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Saudi riyal. Getty Images
Saudi investment firm Kingdom Holding Co. (KHC), which has been on an investment spree in the past few days, has increased its investment by 274.3 million riyals ($73.1 million) in US-based Hercules Capital Inc., a specialty investment company focused on venture lending.
The company, owned by Saudi billionaire Prince Alwaleed Bin Talal, said in a regulatory filing on Riyadh's Tadawul stock exchange that the fresh investment takes its total stake in Hercules Capital to 6.6%.
The New York NYSE-listed Hercules Capital has over $3.9 billion of assets under management as of end Q1 2023, an increase of 33.2% on year, according to its earnings statement.
Earlier this week, Kingdom Holding said it made an additional $73.10 million investment in UK-based insurance, savings and retirement firm, Phoenix Group, taking its stake to 5%.
Last week, the Saudi investor increased its ownership in M&G, a European insurance and asset management company, with an additional investment of $61 million, which increased its stake from 5.3% to 6.4%.
In May 2022, Prince Alwaleed sold 16.87% of Kingdom Holding to the Saudi sovereign wealth fund, the Public Investment Fund, for $1.5 billion.
(Reporting by Brinda Darasha; editing by Daniel Luiz)