Saudi PIF invests in NBK Capital Partners' shariah credit fund | Reuters
Saudi Arabia’s sovereign wealth fund has become an anchor investor in a new $300 million shariah credit fund launched by NBK Capital Partners (NBKCP) that will provide capital to mid-market companies in the Middle East, NBKCP said on Tuesday.
It did not disclose the stake taken by Public Investment Fund (PIF), which manages $400 billion in assets, but NBKCP said it was a nine-digit figure, meaning at least a third of the targeted $300 million. Fundraising closes next year.
PIF, which largely invests in equities and infrastructure, is making a rare foray into the debt market.
“We can touch parts of the economy that they (PIF) can’t touch as efficiently, so we end up being sort of this force multiplier for them in terms of getting capital into pockets efficiently,” NBKCP Senior Managing Director Yaser Moustafa told Reuters.
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