Saudi Arabia’s Jada Fund of Funds, a subsidiary of Public Investment Fund (PIF), is looking to ramp up allocation into private credit.

The sovereign wealth fund unit has recently entered a deal with India’s venture debt company, Stride Ventures, which has plans to invest $200 million in the Gulf state in the next two years, according to Bloomberg.

"Private credit remains significantly untapped in the Saudi market compared to the rest of the world so we really want to increase our allocation," said Bandr Alhomaly, Jada Chief Executive.

Alhomaly noted that private credit is now a "priority asset class" for the firm.

Launched in 2018 with around $1 billion in funding from Saudi’s sovereign wealth fund, Jada has deployed nearly $600 million to around 50 funds.

Private capital financing in Saudi Arabia remains small, representing only 2% of the overall debt stock in the Kingdom, according to S&P Global Market Intelligence data. However, it has expanded tenfold since 2020, hitting $3.7 billion in 2024.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com