Decision details

Strategic Investment Fund - LCR Seed Fund

Decision Maker: Liverpool City Region Combined Authority

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The sector agnostic Liverpool City Region (LCR) Seed Fund is an ambitious project designed to support innovative LCR companies with high-growth potential and attract new inward investment and expertise into the LCR as part of its economic recovery and development. The Combined Authority will be asked to approve a financial contribution of approximately £10m toward the project.

Decision:

RESOLVED – That

 

(i)         approval be given to £10m capital investment in the LCR Seed Fund (the fund), which will be managed via a Limited Partnership arrangement between the CA, MSIF and the procured Fund Manager in line with good market practice;

(ii)        approval be given to £0.1m from SIF Gainshare Revenue being allocated for the establishment of the fund;

(iii)       the £5m contribution to the fund from MSIF be noted; and

(iv)      delegated authority be granted to the Executive Director of Investment and Delivery to finalise negotiations of detailed funding terms and associated agreements for the fund specified at (i) above in consultation with the Chief Legal Officer and Treasurer.

Report author: Ben Heywood

Publication date: 18/11/2022

Date of decision: 18/11/2022

Decided at meeting: 18/11/2022 - Liverpool City Region Combined Authority

Effective from: 26/11/2022

Accompanying Documents: