Some of the UK's largest pension funds have agreed to channel billions of pounds into regional projects, including affordable housing and rural broadband.
The new group, known as the "Sterling 20," brings together pension providers and insurers with the aim of unlocking private investment for infrastructure and businesses outside London and the South East.
The initiative is being launched at the government's first Regional Investment Summit in Birmingham on Tuesday.
The Chancellor is set to meet the providers, as well as representatives from Australia's largest pension fund, as part of the government's wider push for regional economic growth.
The partnership, which will also work with the City of London Corporation, intends to focus investments on key modern sectors such as artificial intelligence and fintech.
The first major financial commitments under the scheme have been announced:
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Legal & General has committed £2bn by 2030 to build what it says will be around 10,000 affordable homes, a move it claims will support 24,000 jobs.
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Pension provider Nest, which represents a third of the UK workforce, is providing £500m to Schroders Capital, with an estimated £100m of that expected to be invested in the UK in the coming years.
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Separately, Nest is investing £40m to deliver gigabit-capable broadband to remote areas of Scotland and Northern England.
Ministers hope the "Sterling 20" initiative will help direct a greater share of the UK's savings into domestic projects to stimulate growth in every part of the country.
