your intention to attend the event by emailing Susan Goss, Currie & Brown UK Limited (susan.goss@curriebrown.com ). Note: to register your interest in this notice and to obtain any additional information please visit the MyTenders website at: http://www.mytenders.org The buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at http://www.mytenders.org/sitehelp/help_guides.aspx. Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems.