NATIONAL WEALTH FUND LIMITED

The National Wealth Fund (NWF) is a policy bank set up by the UK government to partner with the private sector and local authorities to finance infrastructure (and other) projects. Its purpose is to stimulate – or ‘crowd in’ – private sector investment into priority areas. It evolved out of, and replaced, the UK Infrastructure Bank (UKIB). The NWF will invest in UKIB’s existing priority sectors – clean energy, digital, transport, water, waste and natural capital – but will commit the additional capital into five new sectors outlined in the manifesto: green hydrogen, green steel, carbon capture and storage, gigafactories, and ports. The NWF will be equipped with the products, mandate, and risk capital to catalyse private capital most effectively. It will be the UK’s new impact investor, funding impactful projects that would not have happened otherwise, and unlocking growth opportunities across the UK. The NWF has two core functions: private sector finance and local authority services.