National Wealth Fund (United Kingdom)

National Wealth Fund (United Kingdom) is a public finance institution of the United Kingdom, created in October 2024 when the UK Infrastructure Bank was refocused and branded as the National Wealth Fund to mobilise private capital for clean energy and industrial transformation, and to support long-term regional growth. It is sponsored by HM Treasury and operates at arm’s length under a Statement of Strategic Priorities for the 2024 to 2029 Parliament.

The fund has up to £27.8 billion of public capital announced for deployment through equity, loans, guarantees and local-authority lending, with the objective of "crowding in" larger volumes of private investment. Its activities complement other UK institutions, including the British Business Bank for small and medium-sized enterprises and Great British Energy for power-sector projects. Analysts describe the fund as a national investment vehicle rather than a classic sovereign wealth fund, and note that outcomes will depend on governance, project pipelines and wider planning and grid reforms.

History and establishment

Origins

The National Wealth Fund traces its origins to the UK Infrastructure Bank (UKIB), which was created in 2021 to support regional and local economic growth and to help tackle climate change. UKIB’s role was put on a statutory footing by the

Investment priorities and sectors

website	nationalwealthfund.org.uk

For the 2024 to 2029 parliament the Statement of Strategic Priorities asks the National Wealth Fund to focus on four sectors: clean energy, advanced manufacturing, digital and technologies, and transport. Government and fund material state that during this parliament at least £5.8 billion will be committed across five sub-sectors: carbon capture and storage, green hydrogen, ports, gigafactories and green steel. As of October 2025 the Statement of Strategic Priorities and fund strategy pages do not list defence as a priority sector. Sources also note continuity from the former UK Infrastructure Bank remit; areas such as water, waste and natural capital can remain relevant where they align with the shareholder’s priorities for this parliament.

Clean energy

This priority covers investment that supports deployment and enabling infrastructure aligned with growth and net-zero missions during this parliament. Published priorities include projects related to carbon capture and to hydrogen production and use, with the objective of crowding in private finance. The fund’s activity can complement revenue-support mechanisms for low-carbon power such as the government’s Contracts for Difference scheme and with system planning signals published by the National Energy System Operator.

Advanced manufacturing

This priority targets capital-intensive industries important for industrial transformation in this parliament. Official material highlights gigafactories and green steel as named sub-sectors for earmarked funding, and independent explainers situate these within a broader supply-chain resilience agenda linked to the UK’s Industrial strategy.

Digital and technologies

This sector includes activities that enable productivity growth and the transition to a low-carbon economy, continuing strands of the former UK Infrastructure Bank’s mandate while focusing investment where it can mobilise private capital at scale. As of October 2025 detailed allocations are expected to be set out in the fund’s strategic plan for this parliament.

Transport and ports

This priority includes assets and infrastructure that support the movement of people and goods. Government material gives ports as a sub-sector for committed funding during this parliament, with commentary linking investment needs to decarbonisation and regional growth objectives in the UK’s transport policy context.

owner
former name	UK Infrastructure Bank (2020–2024)
type	Sovereign wealth fund
industry	Financial services
location	Leeds, England, UK
area served	United Kingdom
key people	Chris Grigg (chair) Oliver Holbourne (CEO)
aum	GB£27.8 billion (October 2024)

National Wealth Fund (United Kingdom)

History and establishment

Origins

Creation and transition (October 2024)

Statement of Strategic Priorities (March 2025)

Early activities

Governance and structure

Sponsorship and independence

Board and committees

Executive leadership

Capitalisation and instruments

Investment priorities and sectors

Clean energy

Advanced manufacturing

Digital and technologies

Transport and ports

Activities and selected investments

Performance and reporting

Relationship to other UK institutions

Reception and analysis

See also

References