£100m health fund manager to be named next week
Chrisanthi Giotis, Social Enterprise Magazine
An announcement on who will run the Department of Health’s £100m Social Enterprise Investment Fund (SEIF) is expected next week.
Futurebuiders is understood to be one of the favourites, but another well-known name – Big Issue Invest (BII) – has declared itself out.
BII was part of a consortium led by ECOTEC research and consulting along with Primetimers and BT. The consortium decided not to proceed with the final stages of tendering.
The winning investment manager will take up its duties from 1 April. Initially an announcement on who had won the contract was expected on Christmas Eve. However, the announcement was pushed back while the department worked closely with bidders.
The Department of Health (DoH) describes the aim of the SEIF as ‘to promote, through the provision of business support and financial assistance, the development of social enterprises in the health and social care sectors’.
It is believed to be the first time DoH has outsourced a fund on a commercial basis.
The contractor will have a mammoth task include marketing the fund to potential applicants, screening and appraising applications by social enterprises seeking financial assistance and investment, and monitoring the performance of the SEIF’s portfolio of investments.
Social Enterprise understands that the fund has ambitious targets for investment with a timeframe and scale that has not yet been demonstrated to work with social enterprise specific investment in the UK.
The investment manager will have an initial three-year contract.