The goal of the fund is to invest alongside the private sector in projects within the United Kingdom.

The new UK Infrastructure Bank was given initial capital amounting to £12bn, and was able to offer up to £10bn of government guarantees, with its final capacity being £22bn.

[13][14] In June 2021, the Leeds headquarters were opened, and in September, John Flint was appointed to be the first CEO.

The bill intended to address concerns that the bank could be later sold off, like the Green Investment Group.

[17][18] In January of that year, a Public Accounts Committee released a report analysing the bank's performance after its first 18 months in operation.

The report concluded that while the UK Infrastructure Bank had made initial progress in deploying capital and piloting advisory functions, it faced significant challenges in recruitment, governance, and operational independence.

[19][20] In September 2022, during a Labour Party conference, Shadow Chancellor Rachel Reeves introduced plans for a National Wealth Fund.

One of the main recommendations was that the fund should be based inside an existing institution, such as the UK Infrastructure Bank.