The universities of Durham, Newcastle, Northumbria, Sunderland and Teesside are to launch a fund to invest in their spinout companies.

The universities have committed £12.5 million to a £22.5 million fund that will invest in spinouts from the partner universities.

The fund’s administrator, the North East Fund, has advertised to find a professional, FCA authorised fund management organisation to deliver “a University commercialisation and spinout fund in the North East of England.”

The North East fund said: “The fund will invest in companies which have emerged from, or are commercialising intellectual property in conjunction with, one or more of: Durham University; Newcastle University; Northumbria University; The University of Sunderland and Teesside University.

“In doing so, the Fund will drive innovation and R&D investment in the North East, including through translational research, high quality SME innovation support and the development of nationally significant assets through the promotion of the commercialisation of research and spinout creation from these research intensive institutions.”