Saudi Venture Capital (SVC) has invested $30 million in Olive Rock Partners Fund I, a regional private equity fund focusing on macro-supported mid-market buyouts.
The subscription agreement was signed by SVC’s CEO and Board Member, Dr. Nabeel Koshak, and Olive Rock Partners’ Founding Partner, Muhannad Qubbaj, according to a statement from the Saudi Press Agency. SVC’s Chief Investment Officer, Nora Alsarhan, Vice President of Investments, Haifa Almoqbil, and Olive Rock Partners’ Founding Partner, Abdullah Shahin were also present during the event.
“The investment in Olive Rock Partners Fund I is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors,” said SVC’s CEO, Dr. Nabeel Koshak.
Muhannad Qubbaj, Founding Partner at Olive Rock Partners, added: “We thank SVC for the investment and trust extended and are excited about the fruitful partnership that is being forged ahead between both parties. We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom of Saudi Arabia will increasingly become a key factor in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape.”
SVC is an investment company established in 2018, a subsidiary of the SME Bank, part of the National Development Fund.
