The National Wealth Fund was launched on 14 October 2024 with £27.8 billion of capital and is at the forefront of investing public money for our future. It delivers against a triple bottom line: helping deliver the government’s growth and clean energy missions, generating a return for the taxpayer and crowding in private capital. UKGI undertakes the role of shareholder for the National Wealth Fund on behalf of HM Treasury.
UKGI has supported HM Treasury in the development of the National Wealth Fund, building on the success of its predecessor, the UK Infrastructure Bank. To ensure the board continues to have the right blend of skills and experience to support the strategic ambitions and activities of the NWF, UKGI, working alongside HM Treasury, has launched recruitment campaigns for three new Non-Executive Directors (NEDs) as well as for a new CEO. UKGI also provides an experienced Non-Executive Director to act as government representative on the NWF’s board, acting as an interlocutor between the department and the NWF’s board and supporting the NWF’s Chair in considering the strength and effectiveness of the Board.
Alongside an expansion into new priority sectors, the NWF will be offering performance guarantees as a new product that has been developed with advice from UKGI. NWF also has a higher economic capital limit than its predecessor, as well as a different risk appetite to the private sector. As part of our role, UKGI works with both NWF and HM Treasury to promote an effective internal controls governance framework, as well as ensuring governance processes are robust. As the NWF continues to expand, UKGI will continue to support it on its mission, helping to drive value for HMT and to the taxpayer.