Saudi Arabia’s state-backed Jada Fund of Funds has made its second foray into the private credit space, with an investment into a venture debt fund.
The fund – Partners for Growth VII – is managed by San Francisco-based private credit manager Partners for Growth and will support the growth of the venture debt ecosystem in Saudi Arabia.
Jada has reportedly made a $52m (£40.6m) investment into the fund, according to Bloomberg.
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“Last November, we announced our first investment in private credit and promised to make additional investments in this asset class in the near future,” said Bandr Alhomaly, chief executive of Jada Fund of Funds, in a company statement.
“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.”
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Partners for Growth has around $1bn under management and its Partners for Growth VII fund has raised over SAR 1bn (£200,000).
“We are thrilled to partner with Jada to accelerate the growth of Saudi Arabia’s private credit sector,” said Armineh Baghoomian, managing director at Partners for Growth.
“This collaboration exemplifies our shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.”
Jada announced a $250m investment in private credit firm Ruya Partners last November. Jada’s allocation marked the first close of Ruya’s private capital fund, which is on track for final close by the end of the first quarter of 2024.
