News - 11 August 2023

D2N2 search for service provider to establish an Early Stage Angel Investment Fund

Established in 2010, D2N2 is a Local Enterprise Partnership (LEP) operating in the local authority areas of Derby, Derbyshire, Nottingham, and Nottinghamshire to grow the area’s economy. Local Enterprise Partnerships are non-statutory bodies responsible for local economic development in England. D2N2 is one of the largest LEPs in England, with a population of more than two million people and with an economic output of over £50.5 billion GVA (gross value added).

D2N2 is looking to establish an Early Stage Angel Investment Fund (the Fund) in order to promote equity investment in a core client group where intervention is required to stimulate real opportunity, namely early-stage, start-up businesses between 6 months to 2-years old, typically requiring small amounts of pre-seed and seed investment. D2N2 has up to £4m to invest and requires a 1:1 co-investment rate from the successful tenderer.

D2N2 proposes a limited partnership fund structure for the Fund in order to deliver the investments. D2N2 is looking for a service provider who will be appointed to establish the Fund (including taking the role of General Partner of the Limited Partnership) and to be responsible for the day-to-day operation, decision-making and management of the Fund (the Fund Manager).

Further details:

ProContract – D2N2-0723 D2N2 Early Stage Angel Investment Fund (ESAIF) Fund Manager (due-north.com)

Contracts Finder – D2N2-0723 D2N2 Early Stage Angel Investment Fund (ESAIF) Fund Manager – Contracts Finder

Find a Tender Service – D2N2-0723 D2N2 Early Stage Angel Investment Fund (ESAIF) Fund Manager – Find a Tender (find-tender.service.gov.uk)

Timelines:

Submission of questions and contract commentary by:17:00, Tuesday 22nd August
Response to questions and contract commentary by:17:00, Tuesday 29th August
Tender response by:17:00, Monday 11th September
*Initial evaluation by:21st September 2023
*Due diligence meeting, if required:Late September 2023
*Due diligence checks (including audit and security checks) completed:Early October 2023
*Award of contract:October 2023
*Contract start date:November 2023

For media enquiries, contact:

Nicola Swaney, Head of External Affairs, D2N2 LEP

nicola.swaney@d2n2lep.org

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D2N2 Local Enterprise Partnership
8 Experian Way
Nottingham
Nottinghamshire
NG2 1EP

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