Saudi Public Investment Fund Subsidiary Invests in Partners for Growth
In a groundbreaking move, the Saudi Public Investment Fund subsidiary, Jada Fund of Funds, has delved into venture debt by investing in Partners for Growth, a company with SR3.75 billion ($1 billion) in assets under management.
Supporting the Venture Debt Ecosystem
This strategic investment is set to bolster the venture debt ecosystem in the Kingdom, according to a press release that announced the partnership.
Empowering Economic and Social Development
Established with an investment capital of SR4 billion, Jada Fund of Funds plays a crucial role in the comprehensive economic and social development plan of the Kingdom, the release highlighted.
Paving the Way for Growth
Demonstrating a commitment to fueling growth in the private capital ecosystem of Saudi Arabia, Jada Fund of Funds revealed its investment in Partners for Growth VII, a subsidiary with a fund size of SR1 billion.
Strategic Collaboration
The agreement between the two entities was sealed in Riyadh by Bandr Al-Homaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, managing director at PFG.
Unlocking Opportunities
Partners for Growth VII offers investors the chance to tap into fast-growing mid-market companies across various sectors, building on previous investments in fintech giants like Tabby and Tamara.
Driving Foreign Direct Investment
With commitments from institutional investors worldwide, PFG contributes significantly to foreign direct investment in Saudi Arabia, enhancing the country’s economic landscape.
Commitment to Economic Growth
Al-Homaly emphasized Jada’s dedication to providing funding solutions and attracting foreign direct investment to stimulate economic growth and diversification in alignment with Vision 2030.
Fostering Entrepreneurship
Baghoomian expressed excitement about partnering with Jada to accelerate the growth of Saudi Arabia’s private credit sector, highlighting a shared commitment to fostering entrepreneurship and technological advancement.
Record-Breaking Commitment
In 2023, Jada made a historic commitment of SR1 billion, contributing to Saudi Arabia’s top ranking in venture capital funding in the Middle East and North Africa region for the first time.