The Saudi Venture Capital Company (SVC), under the umbrella of the Small and Medium Enterprises Bank (SME), has disclosed a sizeable injection of SAR112.5 million into a private equity fund overseen by General Atlantic, renowned for its prowess in the private equity space. This development was shared by the Saudi Press Agency.
This infusion of capital is designed to invigorate the nation’s rapidly growing tech landscape while propelling the expansion of businesses within critical industry segments.
General Atlantic, with a legacy exceeding forty years, is celebrated for its proficiency in nurturing companies at the growth stage of private equity investment.
As the most recent data indicates, the firm has been managing assets worth approximately $84 billion, which speaks to its expansive knowledge and international influence.
Targeted at technology-driven entities, the new fund is poised to channel investments into companies demonstrating robust growth within five strategic sectors: consumer products, financial services, healthcare, life sciences, and technology. This investment direction is in line with SVC’s mission to champion innovation and stimulate economic advancement in Saudi Arabia.
Dr. Nabeel Koshak, the CEO and board member of SVC, highlighted the investment’s resonance with SVC’s overarching strategy to lure top-tier global fund managers to Saudi firms and foster later-stage investments.
“The investment in the private equity fund with General Atlantic is part of SVC’s fund investment program, aligning with our strategy to attract leading global fund managers to invest in Saudi companies and stimulate investment in later stages,” Dr. Koshak elucidated.
Bill Ford, the chairman and CEO of General Atlantic, lauded the collaboration with SVC and pointed to the groundbreaking Saudi Vision 2030 as a catalyst for a burgeoning era of innovation and development in the kingdom.
Ford accentuated the investment prospects spawned by this venture for international investors, underscoring the kingdom’s pivotal role as a nucleus for investment and economic diversification.
He further reinforced that SVC’s tactical engagement would bolster General Atlantic’s regional acumen, empowering the firm to more efficaciously harness its resources and tap into the kingdom’s vibrant commercial arena.
Ultimately, the partnership between SVC and General Atlantic marks a momentous leap in fortifying Saudi Arabia’s investment infrastructure and propelling the upward trajectory of tech-savvy companies across essential industries.