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HomeInvestmentSaudi PIF Unit Backs Venture Debt with Strategic Investment

Saudi PIF Unit Backs Venture Debt with Strategic Investment

Jada Fund's Venture into Private Credit Sector

March 12, 2024
in Investment, PIF
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A subsidiary of the Saudi Public Investment Fund (PIF) has taken a significant step in the venture debt space by allocating funds to a portfolio managed by Partners for Growth (PFG), with the fund’s assets under management reaching the $1 billion mark.

The initiative signifies the Jada Fund of Fund’s second incursion into the realm of private credit, with the objective of catalyzing the expansion of venture debt in the Saudi market.

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Bandr AlHomaly, the Chief Executive Officer of Jada, emphasized the strategic nature of the investment, noting its consistency with their pledge to nurture small and medium-sized enterprises (SMEs) and to draw foreign direct investment (FDI) into the kingdom, thereby propelling economic prosperity and diversity in accordance with the national Vision 2030.

“Our investment in Partners for Growth VII marks our second engagement with the local private credit market and our first venture into venture debt,” AlHomaly stated, asserting the firm’s commitment to broadening financing options and enhancing FDI to support Saudi Arabia’s economic objectives.

The fund in question, Partners for Growth VII, overseen by PFG, has amassed a fund size that surpasses SAR 1 billion (equivalent to approximately $266 million).

Tags: economic diversificationJada FundPIFsaudi arabiaVenture Debt
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