Investor profile
National Wealth Fund
Sovereign Wealth Fund
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The National Wealth Fund is a UK government-owned policy bank with £27.8 billion of core capitalisation, pursuing a triple bottom line: supporting the government's growth and clean energy missions, crowding in significant private capital, and generating a return for the taxpayer. It invests across 25 sectors critical to the UK's long-term growth and clean energy ambitions — with deepest focus on ports, carbon capture, hydrogen, battery manufacturing and EV supply chains, green steel, power grid, energy storage, nuclear, transport infrastructure, and place-based regeneration — deploying debt, guarantees, and selective equity. The Fund explicitly targets later-stage, capital-intensive projects and businesses with proven technologies (technology readiness levels 7–9), credible business plans, and strong management teams; it is not an early-stage or venture capital investor. Its equity investments are minority positions taken alongside institutional investors to share risk and maximise catalytic impact, with an ambition to drive more than £100 billion of total finance into UK infrastructure, supply chains, and businesses by 2030/31.
Notable quotes
“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.”
“This investment perfectly demonstrates the Fund's ability to take risk, and act as a market leader, helping to mobilise private finance to support first-of-a-kind net zero technologies reach commercial scale while also driving regional, local and economic growth.”
“It's a real privilege to be asked to lead my old organization into a new one and an enormous compliment to everybody who's been involved over the past 3½ years as we built the infrastructure bank. There'll be quite significant change. The first change is with respect to our mandate. As we become the National Wealth Fund, we will now cover the entire industrial strategy for the government.”
Team
Ian Brown
Chief Investment Officer
Ingrid Edmund
Managing Director, Private Sector Finance
Colin Hudson
Managing Director, Private Sector Finance
Steve Lomas
Managing Director, Private Sector Finance
Adrian Peacock
Managing Director, Private Sector Finance
Emily Sidhu
Managing Director, Private Sector Finance
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Associated British Ports (ABP) | Debt/Infrastructure | $254m | 2026-06-03 |
| Rolls-Royce SMR | Debt/Guarantee | $757m | 2025-01-01 |
| ScottishPower (Eastern Green Link 4) | Debt | $759m | 2025-05-01 |
| Oxa | Series D | $103m | 2025-01-01 |
| Highview Power | Growth/Infrastructure | $209m | 2024-06-01 |
| Pragmatic Semiconductor | Series D | $230m | 2023-12-06 |
| Connected Kerb | Growth Equity | $82m | 2025-01-01 |
| Cornish Lithium | Growth Equity | $30m | 2023-08-01 |
| Quickline Communications | Debt/Guarantee | $285m | 2024-08-01 |
| Pulpex | Series D | $78m | 2025-02-01 |
Frequent co-investors
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