Saudi Arabia Wealth Fund Builds Team to Hunt for Global Bargains - Bloomberg:
Saudi Arabia’s $320 billion sovereign wealth fund has reassigned some staff to finding quick trading wins in global markets battered by the coronavirus pandemic.
The Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, sees this as an opportunity to broaden its global portfolio, according to people familiar with the fund, who asked not to be identified because the matter is private. So far, its acquisition of stakes in energy and entertainment firms represent big bets that things will return to normal sooner than later as the world recovers from the pandemic shock.
PIF Recent Deals
Source: Bloomberg
The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, said the fund’s governor, Yasir Al-Rumayyan at a virtual event last week. The fund expects to see “lots of opportunities,” he said, citing airlines, energy and entertainment companies as examples.
The PIF’s mandate was broadened in 2015 by Crown Prince Mohammed bin Salman to include international investments to support economic diversification. It will take some massive home runs to make a difference for the oil-rich kingdom, which is losing foreign reserves at the fastest rate since at least 2000. The central bank’s net foreign assets last month dropped more than 5% from February to $464 billion, the lowest since 2011, according to data compiled by Bloomberg.
Saudi Arabia’s $320 billion sovereign wealth fund has reassigned some staff to finding quick trading wins in global markets battered by the coronavirus pandemic.
The Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, sees this as an opportunity to broaden its global portfolio, according to people familiar with the fund, who asked not to be identified because the matter is private. So far, its acquisition of stakes in energy and entertainment firms represent big bets that things will return to normal sooner than later as the world recovers from the pandemic shock.
PIF Recent Deals
The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, said the fund’s governor, Yasir Al-Rumayyan at a virtual event last week. The fund expects to see “lots of opportunities,” he said, citing airlines, energy and entertainment companies as examples.
The PIF’s mandate was broadened in 2015 by Crown Prince Mohammed bin Salman to include international investments to support economic diversification. It will take some massive home runs to make a difference for the oil-rich kingdom, which is losing foreign reserves at the fastest rate since at least 2000. The central bank’s net foreign assets last month dropped more than 5% from February to $464 billion, the lowest since 2011, according to data compiled by Bloomberg.
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