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Asset Management / Wealth Management
Saudi Arabia’s Jada makes first investment in venture debt
Move seeks to support SMEs in the kingdom through innovative funding solutions
The Asset 12 Mar 2024

Jada Fund of Funds, a unit of Saudi Arabia’s sovereign wealth fund Public Investment Fund with 3.75 billion riyals (US$1 billion) in investment capital, has invested in Partners for Growth VII, a fund managed by San Francisco, California-based private credit manager Partners for Growth.

Jada says the investment affirms its support for small- and medium-sized enterprises (SMEs) in the kingdom and underscores the value it sees in strategic and sustainable investments made through innovative funding solutions.

The agreement was signed in Riyadh by Bandr Alhomaly, chief executive officer of Jada Fund of Funds, and Armineh Baghoomian, managing director at Partners for Growth.

“Last November, we announced our first investment in private credit and promised to make additional investments in this asset class in the near future,” says Alhomaly. “Delivering on that promise, our investment in Partners for Growth VII marks our second investment in the local private credit space and first in venture debt. Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment to promote economic growth and diversification guided by Vision 2030.”

Baghoomian adds: “We are thrilled to partner with Jada to accelerate the growth of Saudi Arabia's private credit sector. This collaboration exemplifies our shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.”

Partners for Growth has secured commitments from a wide range of institutional investors from around the globe. Partners for Growth VII, with a fund size of over 1 billion riyals, provides investors with an opportunity to gain exposure to fast-growing and high-potential mid-market companies across a variety of sectors.

As of March 2024, Jada has invested in 39 funds, with 3.5 billion riyals committed. Through these funds, it has supported the creation of around 12,000 jobs in Saudi Arabia and supported over 500 SMEs.

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