The £28 billion Leeds-based National Wealth Fund (NWF) — formerly called the UK Infrastructure Bank — has published its its inaugural Impact Report showing that 64,000 jobs “are set to be created or supported across the UK’s nations and regions as a result of its investment activity.”
The National Wealth Fund said that in its first year as the National Wealth Fund, £3.6 billion has been deployed, through 22 new investments, “representing a significant acceleration in the rate of capital deployment over the past year and the scale of projected impact.”
In total, a quarter of the fund’s capital has been committed (£7.5bn) since 2021.
Oliver Holbourn joins the National Wealth Fund as its new CEO on November 1. Holbourn brings more than 25 years of experience across banking, strategy and public financial investments including CEO roles at RBS International and, formerly, UK Financial Investments.
“From tin mining in Cornwall to port infrastructure near Inverness, flood defence schemes in Wales and broadband in Northern Ireland, the NWF is investing for growth and net zero in every nation and region of the UK,” said the fund.
“Since 2021, NWF investments are enabling the creation and support of over 64,000 jobs, strengthening local labour markets and stimulating wider supply chains, with over 21,900 directly attributable to our financing.
“The NWF’s role in nascent and emerging markets is proving to be significant, with almost a third of the portfolio covering early-stage financing in projects including battery storage, semiconductors and hydrogen aviation.
“By de-risking the scaling of new technologies, the NWF is catalysing private investment – £16.2bn to date – in sectors which are critical to the UK’s growth and transition to clean energy …
“Looking ahead, the NWF’s expanded mandate, set out by the Chancellor in March, enables it to deploy capital at scale in the largest and most strategically important projects for the UK’s growth and clean energy missions.
“Under the leadership of Oliver Holbourn, who joins on 1 November, the Fund will continue to scale up deployment, launching new products into the market and continuing to build strategic partnerships with Mayoral Combined Authorities to unlock wider benefits throughout the UK.”
Ian Brown, Interim CEO at NWF said: “Impact is a driving force behind our investment decisions as we lay the foundations for long-term growth, and it’s incredibly rewarding to start seeing that impact come to life as our portfolio matures.
“Looking back, we’ve helped develop cutting-edge skills and nascent technologies, created new jobs to boost local economies, and crowded in significant private capital to help scale the UK’s energy infrastructure. We’ve achieved a lot in a short time, but there’s much more to come as we continue to expand into new sectors.”