Saudi Public Investment Fund subsidiary, Jada Fund of Funds, has ventured into venture debt, investing in Partners for Growth, which manages SR3.75 billion ($1 billion) in assets. This strategic move aims to bolster the venture debt ecosystem within the Kingdom, aligning with Saudi Arabia’s comprehensive economic and social development plan. Established with an investment capital of SR4 billion, Jada Fund of Funds plays a pivotal role in accelerating the growth of Saudi Arabia’s private capital ecosystem, as demonstrated by its investment in Partners for Growth VII, a subsidiary holding a fund size of SR1 billion. The agreement was formalized in Riyadh by Bandr Al-Homaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, managing director at PFG.
Partners for Growth VII provides investors with exposure to fast-growing mid-market companies across various sectors, including fintech giants like Tabby and Tamara. With commitments from sophisticated institutional investors worldwide, Partners for Growth emerges as a significant contributor to foreign direct investment in Saudi Arabia. Jada Fund of Funds’ strategic investment in Partners for Growth VII marks its second foray into the local private credit space and its maiden venture into venture debt, in line with its commitment to diversify funding solutions and attract foreign investment. This collaboration underscores a shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent, echoing Jada’s unprecedented commitment in 2023, which propelled Saudi Arabia to the forefront of venture capital funding in the Middle East and North Africa region.