UPN-00618 - Future Places Fund

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    "title": "UPN-00618 - Future Places Fund",
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    "description": "The West of England Mayoral Combined Authority (WECA) has established the Future Places Fund, a targeted place-based investment fund designed to accelerate sustainable economic growth, unlock housing and regeneration opportunities, and support resilient communities across the West of England.\nWECA is seeking to appoint a suitably qualified and experienced investment adviser to provide strategic and technical investment advisory services in relation to the Fund. The appointed provider will be responsible for advising on investment opportunities, providing recommendations on appropriate funding structures and instruments, supporting investment appraisal and due diligence processes, and overseeing elements of the investment governance and decision-making process.\nThe contract will be awarded to the successful supplier, in accordance with the procurement documents and the requirements set out in the specification.",
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  "id": "068118-2026",
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  "date": "2026-07-20T10:53:44+01:00",
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    "title": "UPN-00618 - Future Places Fund",
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    "description": "Executive Summary & Background:\nThe Investment Team is advancing the development of the £500m Future Places Fund (FPF). The fund is evolving its core strategy to operate as a regional impact investment platform specifically targeting stalled, \"oven-ready\" housing and commercial schemes across the region.\nUnlike traditional public sector funding architectures, the FPF will move away from grant reliance. Instead, it will deploy a revolving, largely repayable investment model designed to recycle capital over time, alongside a deal-by-deal co-investment strategy with institutional and pension fund partners to maximize regional impact.\nThe draft investment strategy and structure have recently been formally endorsed by the Strategic Place Partnership Board. The Authority is now finalising the necessary governance and delivery architecture to ensure schemes can be brought forward rapidly.\nScope of Requirements:\nCore Responsibilities and Scope of Work\nThe successful Fund Adviser will be required to manage and execute across the following three core pillars (A,B,C) of the fund lifecycle:\nA. Origination, Structuring & Execution\nPipeline, Origination & Market Engagement\n• Design and implement an approach for continuous pipeline management, market engagement and opportunity sourcing, including helping the Authority maintain a transparent route for eligible schemes to be considered. This will initially prioritise opportunities capable of demonstrating realistic delivery trajectories within the current mayoral term.\n• Engage with a diverse network of regional stakeholders, including local authorities, public-sector partners, the local property community, and national developers or investors to source \"oven-ready\" schemes.\nTransaction Structuring & Investment Modelling\n• Design bespoke, deal-by-deal investment structures that balance risk and return while prioritizing capital recyclability and delivery.\n• Structure appropriate pricing, tenors (typically ranging from 3 to 5 years), and clear exit strategies-including complex repayment hierarchies (e.g., senior debt recovery followed by FPF equity capital recovery) and profit-share/upside mechanisms.\nEnd-to-End Due Diligence & Transaction Execution\nThe adviser will have primary responsibility for driving transactions through a structured, 4-stage governance and underwriting process:\n• Investment Overview: Producing concise, one-page investment overviews for initial deal screening.\n• Stage 1 (Heads of Terms): Negotiating and finalizing commercial Heads of Terms (HoT) with prospective borrowers and recipients.\n• Stage 2 (Detailed Due Diligence): Undertaking rigorous financial, commercial, and risk due diligence on the sponsor and the scheme.\n• Closing: Managing the finalization of loan/equity documentation and overseeing financial closing.\nB. Ongoing Portfolio Management & Asset Monitoring\nFollowing financial close, the Fund Adviser will be responsible for the active commercial and operational management of the invested portfolio to safeguard public capital and ensure delivery. Responsibilities include:\n• Drawdown & Capital Deployment Management: Overseeing the monthly loan/equity drawdown process. This includes reviewing and validating Independent Monitoring Surveyor (IMS) reports, verifying \"cost-to-complete\" metrics, and ensuring funding is released only against verified development milestones.\n• Construction & Milestone Tracking: Actively monitoring on-site construction progress against agreed development programs. The adviser must proactively identify project delays, supply chain disruptions, or contractor insolvency risks before they impact fund deployment.\n• Covenant & Compliance Monitoring: Continuous tracking of borrower compliance with financial and non-financial covenants, including Loan-to-Value (LTV), Loan-to-Cost (LTC), interest cover ratios, and legal obligations.\n• Asset Restructuring & Workout Support: In the event of project distress or underperformance, leading on variations, extensions, or refinancing negotiations to protect the FPF's capital and ensure project completion.\nC. Impact, ESG & Output Reporting\nEmbed the fund's core performance metrics into the initial appraisal and long-term monitoring of every transaction.\nEnsure all approved investments explicitly track and deliver against the fund's primary output metrics, specifically:\no Housing Delivery: Total homes built, with a primary focus on maximizing affordable housing across all tenures.\no Economic Growth: Jobs created and safeguarded through commercial, industrial, and mixed-use developments, alongside overall GVA growth.\no Sustainability & Regeneration: Total acreage of brownfield regeneration achieved and measurable carbon reduction outputs.\nTotal value (capped)\n• The management fee is capped at £200,000 per annum  excl VAT with a maximum capped value of £1,000,000 excl VAT for the maximum possible five year term.\n• This value excludes the transactional and market facing fees.\nEstimated Contract dates:\n3 years + optional 1 year extension  + optional 1 year extension. Maximum possible term is 5 years.",
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This will initially prioritise opportunities capable of demonstrating realistic delivery trajectories within the current mayoral term.\n• Engage with a diverse network of regional stakeholders, including local authorities, public-sector partners, the local property community, and national developers or investors to source \"oven-ready\" schemes.\nTransaction Structuring & Investment Modelling\n• Design bespoke, deal-by-deal investment structures that balance risk and return while prioritizing capital recyclability and delivery.\n• Structure appropriate pricing, tenors (typically ranging from 3 to 5 years), and clear exit strategies-including complex repayment hierarchies (e.g., senior debt recovery followed by FPF equity capital recovery) and profit-share/upside mechanisms.\nEnd-to-End Due Diligence & Transaction Execution\nThe adviser will have primary responsibility for driving transactions through a structured, 4-stage governance and underwriting process:\n• Investment Overview: Producing concise, one-page investment overviews for initial deal screening.\n• Stage 1 (Heads of Terms): Negotiating and finalizing commercial Heads of Terms (HoT) with prospective borrowers and recipients.\n• Stage 2 (Detailed Due Diligence): Undertaking rigorous financial, commercial, and risk due diligence on the sponsor and the scheme.\n• Closing: Managing the finalization of loan/equity documentation and overseeing financial closing.\nB. Ongoing Portfolio Management & Asset Monitoring\nFollowing financial close, the Fund Adviser will be responsible for the active commercial and operational management of the invested portfolio to safeguard public capital and ensure delivery. Responsibilities include:\n• Drawdown & Capital Deployment Management: Overseeing the monthly loan/equity drawdown process. This includes reviewing and validating Independent Monitoring Surveyor (IMS) reports, verifying \"cost-to-complete\" metrics, and ensuring funding is released only against verified development milestones.\n• Construction & Milestone Tracking: Actively monitoring on-site construction progress against agreed development programs. The adviser must proactively identify project delays, supply chain disruptions, or contractor insolvency risks before they impact fund deployment.\n• Covenant & Compliance Monitoring: Continuous tracking of borrower compliance with financial and non-financial covenants, including Loan-to-Value (LTV), Loan-to-Cost (LTC), interest cover ratios, and legal obligations.\n• Asset Restructuring & Workout Support: In the event of project distress or underperformance, leading on variations, extensions, or refinancing negotiations to protect the FPF's capital and ensure project completion.\nC. Impact, ESG & Output Reporting\nEmbed the fund's core performance metrics into the initial appraisal and long-term monitoring of every transaction.\nEnsure all approved investments explicitly track and deliver against the fund's primary output metrics, specifically:\no Housing Delivery: Total homes built, with a primary focus on maximizing affordable housing across all tenures.\no Economic Growth: Jobs created and safeguarded through commercial, industrial, and mixed-use developments, alongside overall GVA growth.\no Sustainability & Regeneration: Total acreage of brownfield regeneration achieved and measurable carbon reduction outputs.\nTotal value (capped)\n• The management fee is capped at £200,000 per annum  excl VAT with a maximum capped value of £1,000,000 excl VAT for the maximum possible five year term.\n• This value excludes the transactional and market facing fees.\nEstimated Contract dates:\n3 years + optional 1 year extension  + optional 1 year extension. Maximum possible term is 5 years.",
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      "scheme": "UKPGA"
    },
    "description": "Executive Summary & Background:\nThe Investment Team is advancing the development of the £500m Future Places Fund (FPF). The fund is evolving its core strategy to operate as a regional impact investment platform specifically targeting stalled, \"oven-ready\" housing and commercial schemes across the region.\nUnlike traditional public sector funding architectures, the FPF will move away from grant reliance. Instead, it will deploy a revolving, largely repayable investment model designed to recycle capital over time, alongside a deal-by-deal co-investment strategy with institutional and pension fund partners to maximize regional impact.\nThe draft investment strategy and structure have recently been formally endorsed by the Strategic Place Partnership Board. The Authority is now finalising the necessary governance and delivery architecture to ensure schemes can be brought forward rapidly.\nScope of Requirements:\nCore Responsibilities and Scope of Work\nThe successful Fund Adviser will be required to manage and execute across the following three core pillars (A,B,C) of the fund lifecycle:\nA. Origination, Structuring & Execution\nPipeline, Origination & Market Engagement\n• Design and implement an approach for continuous pipeline management, market engagement and opportunity sourcing, including helping the Authority maintain a transparent route for eligible schemes to be considered. This will initially prioritise opportunities capable of demonstrating realistic delivery trajectories within the current mayoral term.\n• Engage with a diverse network of regional stakeholders, including local authorities, public-sector partners, the local property community, and national developers or investors to source \"oven-ready\" schemes. \nTransaction Structuring & Investment Modelling\n• Design bespoke, deal-by-deal investment structures that balance risk and return while prioritizing capital recyclability and delivery. \n• Structure appropriate pricing, tenors (typically ranging from 3 to 5 years), and clear exit strategies—including complex repayment hierarchies (e.g., senior debt recovery followed by FPF equity capital recovery) and profit-share/upside mechanisms. \nEnd-to-End Due Diligence & Transaction Execution\nThe adviser will have primary responsibility for driving transactions through a structured, 4-stage governance and underwriting process: \n• Investment Overview: Producing concise, one-page investment overviews for initial deal screening. \n• Stage 1 (Heads of Terms): Negotiating and finalizing commercial Heads of Terms (HoT) with prospective borrowers and recipients. \n• Stage 2 (Detailed Due Diligence): Undertaking rigorous financial, commercial, and risk due diligence on the sponsor and the scheme. \n• Closing: Managing the finalization of loan/equity documentation and overseeing financial closing. \nB. Ongoing Portfolio Management & Asset Monitoring\nFollowing financial close, the Fund Adviser will be responsible for the active commercial and operational management of the invested portfolio to safeguard public capital and ensure delivery. Responsibilities include:\n• Drawdown & Capital Deployment Management: Overseeing the monthly loan/equity drawdown process. This includes reviewing and validating Independent Monitoring Surveyor (IMS) reports, verifying \"cost-to-complete\" metrics, and ensuring funding is released only against verified development milestones.\n• Construction & Milestone Tracking: Actively monitoring on-site construction progress against agreed development programs. The adviser must proactively identify project delays, supply chain disruptions, or contractor insolvency risks before they impact fund deployment.\n• Covenant & Compliance Monitoring: Continuous tracking of borrower compliance with financial and non-financial covenants, including Loan-to-Value (LTV), Loan-to-Cost (LTC), interest cover ratios, and legal obligations.\n• Asset Restructuring & Workout Support: In the event of project distress or underperformance, leading on variations, extensions, or refinancing negotiations to protect the FPF’s capital and ensure project completion.\nC. Impact, ESG & Output Reporting\nEmbed the fund’s core performance metrics into the initial appraisal and long-term monitoring of every transaction. \nEnsure all approved investments explicitly track and deliver against the fund's primary output metrics, specifically:\no Housing Delivery: Total homes built, with a primary focus on maximizing affordable housing across all tenures. \no Economic Growth: Jobs created and safeguarded through commercial, industrial, and mixed-use developments, alongside overall GVA growth. \no Sustainability & Regeneration: Total acreage of brownfield regeneration achieved and measurable carbon reduction outputs. \nTotal value (capped) \n• The management fee is capped at £200,000 per annum  excl VAT with a maximum capped value of £1,000,000 excl VAT for the maximum possible five year term. \n• This value excludes the transactional and market facing fees. \nEstimated Contract dates: \n3 years + optional 1 year extension  + optional 1 year extension. Maximum possible term is 5 years.",
    "communication": {
      "futureNoticeDate": "2026-07-30T23:59:59+01:00"
    },
    "aboveThreshold": true,
    "mainProcurementCategory": "services"
  },
  "parties": [
    {
      "id": "GB-PPON-PGWR-9284-XMRY",
      "name": "The West of England Combined Authority",
      "roles": [
        "buyer"
      ],
      "address": {
        "region": "UKK11",
        "country": "GB",
        "locality": "Bristol",
        "postalCode": "BS1 6AL",
        "countryName": "United Kingdom",
        "streetAddress": "70 Redcliff Street"
      },
      "details": {
        "url": "https://www.westofengland-ca.gov.uk/about-us/contact-us/",
        "classifications": [
          {
            "id": "publicAuthoritySubCentralGovernment",
            "scheme": "UK_CA_TYPE",
            "description": "Public authority - sub-central government"
          }
        ]
      },
      "identifier": {
        "id": "PGWR-9284-XMRY",
        "scheme": "GB-PPON"
      },
      "contactPoint": {
        "email": "kate.chapman@westofengland-ca.gov.uk"
      }
    }
  ],
  "language": "en",
  "planning": {
    "documents": [
      {
        "id": "068112-2026",
        "url": "https://www.find-tender.service.gov.uk/Notice/068112-2026",
        "format": "text/html",
        "noticeType": "UK2",
        "description": "Preliminary market engagement notice on Find a Tender",
        "documentType": "marketEngagementNotice",
        "datePublished": "2026-07-20T10:42:49+01:00"
      }
    ],
    "milestones": [
      {
        "id": "engagement",
        "type": "engagement",
        "status": "scheduled",
        "dueDate": "2026-07-22T23:59:59+01:00",
        "description": "Engagement process description\nThe West of England Mayoral Combined Authority intends to host a market engagement event in advance of an upcoming procurement competition for the Future Places Fund procurement.\nThe event will be held online via Microsoft Teams on Thursday 23rd July 2026 from 15:00 – 15:45. \nIn order to register your interest for this event, please register your interest through the Atamis sourcing portal:\nhttps://weca-atamis.my.site.com/s/Welcome\nOnce you have registered interest for this opportunity, a link to the Market Engagement Event will be sent to your registered supplier email address.\nIf you do not currently have an Atamis supplier account, you will need to register to be able to access this opportunity. Details can be found below: \nhttps://suppliersupport.atamis.co.uk/hc/en-gb/articles/4613254620319-Registering-with-a-Supplier-Portal#h_01JETWJWYHX0AZ3TWTCYWN3PVG \nThe event is expected to be interactive with attendees encouraged to provide feedback and participate in Q&A\nSUPPLIERS WISHING TO ATTEND MUST EXPRESS THEIR INTEREST VIA ATAMIS NO LATER THAN 17:00 ON WEDNESDAY 22ND JULY 2026 \nDue to capacity restrictions, attendance is limited to two representatives per organisation."
      }
    ]
  },
  "initiationType": "tender"
}