Briefing with Oliver Holbourn, CEO, National Wealth Fund

For this WIG breakfast briefing, we were delighted to welcome Oliver Holbourn, Chief Executive 
Officer (CEO) of the National Wealth Fund since November 2025, to share his perspective on the 
Fund’s mandate, strategy and approach to collaboration to deliver sustainable growth across the 
UK. 

1. Executive Summary
The discussion explored the role of the National Wealth Fund (NWF) in mobilising capital to 
support sustainable growth across the UK, alongside wider reflections on infrastructure delivery 
challenges and opportunities.

In opening remarks, Oliver set out NWF’s key strategic ambitions to unlock growth opportunities 
for clean energy; accelerate place-based investments across the nations of the UK; and 
strengthen sovereign and strategic capabilities. NWF’s ambition is to drive more than £100 billion 
of private investment into the UK economy via the NWF’s risk-sharing investments in capital 
intensive projects, businesses and assets.

To date, the Fund has committed more than £10 billion across more than 80 businesses or 
projects, excluding its significant funding commitment to Sizewell C, mobilised £18 billion in 
private investment that will rise over the lifetime of projects, and created more than 80,000 jobs 
and generated enough energy to power 4.5 million homes. 

The Fund’s ability to assume higher levels of risk than commercial lenders, balanced portfolio 
approach to achieving a financial return for taxpayers, engagement approach and impact were
discussed. It was noted that there is a joint ambition, along with other public finance institutions 
such as the British Business Bank, Homes England, and Great British Energy, to operate as a ‘single 
front door’. 

The Fund’s strategic partnership model working with Mayoral Combined Authorities and regional 
leaders to embed expertise to support place-based development and investment was set out.
The Fund’s approach to impact beyond the mandated requirement to make a financial return to 
the Treasury to consider the number of jobs created locally and regionally, how much carbon is 
abated by invested projects, and how much private capital has been catalysed by the Fund’s 
investments.

Key conclusions included a pragmatic approach to risk-sharing and project development, the 
need for early alignment in project development and strengthen place-based and replicable 
delivery models.

2. Context and Background
The session centred on the evolving role of the NWF as a catalytic investor established to support 
UK growth by investing in strategic sectors and mobilising private capital. With a substantial 
capital base and a mandate to operate at higher risk tolerance, the Fund is positioned to support 
projects that may otherwise struggle to secure financing. 

Its strategic focus spans priority areas including clean energy, transport, digital technologies, and 
advanced manufacturing, alongside targeted interventions in high-impact sectors such as 
nuclear, batteries, and emerging technologies. 

The discussion also reflected on wider lessons from major infrastructure programmes, noting 
recurring challenges around governance, planning, and delivery, as well as the long-term value 
these assets can generate when successfully implemented. 

Consideration was given to emerging national strategies aimed at improving coordination 
between funding, planning, and delivery mechanisms, and the role institutions such as the NWF 
can play in enabling more integrated approaches.

3. Key Discussion Points

Catalytic investment and risk-sharing
Participants highlighted the Fund’s role in unlocking investment by taking on greater risk and 
crowding in private capital, with an emphasis on acting as a partner rather than a sole investor. 

Strategic sector prioritisation
There was discussion of the importance of focusing on a defined set of high-impact sectors 
where intervention can be most catalytic, rather than spreading resources too thinly. 

Place-based delivery and regional growth
Attendees emphasised the value of working closely with regional and local partners to support 
pipeline development, prioritisation, and delivery, while recognising varying levels of institutional 
capacity across regions. 

Integration across public finance institutions
The concept of a “single front door” for accessing public finance was welcomed, with recognition 
that better coordination across institutions could improve user experience and delivery 
outcomes. 

Early-stage engagement and realistic planning
Consistent with broader infrastructure lessons, participants stressed the importance of engaging 
early, ensuring robust project scoping, and grounding delivery plans in realistic assumptions. 

Wider measures of impact
Beyond financial returns, the discussion highlighted the need to consider job creation, regional 
economic benefits, and carbon reduction when assessing project value.