The National Wealth Fund has added the North East Mayoral Strategic Authority to its strategic-partnership programme, giving the region access to embedded investment experts and advice on turning projects into financeable proposals.
The partnership was announced on 7 September alongside arrangements with South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority and Cardiff Capital Region.
The Fund says the partnerships are a longer-term commitment to help combined authorities and city regions unlock investment for local economic growth and clean energy goals.
It is separate from the Northern 500 network and proposed £150m British Business Bank scale-up fund announced in the same speech. Those measures are aimed at northern businesses and high-growth companies.
The National Wealth Fund partnership is focused on the North East authority's public-sector project pipeline and the financing structures around it.
For the North East, the immediate offer is expertise. The Fund says dedicated investment experts will work with partner teams on project development, commercial advice and financial advice.
Senior strategic banking advisers will help identify and structure financing solutions, with the stated aim of attracting private investment alongside public support.
The Fund's announcement does not name a North East project, capital allocation or lending commitment. The first practical outcome of the partnership remains to be identified.
Chancellor of the Exchequer John Healey said in a speech delivered on 7 September that the National Wealth Fund would get “hands-on” and help the new partners “build their own investment pipelines”.
The partnership arrives as the authority works on a pipeline of strategic sites. Its 2026-30 Corporate Plan says it is working with partners to attract developers and investors to strategic sites in a £14bn Investment Prospectus.
It also says the Newcastle-Gateshead Mayoral Development Zone will have a 20-year vision to coordinate public and private investment.
The zone includes Forth Yards, Gateshead Quays and other sites on both sides of the Tyne. The authority says grouping those strategic sites could give investors and developers the scale and clarity to come forward.
North East Mayor Kim McGuinness said, “We'll be working with the team at the National Wealth Fund on major regeneration projects that will visibly change the face of the North East, to roll out transport upgrades and to attract more jobs investment here.”
The National Wealth Fund says it expects to expand its strategic partnerships to other mayoral strategic authorities and city regions. It has not published a timetable for the first North East project or said what form any future support for one would take.