PIF-backed Jada commits $266m in its first venture debt investment

Jada, the Fund of Funds, part of Saudi Arabia’s Public Investment Fund, has made its first venture debt investment and second private credit investment by supporting Partners for Growth VII, managed by global private credit manager Partners for Growth.

The investment of SAR1bn aims to bolster the growth of the venture debt ecosystem in Saudi Arabia, said Jada at the time of announcing the deal on March 11.

Jada Fund of Funds eyes SME push

In a statement announcing the deal, the fund said, “The decision highlights Jada’s dedication to backing small- and medium-sized enterprises (SMEs) in the kingdom and underscores its belief in strategic and sustainable investments through innovative funding solutions.”

The agreement was finalised in Riyadh, with Bandr Alhomaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, managing director at Partners for Growth, signing the deal.

Bandr Alhomaly, CEO of Jada Fund of Funds, stated, “Our investment in Partners for Growth VII reaffirms our commitment to providing diverse funding solutions and attracting foreign direct investment (FDI) to drive economic growth and diversification as outlined in Vision 2030.”

Jada Fund of Funds Unveils its First Investment in Venture Debt with over SAR 1 Billion Fund

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“جدا” تكشف عن أول استثمارتها في الدين الجريء في صندوق تبلغ قيمته أكثر من مليار ريال

للمزيد: https://t.co/oLjqO0J3qp#VentureDebt… pic.twitter.com/adep3hQWDG

— Jada (@JadaFoF) March 12, 2024

Partners for Growth

Partners for Growth (PFG) is an international fund manager with commitments from various institutional investors worldwide, contributing significantly to FDI in Saudi Arabia. Partners for Growth VII, boasting a fund size exceeding SAR1bn, offers investors an opportunity to access rapidly growing mid-market companies in various sectors.

Armineh Baghoomian, managing director at Partners for Growth, expressed excitement about collaborating with Jada to advance Saudi Arabia’s private credit sector, emphasizing their joint dedication to fostering entrepreneurship, technological advancement, and local talent development.

In 2023, Jada made history with a SAR1bn commitment, leading Saudi Arabia to rank first in venture capital (VC) funding in the Middle East and North Africa (MENA) region for the first time.

Jada said, it remains committed to playing a pivotal role in further catalysing the growth of the private capital ecosystem in the kingdom.

Read: Saudi PIF’s Jada invests in Aliph Capital’s “Aliph Fund I”