Decision details

Resolved: That the Combined Authority approves that, subject to the conditions set by PAT:

a)    The West Yorkshire Business Accelerator Fund scheme proceeds through decision point 2 (Strategic Outline Case) and decision point 4 (full business case) and work commences on activity 5 (delivery).

b)    The West Yorkshire Business Accelerator Limited Partnership, a Private Fund Limited Partnership, is established with the Combined Authority as the sole Limited Partner. The other party of the partnership will be the General Partner, a Special Purpose Vehicle to be set up by the appointed Fund Manager.

c)     Approval is given to the Combined Authority’s contribution of £21,650,000. The total scheme value is £21,650,000.

d)    The Combined Authority delegate approval of the final investment strategy to the Managing Director.

e)    Future approvals are made in accordance with the assurance pathway and approval route outlined in the submitted report and where required, any change requests are delegated to the Business, Economy, and Innovation Committee. This will be subject to the scheme remaining within the tolerances outlined in the submitted report.

Conditions

The following conditions have been set by PAT to gain Approval to Proceed to Delivery:

a)    Sign off from the Combined Authority’s Legal and Finance Team. Finalise and review Limited Partnership Agreement and Investment Management Agreement with Pinsent Mason as the external legal advisor of the Combined Authority.

b)    Review Environmental Social & Governance (ESG), Equality Diversity & Inclusion (EDI) KPIs and targets, discuss and agree with Fund Manager.
 

c)     Develop a clear Communications Strategy outlining reporting mechanisms and requirements from the Fund Manager.

d)    Develop a robust Monitoring and Evaluation Plan setting out monitoring methodology, timelines, responsibilities, and evaluation reporting.