PART 4: ASSESSMENT CRITERIA

This section outlines the criteria against which CfEL will assess prospective funds.

The assessment criteria are broken down under four broad headings:

strength of investment team, relevant experience and expertise;

investment strategy;

sources of private capital; and

financial terms.

Under each heading, there are certain features that must be present in all proposals, and further criteria that CfEL will take into account when assessing them.

Each of the four broad areas will form an important part of the assessment process, and none will be of overriding importance. This means that the successful proposals will not necessarily be those from teams with most experience, or those offering the most generous financial terms; instead, they will be those that offer the best overall value for money in meeting the

Government‟s objectives.

Within each broad heading, assessment criteria are categorised as „pre-requisite‟, „primary‟ or „secondary‟, to indicate their relative weighting in the assessment process.

Where consistent with the Government‟s overall objective to secure value for public money,

CfEL will attach positive weight to applications that contribute to the Government‟s objective to test a variety of different approaches and to build a balanced portfolio, for example in terms of:

business models;

target investor groups;

investment strategies (e.g. early-stage vs. development capital, sector specialist vs. generalist, local/regional vs. national); and

approaches to reducing the costs of making equity-based investments.

Even if proposals appear to meet the required criteria, CfEL may still decline to make any award of ECF status if none are judged to offer sufficient overall value for money. CfEL will retain full discretion as to whether, and on what terms, the Government would make support available to applicants.

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