GM Good Growth Fund grows to nearly £3bn with latest £500m investment
The investment by the National Housing Bank takes the total value of the pot, which is distributed to support regeneration, development, and infrastructure projects across Greater Manchester, to £2.75bn.
The National Housing Bank, part of Homes England, becomes the latest institution to invest in the Good Growth Fund, set up by former mayor Andy Burnham a year ago.
The National Wealth Fund, part of Treasury, has pumped £500m into the fund that can be deployed as debt, while the Greater Manchester Pension Fund has contributed £300m.
The Good Growth Fund also includes public capital through Greater Manchester’s integrated settlement and other sources and offers a mix of loans, grants, and equity investments to get schemes going, providing “just enough” public investment to leverage in private backing.
National Housing Bank chief executive Simon Century said: “This agreement, the first of its type in England, is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.
“It builds from strong foundations of successful collaboration with the Mayor, local leaders, Homes England as the government’s housing and regeneration agency, and the National Housing Bank, a Homes England company.
“Together we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region.”
Since November 2025, around £1bn of funding has been allocated to 44 projects that could provide 5,600 homes, including more than 1,000 social and affordable, as well as 2.3m sq ft of employment space. To date, £61.1m has been approved for distribution to developers across three schemes. These are:
- Glenbrook and M&G’s 362-home BTR scheme on Whitworth Street West in Manchester – £17m equity investment
- Cole Waterhouse and HEIM’s 382-home BTR scheme at Trafford Wharfside – £26m equity investment
- Harworth’s 166,000 sq ft Wingates industrial development in Bolton- £18.1m loan
As the fund celebrates its one-year anniversary, the GMCA has also introduced a social contract for recipients to extract maximum benefit for its investments.
It will require all recipients to create new apprenticeships and work placements, recruit locally and support local supply chains, join the GMCA’s Good Employment and Good Landlord Charters, commit to clear standards for construction site culture, stick to high environmental standards, and engage meaningfully with local communities.
Mayor of Greater Manchester Bev Craig said: “Our Social Contract takes our commitment further – if you get public money you should contribute to our communities, to make Greater Manchester better for everyone.
“Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come.”
She added: “Good jobs, opportunities for our young people, a home you can afford in an area and community you are proud of. These are all ingredients of good growth and the Greater Manchester I’m determined we can build.”
