We’re very proud to announce that in the coming months, the North East Local Enterprise Partnership is seeking to appoint a new panel of fund managers to help invest £120m+ of capital in North East SMEs.
One of the largest LEP areas in the England – covering the Local Authorities of Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland and Durham – the panel of fund managers will work with us to invest in projects up to the value of £2m via debt, equity and mezzanine deals.
Supporting our vision to deliver more and better jobs across the North East, the new panel and capital fund will act as a successor to the Finance for Business North East Fund, which up to close, invested £140m in equity and loans into more than 800 local SMEs; creating more than 2,600 new jobs, safeguarding a further 3,000 and securing £180m in private sector investment.
The panel will be available to stakeholders across the North East, with the first contracts – expected to include £20m+ equity and development capital funds – beginning in early 2017.
If you’re interested in learning more about this opportunity, the Official Journal of the European Union will soon publish a notice inviting tenders for the procurement of fund management services for the North East LEP area fund. There is the potential for other projects to be announced too. Please direct all queries via the official channels in the first instance.
In recent months the North East LEP area has seen increases in population, employment rates and GVA. These positive economic indicators demonstrate the continued growth and stability of the North East economy. Here at the North East LEP, we’re committed to continuing that growth through innovation, skills, investment in infrastructure and access to finance.
Programme Manager, North East LEP