Financial and insurance services

Tender description

The British Business Bank is conducting this procurement to establish an agreement for a fund manager for the Cornwall and Isles of Scilly region for: A combined debt and equity fund; value range of: 40 000 000 GBP to 80 000 000 GBP; The estimated total value set-out in II.1.5) and repeated in II.2.6) is the maximum value of the Fund Manager fees that the Authority expects to pay under this agreement. A Debt and Equity Fund where the authority is looking to commit between 40 000 00 GBP and 80 000 000 GBP of funds. Each equity investment must satisfy the following conditions: 1) Be an investment in an SME in the CIOSIF Area; 2) Be an investment in a range size from 25 000 GBP up to 2 000 000 GBP. This figure may be exceeded in exceptional circumstances and with Investor Consent; 3) All conditions in the IOGs, LPA and FMA of the Fund. Each debt loan must satisfy the following conditions: 1) Be a loan to an SME in the CIOSIF Area; 2) Be a loan in a range size from 25 000 GBP up to 1 000 000 GBP. This figure may be exceeded in exceptional circumstances and with Investor Consent; 3) All conditions in the IOGs, LPA and FMA of the Fund. General Requirements (including without limit the following): 1) Operating one or more funds in accordance with the terms of the relevant fund management agreement; 2) Identifying SMEs which are eligible for investment and/or loans in accordance with the rules of the fund, conducting appropriate commercial and technical due diligence and structuring deals; 3) Generating deal flow and working with Investee companies in the CIOSIF Area before and after concluding investments; 4) Concluding equity investments and debt loans (as appropriate to the Fund’s investment type), in eligible SMEs in the CIOSIF Area and in accordance with EC State aid law and all other laws; 5) Maximising, where appropriate, the additional investment made by private sector co-investors into Investee companies; 6) Managing the investment portfolio to add value to Investee companies and achieve profitable exits for the fund; 7) Managing the investment fund so as to maximise the returns to the investors while minimising the operational costs and the costs to Investee companies and whilst delivering the Targets; 8) Monitoring the portfolio and providing regular reports on activity, fund performance and related outputs to the Authority (and where applicable, any relevant Other Contracting Authority); and 9) Marketing the investment fund to the appropriate market sectors and professional services intermediaries and developing, maintaining and exploiting networks in relevant communities and markets relevant to the investment funds.