Cardiff Capital Region joins £28bn National Wealth Fund 2026

Key Points

• The Cardiff Capital Region has formed a partnership with the UK Government’s £28 billion National Wealth Fund (NWF).
• It is one of the partners in the Regional Project Accelerator programme of the NWF together with South Yorkshire, Liverpool City Region, and the North East.
• The collaboration offers advisory services, investment expertise, and capital access for developing infrastructure projects and regeneration in south-east Wales.
• There is no direct funding included at the moment, but the NWF will assist in maturing projects in attracting both public and private investors.
• Councillor Mary Ann Brocklesby, chair of the Cardiff Capital Region, and the Secretary of State for Wales Stephen Kinnock hailed the deal as good news for jobs and growth.
• The NWF, which is owned by HM Treasury but operates independently, has £27.8bn-£28bn to invest in clean energy and growth sectors.
• The partnership includes the 10 councils in south-east Wales, from Monmouthshire to Bridgend and Merthyr Tydfil to the Vale of Glamorgan.

Cardiff (Wales Times) September 07, 2026 – The uk/local/cardiff/">Cardiff Capital Region has announced a new strategic partnership with the UK Government’s £28bn National Wealth Fund, a move designed to accelerate infrastructure, regeneration and job-creating projects across the 10-council area.

As reported by Nation.Cymru staff, the agreement places Cardiff Capital Region in the next phase of the National Wealth Fund’s Regional Project Accelerator programme, alongside South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority and the North East Mayoral Strategic Authority.

Under the deal, specialists from the National Wealth Fund will work with regional leaders to identify, develop and mature potential investments so they can reach a stage where they can secure finance from private markets or from the fund itself if they meet its investment criteria.

A spokesperson for the National Wealth Fund, cited by WalesOnline, said the partnership does not involve direct financing at this stage but instead provides advisory support, investment knowledge and access to capital to help grow project pipelines and deliver key infrastructure.

How will the National Wealth Fund support Cardiff Capital Region?

The National Wealth Fund, which is wholly owned by HM Treasury but operates independently of government, has between £27.8bn and £28bn available to invest in clean energy and growth industries.

Through the Regional Project Accelerator programme, the fund will provide tailored support based on local needs and opportunities, aiming to create jobs and spread the lasting benefits of investment to communities, according to National Wealth Fund chief executive Oliver Holbourn, as quoted by WalesOnline.

Cardiff Capital Region covers the 10 local authority areas of south-east Wales and has previously used public investment to support transport, regeneration, housing, innovation and business projects.

The strategic partnerships model is intended to bring the fund’s expertise together with local knowledge to support projects that can improve local infrastructure, open up development opportunities and help places attract investment, the fund said in statements reported by WalesOnline and Nation.Cymru.

No individual projects in south-east Wales have yet been announced as part of the partnership, according to Nation.Cymru.

What have regional and UK government leaders said?

Cllr Mary Ann Brocklesby, chair of Cardiff Capital Region, said: “This strategic partnership with the National Wealth Fund represents a significant opportunity for Cardiff Capital Region to accelerate the development of transformational projects that will drive sustainable economic growth across our region and to the benefit of the nation.”

She added: “By combining our deep understanding of local opportunities with the Fund’s investment expertise and capital, we can strengthen our pipeline of investable projects, unlock private sector investment and deliver the infrastructure needed to support thriving communities, better connectivity and high-quality jobs.”

Secretary of State for Wales Stephen Kinnock MP said:

“The Prime Minister and Chancellor are committed to delivering good growth and jobs in every Welsh postcode. This will come from empowering regional leaders and supporting modern industries to unlock opportunities for our communities.”

He continued:

“The new partnership between the UK Government’s National Wealth Fund and Cardiff Capital Region will help boost the Welsh economy by driving investment into infrastructure, regeneration and the jobs of the future.”

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

“To unlock the UK’s future we need to grow regional economies.”

He added:

“This announcement signals our continued commitment to expanding our partnerships with leaders across the UK, providing tailored support based on local needs and opportunities, creating jobs and spreading the lasting benefits of investment to the local communities they serve.”

Which other UK regions have similar National Wealth Fund deals?

Cardiff Capital Region joins South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority and the North East Mayoral Strategic Authority in the latest wave of National Wealth Fund strategic partnerships, according to reports in WalesOnline, Nation.Cymru and multiple business titles.

Similar agreements were established last October with Greater Manchester, Glasgow City Region, the West Midlands and West Yorkshire, Nation.Cymru reported.

Projects being supported through those earlier partnerships include the proposed Clyde Metro in Glasgow, the Sports Quarter in the West Midlands, zero-emission buses in Greater Manchester and a mass transit scheme in West Yorkshire, as outlined by Nation.Cymru.

The fund said it would consider extending the partnership programme to further regions in the future, according to statements cited by WalesOnline and Nation.Cymru.

Background to the National Wealth Fund and Cardiff Capital Region development

The National Wealth Fund was created as the UK’s public finance institution and national wealth fund, with a mandate to invest in clean energy and growth industries alongside the private sector and local authorities.

It is wholly owned by HM Treasury but operates independently of government, with around £27.8bn–£28bn of capital to deploy, according to multiple reports.

Recent investments include a proposed up to £71 million package for Tungsten West’s Hemerdon tungsten and tin mine in Devon, combining equity and debt financing, as reported by industry outlets.

Cardiff Capital Region, formally a Corporate Joint Committee, brings together 10 councils across south-east Wales and has, since 2017, worked to create and safeguard more than 3,000 jobs while investing millions in the Metro transport system, according to WalesOnline.

The region has also backed initiatives such as its Strategic Premises Fund, which has invested in commercial and industrial space across the area, and skills programmes targeting AI, semiconductors and advanced manufacturing, as reported by business and property media.

Prediction: how this development could affect businesses, councils and residents in south-east Wales

For businesses, local authorities and residents in south-east Wales, the partnership is likely to increase the flow of investable infrastructure and regeneration schemes that can attract private capital, potentially leading to more construction activity, improved transport links and new employment space over the medium term.

Councils in the Cardiff Capital Region may benefit from stronger project pipelines and technical support to structure deals, which could help unlock funding for transport, housing, innovation hubs and clean energy projects aligned with the National Wealth Fund’s priorities.

For residents, the expected effect is a gradual rise in high-quality job opportunities linked to new infrastructure, regeneration and growth industries, alongside potential improvements in connectivity and local amenities if projects mature into delivery, as regional leaders have indicated.

However, because the current agreement is advisory and does not guarantee direct funding, the pace and scale of impact will depend on how many projects meet investment criteria and successfully attract follow-on finance from private markets or the fund itself.