Government-backed policy bank, HM Treasury-sponsored, operationally independent. Est. 2021, now National Wealth Fund (Oct 2024). c.£27.8bn capital (£22bn orig. + £5.8bn committed). Invests infrastructure assets, networks, new tech across clean energy, manufacturing, digital, transport. Portfolio: ScottishPower grid (£600m debt 2025), Pentland Offshore Wind (£50m+ equity option), Cornish Metals (£28.6m equity 2025), SSEN Transmission (£800m guarantee 2025). Headquartered Leeds.
Investment Focus
Investment Thesis
Public policy bank (est. 2021, rebranded National Wealth Fund Oct 2024). Focus: clean energy, advanced manufacturing, digital, transport, water, waste. Growth to late-stage infrastructure & climate tech. Equity, debt, guarantees across capital structure. Min. deal £25m private; team-based investing. De-risks projects to crowd in private capital. Avoids fossil fuels except CCS/CCUS. Triple bottom line: climate impact, regional growth, financial return (2.5-4% ROE).
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