Saudi Venture Capital invests SAR112.5m in General Atlantic PE fund

Saudi Venture Capital Company (SVC), a subsidiary of the Small and Medium Enterprises Bank (SME), has announced a significant investment of SAR112.5m in a private equity fund managed by General Atlantic, a global leader in private equity investments, reported the Saudi Press Agency.

The investment aims to bolster Saudi Arabia’s burgeoning technology ecosystem and support high-growth companies across key sectors.

With a history spanning over four decades, General Atlantic boasts a track record in growth-stage private equity investments.

As of March 31, the firm managed approximately $84bn in total assets across its investment products, underscoring its extensive expertise and global reach.

Fund to invest in tech-enabled companies in five sectors in Saudi Arabia

The focus of the newly established fund will be on channeling investments into high-growth, technology-enabled companies operating in five pivotal sectors: consumer products, financial services, healthcare, life sciences, and technology.

This strategic alignment reflects SVC’s commitment to fostering innovation and driving economic growth in Saudi Arabia.

Dr. Nabeel Koshak, CEO and board member of SVC, affirmed the significance of the investment in General Atlantic’s private equity fund, emphasising its alignment with SVC’s broader strategy to attract leading global fund managers to invest in Saudi companies.

Dr Koshak stated, “The investment in the private equity fund with General Atlantic is part of SVC’s fund investment program, aligning with our strategy to attract leading global fund managers to invest in Saudi companies and stimulate investment in later stages.”

Bill Ford, chairman and CEO of General Atlantic, praised the partnership with SVC, citing the transformative impact of Saudi Vision 2030 in fostering a period of growth and innovation in the kingdom.

Ford highlighted the investment opportunities that arise from this initiative for global investors, highlighting the kingdom’s strategic importance as a hub for investment and economic diversification.

Ford further emphasised that SVC’s strategic involvement will deepen General Atlantic’s expertise in the region, enabling the firm to leverage its resources more effectively and capitalise on emerging opportunities in the kingdom’s dynamic business landscape.

The collaboration between SVC and General Atlantic represents a significant step towards enhancing the investment ecosystem in Saudi Arabia and accelerating the growth trajectory of technology-enabled companies in key sectors.