21.08.2025
• Reinforces the PPF’s role as a long-term, responsible investor in the UK economy
• Underlines PPF’s growing capability to deliver complex transactions in-house
• Nearly half of the PPF’s £31bn of assets under management are invested in the UK
• The project strengthens long-term water resilience for 2.5 million people
The Pension Protection Fund (PPF) has completed a £60 million investment in the Haweswater Aqueduct Resilience Programme (HARP), a once-in-a-generation project to secure the long-term supply of clean water to 2.5 million people across Greater Manchester and Lancashire.
This direct investment – executed entirely by the PPF’s in-house investment team – forms part of a wider £3.0bn financing package, making HARP one of the largest UK infrastructure deals in recent years.
The project will replace six underground tunnel sections of the existing Haweswater aqueduct, originally built between 1933 and 1955, delivering long-term resilience to the UK’s water supply network.
The deal marks a significant milestone for the PPF and underlines its growing capability to deliver complex transactions in-house.
Neha Dedakia, Private Credit Portfolio Manager at the PPF, said: “This investment shows the PPF at its best; delivering strong returns for our members while supporting critical UK infrastructure that millions of people rely on every day. Executing this complex deal directly in-house demonstrates the strength of our investment capability and underlines our role as a long-term, responsible investor in the UK economy.”
This investment further illustrates the PPF’s wider role and footprint investing in UK productive assets. With around £31bn of assets under management – nearly half (c.£15bn) of which is invested in the UK – the PPF notably supports the UK economy, government and businesses through debt and equity-based finance.
Independent research by Frontier Economics, published in April this year, showed that the PPF’s UK investments already helps support £38.8bn in economic activity, 460,000 jobs, and £7.5bn in annual tax contributions.
Since its creation in 2005, the PPF has protected the retirement incomes of more than half a million people, paying out over £10bn in compensation to date. The PPF invests for growth over the long term to deliver security for its members. Investments like HARP therefore dually help safeguard the financial security of PPF members whilst directly supporting the UK economy.
