National Wealth Fund backs Greater Manchester in £500m partnership with Good Growth Fund

The investment, set as a core ambition for the National Wealth Fund’s Strategic Partnership with the Greater Manchester Combined Authority (GMCA), will help enable delivery of key clean energy and growth projects.  

The five-year ambition strongly supports the National Wealth Fund’s drive to accelerate place-based investment, with a focus on the UK’s high-growth Mayoral Strategic Authorities and City Regions.  

By expanding the GM Good Growth Fund’s investment capacity, the National Wealth Fund will work in collaboration with GMCA to identify and invest in projects with high-potential to attract private capital, ensuring every pound of public investment goes further to create sustainable growth and deliver positive, lasting change across the area. 

Through the Strategic Partnership, the National Wealth Fund carried out a rigorous evaluation of GMCA’s pipeline of projects, identifying a significant number of opportunities in transport, place-based regeneration, and clean energy sectors. The strength of Greater Manchester’s pipeline was a key factor in the National Wealth Fund’s backing of the Good Growth Fund. 

To secure financing, all projects must align with the National Wealth Fund’s mandate and meet its investment principles, with every investment carefully vetted through the Fund’s thorough due diligence and governance process. 

Oliver Holbourn, CEO of the National Wealth Fund, said:   

“The National Wealth Fund’s ambition to provide significant investment across the city region will help create skilled jobs and opportunities and contribute to long-term, sustainable growth for Greater Manchester and its communities and businesses.  

“This announcement is a reflection of our confidence in Greater Manchester’s capacity for innovation and growth, and a testament to the close partnership we have established with the combined authority.”  

Andy Burnham, Mayor of Greater Manchester, said:

“This is a landmark partnership that will help Greater Manchester pioneer a bold new approach to public investment, going further and faster than ever before to bring good growth to every district, while supporting the Government’s economic growth mission. 

“We’ve got a pipeline of investment-ready transport, regeneration, and clean energy projects across our city region, and a UK-first Good Growth Fund ready to pump-prime delivery. 

“We’re serious about making sure every part of Greater Manchester benefits from good growth. With this backing from the National Wealth Fund, we can invest in bringing even more homes, jobs, and opportunities to all of our towns and cities.” 

Interested projects in Greater Manchester that share the National Wealth Fund’s vision and meet its investment principles are encouraged to get in touch.