Bahrain - Investcorp, a leading global alternative investment firm, has announced that Jada Fund of Funds, a unit of the Saudi sovereign wealth fund PIF, has committed to investing in the Bahrain-based group's $500 million Saudi Pre-IPO growth fund.

The Fund was launched last year to invest in a diversified portfolio of companies, primarily based in Saudi Arabia that are targeting to access the public capital markets over the next few years.

Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, the Mena region’s largest digital freight network, with over 45,000 trucks inducted on its platform.

This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

The Fund is targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3-4 years.

One of Jada's primary goals is to support the growth of the local private equity ecosystem, and we look forward to see Investcorp's Saudi Pre-IPO Growth Fund playing an impactful role in supporting companies across the Kingdom that have strong growth trajectories and the ability to invigorate the wider SME community," remarked Bandr Alhomaly, the CEO of Jada Fund of Funds Company.

The Fund, he stated, provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer.

Yasser Bajsair, Head of Investcorp Saudi Arabia, said: "Jada’s commitment to Investcorp Saudi Pre-IPO Fund marks the start of a long-term strategic partnership, as Investcorp continues to grow its assets under management across multiple asset classes in Saudi Arabia."

Walid Majdalani, Head of Private Equity Mena and Southeast Asia, said it was excited about Jada’s commitment to anchor the group's Fund.

"We share a common objective of supporting national champions in their growth and value creation journey, contributing to the kingdom’s economic development and diversification objectives," he added.

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