TLDR:
- Saudi Venture Capital (SVC) invests $30 million in a private equity fund managed by General Atlantic.
- The fund will focus on high-growth tech-enabled companies in sectors like Consumer, Financial Services, Healthcare, Life Sciences, and Technology.
Summary:
Saudi Venture Capital (SVC) has made a significant investment of $30 million in a private equity fund managed by General Atlantic, a leading global growth equity investor. General Atlantic, well-known in the growth equity asset class, manages around $84 billion in assets. The fund will target high-growth, tech-enabled companies in sectors such as Consumer, Financial Services, Healthcare, Life Sciences, and Technology.
The investment by SVC is part of their strategy to attract global fund managers to invest in Saudi-based companies and encourage later-stage investments. Nabeel Koshak, CEO and Board Member at SVC, highlighted that this aligns with their Investment in Funds Program. Bill Ford, Chairman and CEO of General Atlantic, expressed pride in partnering with SVC and enhancing their commitment to Saudi Arabia.
Overall, this investment is seen as a strategic move to support the growth and innovation in Saudi Arabia, as outlined in the Vision 2030 plan. It aims to create attractive investment opportunities for global investors while deepening expertise in the region. This collaboration signifies a step towards strengthening the investment landscape in Saudi Arabia.
