Saudi PIF’s Jada Fund Makes Second Foray Into Private Credit - Bloomberg
A unit of Saudi Arabia’s sovereign investor has made its second foray into private credit, with a $52 million investment into a fund raised by San Francisco-based Partners for Growth that’s provided debt financing for firms including one of the Mideast’s first fintech unicorns.
Partners for Growth closed the $325 million fund in December. It’s previously provided debt financing to buy-now pay-later firm Tabby as well as to Trukker, a startup that provides an Uber-like service for trucks. In all, the firm manages close to $1 billion in assets.
“Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment to promote economic growth and diversification,” Bandr Alhomaly, Chief Executive Officer of Jada Fund of Funds, said in a statement.
The PIF has been plowing money into tech firms and startups as it seeks to build a VC industry and encourage young entrepreneurs to set up their own businesses to diversify the economy and create jobs. Startups in the kingdom raised $1.4 billion in 2023, putting it ahead of the United Arab Emirates for the first time.
The PIF has created a $1 billion fund of funds for investments including into venture capital and also puts money to work directly through its subsidiary, Sanabil.
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