TLDR:
- Jada Fund of Funds in Saudi Arabia makes investments in Venture Debt and private credit space in Partners for Growth VII.
- This move supports SMEs in the Kingdom and attracts foreign direct investment to promote economic growth.
Jada Fund of Funds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth. The investment of SAR 3.75 billion (USD 1 billion) aims to support the growth of the Venture Debt ecosystem in Saudi Arabia, demonstrating Jada’s commitment to SMEs and innovative funding solutions. The agreement was signed in Riyadh by Bandr Alhomaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, Managing Director at Partners for Growth.
Partners for Growth (PFG) is an international fund manager that has secured commitments from institutional investors worldwide, contributing to foreign direct investment in Saudi Arabia. The fund size of Partners for Growth VII is over SAR 1 billion, providing investors with exposure to mid-market companies across various sectors. Both Jada and PFG share a commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.
Jada Fund of Funds had a successful year in 2023, with a record-breaking commitment of SAR 1 billion, leading to Saudi Arabia ranking first in the MENA region in venture capital funding for the first time. The organization aims to continue accelerating the growth of the private capital ecosystem in the Kingdom.
Overall, Jada’s investment in Venture Debt and private credit space signifies a strategic move to support economic growth, attract foreign direct investment, and promote the development of SMEs in Saudi Arabia.
