TLDR:
- Jada Fund of Funds, backed by Saudi Arabia’s Public Investment Fund, is investing $266 million to support venture debt in the kingdom.
- This is Jada’s first investment in venture debt and second in the private credit space, aiming to encourage the growth and sustainability of innovative businesses in Saudi Arabia.
Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund, has announced a $266 million investment in Partners for Growth VII, managed by global private credit manager Partners for Growth. This marks Jada’s first investment in venture debt and second in the private credit space. The fund aims to provide support to fast-growing mid-market companies across various sectors, with assets worth $1 billion under its management. Jada’s Chief Executive, Bandr Alhomaly, stated that this investment aligns with their strategy to attract foreign direct investment and promote economic growth in line with Vision 2030. Jada, with an investment capital of around $1 billion, has already invested in 39 funds, committing 3.5 billion riyals and creating around 12,000 jobs in Saudi Arabia while supporting over 500 SMEs.
Jada’s efforts to diversify the Saudi economy away from oil include investments in various sectors such as technology, property, tourism, and infrastructure. By committing to investments in venture capital and private equity funds, Jada is contributing to the growth and sustainability of innovative businesses in the kingdom, aiming to generate employment opportunities and boost the non-oil economy. As of March 2024, Jada’s partnerships with different funds and companies reflect a strategic approach towards achieving these goals and supporting the vision of economic diversification outlined in Vision 2030.
