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A unit of Saudi Arabia’s Public Investment fund (PIF) has made its foray into venture debt through an investment in a fund by private credit manager Partners for Growth (PFG), which has SAR 3.75 billion ($1 billion) in assets under management.
The latest investment is also Jada Fund of Fund’s second foray into the private credit space and is aimed at supporting the growth of the venture debt sector in Saudi Arabia.
“The move affirms Jada’s support for small- and medium-sized enterprises (SMEs) in the kingdom,” a statement said.
“Our investment in Partners for Growth VII marks our second investment in the local private credit space and first in venture debt,” noted Bandr AlHomaly, CEO of Jada Fund of Funds, in a statement.
“Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment (FDI) to promote economic growth and diversification guided by Vision 2030”.
The PIF unit did not disclose the value of its investment into the fund.
Partners for Growth V!!, which is managed by PFG, has a fund size of more than SAR 1 billion ($266 million).
(Writing by Cleofe Maceda; editing by Seban Scaria)
