Sovereign wealth funds have been on the rise globally, with the UK government joining the trend by establishing the National Wealth Fund (NWF) to drive economic growth and green investments. Headquartered in Leeds, the NWF aims to mobilize private capital to support government projects, including clean energy initiatives like green hydrogen and carbon capture. Chancellor Rachel Reeves announced the conversion of the UK Infrastructure Bank into the NWF, with a £27.8 billion capital target. The fund's model includes blending private finance, adding performance guarantees, and focusing on growth industries. Criticism regarding regional disparities and limited pension fund participation in major projects prompted the creation of the NWF, allowing for increased investment alongside the British Business Bank. This move aligns with the trend in G7 economies, as US lawmakers also contemplate establishing a sovereign fund to spur strategic investments and job growth.