About This Fund
About Northern Powerhouse Investment Fund II Northern Powerhouse Investment Fund II (NPIF II) is a £660 million government-backed investment programme managed by British Business Bank, dedicated to improving access to debt and equity finance for smaller businesses across the North of England. Launched in late 2024 as the successor to the original Northern Powerhouse Investment Fund, NPIF II forms part of the British Business Bank's Nations and Regions Investment Funds initiative—a £1.6 billion commitment to stimulate sustainable economic growth outside London and the South East. The fund is deployed through a network of appointed regional fund managers, including Maven Capital Partners and FW Capital, who invest on behalf of the programme in their respective geographies across Yorkshire, the North West, the North East, and Tees Valley.
NPIF II provides a range of commercial finance options tailored to the needs of Northern England SMEs: unsecured and asset-based debt finance from £25,000 to £2 million, and equity investment tickets of up to £5 million for high-growth companies with ambitions to scale. By co-investing alongside private sector partners, the fund aims to crowd in additional private capital and help create a more geographically balanced UK investment landscape, reducing the concentration of venture and growth capital in London and the Golden Triangle. Fund managers appointed under NPIF II are selected through a competitive procurement process and are responsible for originating, underwriting, and managing investments within their designated regions.
Building on the original NPIF's legacy—which deployed over £400 million across more than 1,000 businesses in Northern England between 2017 and 2024—NPIF II has already committed over £180 million to Northern businesses since launch, demonstrating immediate deployment momentum. British Business Bank brings over a decade of experience operating regional investment programmes across the UK, from the Midlands Engine Investment Fund to the South West Investment Fund, and draws on this expertise to ensure NPIF II delivers tangible economic impact for underserved Northern markets. The fund represents one of the most significant public-private investment initiatives in the North of England's recent economic history.