National Wealth Fund

National Wealth Fund Limited · United Kingdom · Europe · Founded 2021 · Strategic development fund · Not an IFSWF member

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Focus

National Wealth Fund: what it invests in

Renewables and climateInfrastructure and utilitiesEnergy: oil and gasMining and metalsIndustrials and manufacturingTransport and logistics

Private creditInfrastructurePrivate equity

Geography Mainly domestic

Scale

National Wealth Fund: how big it is, and on what basis

GBP 27.8B

Committed or authorised capitalAs of 2026-03-31

In US dollars: about USD 36.8B. Converted at GBP 0.7552 per US dollar, the ECB rate for 31 March 2026.

Transparency

National Wealth Fund: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Core capitalisationS1: GBP 27.8B (about USD 36.8B); As of 2026-03-31
Sizewell C loanS1: Up to GBP 36.6B; As of 2026-03-31
Commitments since 2021S1: GBP 46.1B (77 projects); As of 2026-03-31
Deals in 2025-26S1: 27 (GBP 4.1B); As of 2026-03-31
Mobilisation ratioS1: 1 to 2.3; As of 2026-03-31
2031 finance targetS1: Over GBP 100B; As of 2026-03-31
Transparency scoreS1: 9 of 10; As of 2026-03-31

At a glance. The National Wealth Fund is the UK's state-owned policy bank, based in Leeds. Formerly the UK Infrastructure Bank, it took its new name in October 2024 with GBP 27.8 billion of capital, about USD 36.8 billion, to lend, guarantee and invest alongside private money in clean energy, grid, ports, critical minerals and industry. It also holds up to GBP 36.6 billion for the Sizewell C nuclear loan. S1 S6 S7 S8

Key points

Core capacity of GBP 27.8 billion: GBP 17.8 billion of debt and equity (GBP 4 billion for councils) and GBP 10 billion of guarantees. S1
Commitments since 2021 reached GBP 46.1 billion across 77 projects by 31 March 2026, including the Sizewell C loan. S1
Completed 27 deals worth GBP 4.1 billion in 2025-26. S1
Mobilised private finance at a ratio of 1 to 2.3; GBP 65 billion delivered towards a GBP 100 billion plus target for 2031. S1
At least GBP 5.8 billion goes to green hydrogen, carbon capture, ports, gigafactories and green steel. S7
Four priority sectors for 2024 to 2029: clean energy, advanced manufacturing, digital and technologies, and transport. S5
Audited by the National Audit Office; accounts laid before Parliament. S5 S9

Interesting facts

The Sizewell C term loan of up to GBP 36.6 billion is larger than its core capital. S1
It has backed Cornish lithium and tin with GBP 84 million since 2023. S1
It helped mobilise GBP 8.7 billion for rural broadband under Project Gigabit. S1

Mandate and goals

The fund follows a triple bottom line: back the growth and clean energy missions with national, devolved and local government; bring in large amounts of private capital; and earn a financial return. Every deal must be additional to the market. S1

Crowd in private finance for UK infrastructure and industry. S4
Support regional growth with Mayoral Strategic Authorities and city regions. S1
Earn a return on Treasury capital. S1

How it invests

Industries	Renewables and climate, Infrastructure and utilities, Energy: oil and gas, Mining and metals, Industrials and manufacturing, Transport and logistics, Telecoms and media, Technology S1 S7
Asset classes	Private credit, Infrastructure, Private equity S1
Stages	Infrastructure, Credit, Growth S1 S5
Geography	Mainly domestic. UK only, across the four nations S1
Direct / through funds / co-invest	Yes / No / Yes S1
Ticket size	No ticket range is published; 2025-26 deals averaged about GBP 150M. S1
Deal sizes seen	GBP 31M to GBP 36.6B
External managers	Invests directly S1
Co-investment programme	Every deal aims to bring in private lenders and investors S1

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	Sizewell C. Term loan for the Suffolk nuclear power station; announced July 2025. S1	Direct investment	Energy: oil and gas	Infrastructure	Up to GBP 36.6B
2025	Scottish Power grid upgrades. Up to GBP 600M announced May 2025 with commercial lenders; funds links such as Eastern Green Link 4. S5 S1	Direct investment	Infrastructure and utilities	Credit	GBP 1.2B debt in 2025-26
2026	Energy grid programme. Debt and guarantees for grid upgrades in 2025-26; GBP 1.75B of private finance mobilised. S1	Direct investment	Infrastructure and utilities	Credit	GBP 2B
2026	Cornish Lithium. Further GBP 31M in 2025-26 for lithium extraction in Cornwall. S1	Direct investment	Mining and metals	Growth	GBP 55M in total
Not published	Cornish Metals. Support for tin mining in Cornwall. S1	Direct investment	Mining and metals	Growth	GBP 29M
2025	Project Gigabit. Finance for rural broadband rollout alongside private investors. S1	Co-investment	Telecoms and media	Infrastructure	GBP 8.7B mobilised
2026	Local authority lending. Loans to councils from a GBP 4B allocation. S1	Direct investment	Infrastructure and utilities	Credit	GBP 1.1B committed

Case studies

Sizewell C nuclear loan S1

What: Agreed a term loan of up to GBP 36.6 billion for the Suffolk nuclear plant, with extra capacity from HM Treasury.
When: July 2025
Size: Up to GBP 36.6B
Why: Large, long-dated nuclear build needs patient state debt alongside private equity.
Outcome: Largest commitment of the year; it lifted commitments since 2021 to GBP 46.1B.

Grid build-out with Scottish Power S1 S5

What: Lent GBP 1.2 billion to Scottish Power within GBP 2 billion of grid debt and guarantees.
When: 2025-26
Size: GBP 2B
Why: Transmission upgrades are needed to connect more renewable power.
Outcome: GBP 1.75B of private finance mobilised.

Cornwall critical minerals S1

What: Backed Cornish Lithium and Cornish Metals with GBP 84 million since 2023.
When: 2023 to 2026
Size: GBP 84M
Why: Build a domestic supply of battery and industrial metals.
Outcome: A further GBP 31M went to Cornish Lithium in 2025-26.

Investment process

A Board chaired by Chris Grigg sets strategy under a Statement of Strategic Priorities from the Chancellor; the fund is operationally independent. Standing committees cover audit and risk, remuneration and nominations, and the Board uses a Credit Scorecard approved in 2025-26. S5 S1

Committee	Role
Audit and Risk Committee	Chaired by Catherine Cripps from June 2026 S5
Remuneration Committee	Pay S5
Nominations Committee	Board appointments S5

Business or project submits an enquiry through the website. S1
Fund tests additionality, policy fit and return. S1
Credit and Board approval; deal closes alongside private lenders. S1

How to approach: The website lists enquiry routes for businesses, projects and local authorities. S10

Size and returns

Headline size: GBP 27.8B (Committed or authorised capital, as of 2026-03-31) S1 S8
In US dollars: about USD 36.8B. Converted at GBP 0.7552 per US dollar, the ECB rate for 31 March 2026.
Sizewell C term loan capacity: GBP 36.6B (Committed or authorised capital, as of 2026-03-31) S1
Commitments since 2021: GBP 46.1B (Portfolio value, as of 2026-03-31) S1
Return, 2025-26: -2.6 percent (return on equity) S1
Size over time (GBP billion): 2024-10 27.8 S4

Leadership

Name	Title	Since
Oliver Holbourn	Chief Executive Officer S1	2025-11
Chris Grigg	Chair S1	Not published
Ian Brown	Chief Investment Officer S1	Not published
Catherine Cripps	Chair, Audit and Risk Committee S1	2026-06-09

Governance and transparency

Legal basis: Company limited by shares under the Companies Act 2006; UK Infrastructure Bank Act 2023 S1 S5
Oversight: HM Treasury as shareholder; Statement of Strategic Priorities of 19 March 2025 S5
Auditor: National Audit Office S5
Framework Document and Keep Well Agreement with HM Treasury, published 28 May 2026. S6
A designated non-executive director covers climate risk. S1

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S1 S6
Partly published: long-term returns, regular reporting schedule. S1 S9

History

Date	Event
2021	UK Infrastructure Bank starts operating. S1
2023	UK Infrastructure Bank Act passed. S5
2024-10-14	Renamed National Wealth Fund with GBP 27.8B. S2
2025-03-19	Statement of Strategic Priorities issued. S5
2025-05-08	Up to GBP 600M for Scottish Power grid. S5
2025-07	Sizewell C loan announced. S1
2025-11	Oliver Holbourn becomes CEO. S1
2026-05-28	Framework Document published. S6
2026-09-11	2025-26 accounts published. S9

For family offices

The fund co-lends and co-invests alongside private capital in UK projects; private investors meet it as fellow lenders or equity partners in a deal. S1 S4

Senior and junior debt beside commercial banks. S1
Guarantees that lower private funding costs. S1
Catalytic equity in early industries. S1

Reports

Annual Report and Accounts 2025-26: https://www.nationalwealthfund.org.uk/media/npfm1lea/national-wealth-fund-limited-annual-report-and-accounts-2025-2026.pdf S9
National Wealth Fund: mobilising private investment: https://www.gov.uk/government/publications/national-wealth-fund-mobilising-private-investment S4

Common questions

What is the National Wealth Fund?

A UK policy bank that finances infrastructure and clean growth, formerly the UK Infrastructure Bank. S1

How much capital does it have?

GBP 27.8 billion core capital, plus up to GBP 36.6 billion for Sizewell C. S1

Who runs it?

Oliver Holbourn is CEO; Chris Grigg is Chair. S1

Is it a sovereign wealth fund?

It is a state-owned policy bank investing at home; it is not an IFSWF member. S3

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All sovereign wealth funds in Europe · All strategic development funds · All funds in United Kingdom

Sources

Disclaimer

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