UK National Wealth Fund

The UK National Wealth Fund (NWF) is a statutory body established by the UK Government in 2024, formed from the merger of the UK Infrastructure Bank and the energy-transition mandate of the British Business Bank. It holds an initial £27.8 billion of long-term sovereign capital under the National Wealth Fund Act 2024, mandated to crowd in private investment into projects of strategic national importance: clean energy, transport infrastructure, advanced manufacturing and dual-use technology. It operates from Leeds and is governed by an Independent board chaired by John Flint, former chief executive of HSBC.

The NWF sits alongside the British Business Bank in the UK's industrial-policy architecture. The Bank targets equity into growth-stage companies through its £6.6 billion direct mandate; the NWF holds longer-tenor patient capital for infrastructure and supply-chain assets, with the two vehicles' remits overlapping on dual-use, energy and advanced-manufacturing deals.

This institution is entirely distinct from Russia's National Wealth Fund (Fond Natsionalnogo Blagosostoyaniya), that country's sovereign wealth reserve. The two bodies share only their English name; coverage referencing a 'National Wealth Fund' must be read by country to avoid conflating them.