Official UK procurement notice
Fund Managers for the South East Investment Fund and the East of England Investment Fund
Authority: British Business Bank (Central government)
What is being bought4 lots · detail below
Published requirement descriptionThe British Business Bank (the Bank) is a government-owned economic development bank that makes finance markets for smaller businesses work more effectively. Our mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country. The Bank designs programmes that provide funds and guarantees to private sector partners, enabling them to finance a greater number of smaller businesses, either through debt or equity. It uses economic evidence so that its programmes address market failures affecting smaller businesses across the economy. It also works to improve smaller businesses’ awareness of the finance options available to them.
Nations and Regions Investments Limited (NRIL) is a wholly owned subsidiary of the British Business Bank that manages a number of investment schemes for the Department for Business and Trade (DBT), including the proposed South East Investment Fund (SEIF) and East of England Investment Fund (EEIF). NRIL is the Contracting Authority for this procurement.
In the 2025 Spending Review, the Government announced an extension of the Nations and Regions Investment Funds (NRIF) programme to include £350m to be made available for the South East and the East of England regions. The funds are to be allocated according to the following split:
- £210m for the South East Investment Fund (SEIF)
- £140m for the East of England Investment Fund (EEIF)
Within each region the funding will be split into two sub-funds: one for Equity (approximately 60% - offering early stage and later stage equity investments up to £5m); and one for Debt (approximately 40% - offering business loans of between £25,000 and £2m). A proportion of each fund will be held back (“Investor Reserve”) and may be added as additional funding (“Additional Allocation”) depending on circumstances and particular factors. Tenderers are expected to have some regional experience and a track record of funding viable Small and Medium Enterprises (SMEs) that are looking to grow. Tenderers should be aligned to the Programme Objectives, that the funds will:
- increase the supply and diversity of early-stage finance for UK smaller businesses, providing funds to firms that might otherwise not receive investment and helping to reduce disparities in access to finance;
- be run in a commercially sustainable way to promote a shift away from an expectation of public sector grants towards a culture of borrowing and investing for growth;
- drive sustainable economic growth through supporting new and growing businesses across the UK with an inclusive approach to all eligible sectors;
- have a demonstrable presence across the relevant geographical area linking up the finance community to increase reach and create an impact beyond the funds, helping to boost productivity, innovation and jobs;
- align with the Bank’s commitments to net zero by 2050 and promoting diversity, equity and inclusion in the distribution of finance.
It is expected that NRIL will begin making investment commitments to the SEIF and EEIF Fund Managers in Summer 2026. The duration of the Contract Services will be:
- Investment Period: The first 5 years of the fund during which the Fund can make new investments. This period can be extended by up to two years at the sole discretion of NRIL.
- Realisation: the period beginning immediately after the Investment Period and ending on the date which is 5 years after the end of the Investment Period (which will include the ability of the SEIF and EEIF Fund Managers to make follow-on investments in portfolio businesses). This period can be extended by up to two years at the sole discretion of NRIL.
- How the procedure runs: Tenderers must submit a response to the Procurement Specific Questionnaire (PSQ) and all of the Invitation to Tender (ITT) documents by the Tender submission deadline. Specific details can be found in the procurement documentation. Following assessment of the PSQ, suppliers who meet all of the Conditions of Participation of the PSQ will proceed be Invitation to Tenderer Presentation, with face-to-face presentations scheduled to take place w/c 23 February 2026 in London. Presentations are not evaluated, but Tenderers must attend and fully participate. The specific Presentation requirements are set out in the procurement documentation and are based on and linked to specific elements of the Quality Questionnaire. Following the Invitation to Presentation stage, Tenderers who participated fully in the Presentation will proceed to have their Quality Questionnaire and Pricing responses evaluated. Following the conclusion of all evaluation activities it is British Business Bank's intention to award each contract without proceeding to an Invitation to Negotiate and/or a Final Tender stage. The British Business Bank reserves its right to undertake either or both an Invitation to Negotiate and/or an Invitation to Submit Final Tenders stage for one or more contracts, as set out in the procurement documentation. Tenderers will be advised of any such additional stages and the specific requirements of each if and when required.
CPV: Banking and investment services · Corporate finance and venture capital services · Financial and insurance services · Investment banking services and related services · Loan brokerage services
Lots and requirements (4)Procurement structure
4 lots · all with a published value (£52,000,000 together) · same conditions of participation on every lot · same evaluation weights on every lotLot #1South East Investment Fund - EquityAwardedRenewal South EastPublished value£17,000,000
Initial Allocation of Funds: £88m
Equity investments up to £5m - this figure may be exceeded in exceptional circumstances and with Investor Consent
In the South East of England Region only
Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract.
The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.
- Economic & financial standing
The specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Technical & professional ability
Tenderer (or suitable hosting organisation) must be authorised by the Financial Conduct Authority as a full-scope UK AIFM or a small authorised UK AIFM.
All of the specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
Lot #2South East Investment Fund - DebtAwardedRenewal South EastPublished value£13,000,000
Initial Allocation of Funds: £59m
Debt loans from £25k up to £2m - this figure may be exceeded in exceptional circumstances and with Investor Consent
In the South East of England Region only
Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract.
The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.
- Economic & financial standing
The specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Technical & professional ability
Tenderer (or suitable hosting organisation) must be authorised by the Financial Conduct Authority as a full-scope UK AIFM or a small authorised UK AIFM.
All of the specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
Lot #3East of England Investment Fund - EquityAwardedRenewal East of EnglandPublished value£12,000,000
Initial Allocation of Funds: £63m
Equity investments up to £5m - this figure may be exceeded in exceptional circumstances and with Investor Consent
In the East of England Region only
Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract.
The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.
- Economic & financial standing
The specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Technical & professional ability
Tenderer (or suitable hosting organisation) must be authorised by the Financial Conduct Authority as a full-scope UK AIFM or a small authorised UK AIFM.
All of the specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
Lot #4East of England Investment Fund - DebtAwardedRenewal East of EnglandPublished value£10,000,000
Initial Allocation of Funds: £42m
Debt loans from £25k up to £2m - this figure may be exceeded in exceptional circumstances and with Investor Consent
In the East of England Region only
Geographical Targets (ITL2 and ITL3 areas) as set out in the procurement documentation and the Contract.
The Lot Value is the estimated maximum value of Fund Manager fees that the Authority expects to pay under the agreement.
- Economic & financial standing
The specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Technical & professional ability
Tenderer (or suitable hosting organisation) must be authorised by the Financial Conduct Authority as a full-scope UK AIFM or a small authorised UK AIFM.
All of the specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Published award criteria (3)
- Quality
- Social Value: Quality Question 06
- Price
- Economic & financial standing
The specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Technical & professional ability
Tenderer (or suitable hosting organisation) must be authorised by the Financial Conduct Authority as a full-scope UK AIFM or a small authorised UK AIFM.
All of the specific conditions of participation are set out within the Procurement Specific Questionnaire (PSQ).
- Price carries 40 of 100 points: a 10% discount moves about 4 points. The method statement decides this lot, not the discount.
Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.
Procedure terms & legal framework
From the official record- Procedure method
- Competitive flexible procedure
- Legal basis
- UKPGA · 2023/54 Procurement Act 2023
- Procurement category
- Services
- Notice status
- Awarded
- Procurement threshold
- Above threshold (FTS publication)
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Yes (GPA)
- Recurring procurement
- Unspecified in notice
- First published
- 15 Dec 2025, 14:05 GMT
- Last source update
- 5 May 2026, 17:06 BST
- Award evaluation window
- Submission end – 17 Apr 2026
- Authority reference
IC - P-3422- FTS notice number
2025/S 000-082931- Latest notice
- Contract award notice (UK6)
- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-05f5caFind a Tender
- How it runs
Tenderers must submit a response to the Procurement Specific Questionnaire (PSQ) and all of the Invitation to Tender (ITT) documents by the Tender submission deadline. Specific details can be found in the procurement documentation.
Following assessment of the PSQ, suppliers who meet all of the Conditions of Participation of the PSQ will proceed be Invitation to Tenderer Presentation, with face-to-face presentations scheduled to take place w/c 23 February 2026 in London. Presentations are not evaluated, but Tenderers must attend and fully participate. The specific Presentation requirements are set out in the procurement documentation and are based on and linked to specific elements of the Quality Questionnaire.
Following the Invitation to Presentation stage, Tenderers who participated fully in the Presentation will proceed to have their Quality Questionnaire and Pricing responses evaluated.
Following the conclusion of all evaluation activities it is British Business Bank's intention to award each contract without proceeding to an Invitation to Negotiate and/or a Final Tender stage. The British Business Bank reserves its right to undertake either or both an Invitation to Negotiate and/or an Invitation to Submit Final Tenders stage for one or more contracts, as set out in the procurement documentation.
Tenderers will be advised of any such additional stages and the specific requirements of each if and when required.
How it was run
Official notice- Submission deadline
- 2 Feb 2026, 16:00 GMT
- Clarification deadline
- 21 Jan 2026, 12:00 GMT
- Submission channel
- Official e-sourcing portal
- Electronic submission
- Allowed
- Accepted languages
- en
Timeline
15 Dec 2025 → 1 Jul 2026 · 8 dates- Tender notice published316 days ago15 Dec 2025, 14:05 GMT
- Clarification questions by279 days ago21 Jan 2026, 12:00 GMT
- Submission deadline267 days ago2 Feb 2026, 16:00 GMT
- Award decision expected by192 days ago17 Apr 2026, 23:59 BST
- Assessment summaries sent175 days ago5 May 2026, 00:00 BST
- Latest notice published175 days ago5 May 2026, 17:06 BST
- Standstill ends165 days ago14 May 2026, 23:59 BST
- Contract starts118 days ago1 Jul 2026, 00:00 BST
Notice history
4 events · 2 releases on Find a Tender · since 15 Dec 2025- Tender notice published15 Dec 2025, 14:05 GMTUK4
- Contract award notice published5 May 2026, 17:06 BSTUK6
- Status changed to complete5 May 2026, 17:06 BST
- Contract signature expected26 Jun 2026, 23:59 BSTscheduled
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast| Awarded to | Value | Date | Status |
|---|---|---|---|
| Lot 1 · South East Investment Fund - Equity1 award | |||
| Maven Capital Partners UK LLP27 Jun 2026 – 26 Jun 2036 · up to 26 Jun 2040Extensions: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. | £17,000,000 | 28 Apr 2026standstill to 14 May 2026 | Standstill |
| Lot 2 · South East Investment Fund - Debt1 award | |||
| FSE Fund Managers Ltd27 Jun 2026 – 26 Jun 2036 · up to 26 Jun 2040Extensions: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. | £13,000,000 | 23 Apr 2026standstill to 14 May 2026 | Standstill |
| Lot 3 · East of England Investment Fund - Equity1 award | |||
| Mercia Regional Investments Ltd27 Jun 2026 – 26 Jun 2036 · up to 26 Jun 2040Extensions: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. | £12,000,000 | 28 Apr 2026standstill to 14 May 2026 | Standstill |
| Lot 4 · East of England Investment Fund - Debt1 award | |||
| Beechbrook Capital LLP27 Jun 2026 – 26 Jun 2036 · up to 26 Jun 2040Extensions: During the Investment Period (first 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. During the Realisation period (subsequent 5 years) the Contract may be extended by up to two years at the sole discretion of the Contracting Authority. | £10,000,000 | 30 Apr 2026standstill to 14 May 2026 | Standstill |
Bid statistics published by the authority
| Lot | Bids | SME | VCSE | Valid bid range |
|---|---|---|---|---|
| 1 · South East Investment Fund - Equity | 1final-stage tenders · 3 at stage one | 1 | 0 | — |
| 2 · South East Investment Fund - Debt | 1final-stage tenders · 2 at stage one | 1 | 0 | — |
| 3 · East of England Investment Fund - Equity | 1final-stage tenders · 4 at stage one | 1 | 0 | — |
| 4 · East of England Investment Fund - Debt | 1final-stage tenders | 1 | 0 | — |
Who bid
- wonMaven Capital Partners UK LLP · South East England · 1
- wonFSE Fund Managers Ltd · South East England · 2
- wonMercia Regional Investments Ltd · North West England · 3
- wonBeechbrook Capital LLP · Greater London · 4
Bidders as named on the Procurement Act 2023 award notice. “Won” means the bidder holds an award on this notice.
Contracting authority & participating public bodies
Bidders & participating suppliers
4 commercial parties on the notice- Beechbrook Capital LLPAwarded supplier
- FSE Fund Managers LtdAwarded supplier
- Maven Capital Partners UK LLPAwarded supplier
- Mercia Regional Investments LtdAwarded supplier
Official documents & specifications (5)
Official links; attachments are not copiedNotices published for this procedure
- Contract award notice Contract award notice on Find a Tender
- Contract award notice Contract award notice on Find a Tender
- Contract award notice Contract award notice on Find a Tender
- Contract award notice Contract award notice on Find a Tender
- Tender notice Tender notice on Find a Tender