Interim evaluations of Strategic Investment Fund projects

Liverpool City Region Combined Authority

Metro Dynamics was commissioned by Liverpool City Region Combined Authority (LCRCA) to conduct interim evaluations of two Strategic Investment Fund projects: the Future Innovation Fund and the Flexible Growth Fund. The evaluations sought to understand the delivery effectiveness and early impacts of the Funds, as well as provide evidence-based recommendations and lessons to take forward for future phases of the Funds as well as future interventions designed to support innovation-led growth.  

In line with HM Treasury Magenta Book guidance and working closely with LCRCA, we developed a Theory of Change for each Fund which provided the framework for the evaluation. We then implemented a mixed method approach, composed of desk-based research, semi-structed interviews, quantitative online surveys and analysis of Fund performance data, to draw out key learnings and create a compelling narrative of how each intervention delivered change. 

The final reports set out the analysis of Fund delivery effectiveness, management, impact and value for money. Recommendations centred on exploring mechanisms for maximising social value of LCRCA investment and a more targeted approach to promotion in order to increase the reach of funding opportunities across the local authorities. 

The evaluation reports were complemented by strategic overview report which drew on socioeconomic analysis to contextualise the evaluation findings within the wider economic and policy landscape.