Saudi Arabia’s Jada Fund of Funds has announced its first investment in venture debt and second in the private credit space.
The PIF-backed firm will invest in Partners for Growth’s SR1 billion ($266 million) fund. The fund provides investors with exposure to fast-growing and high-potential mid-market companies across a variety of sectors.
The move affirms Jada’s support for small- and medium-sized enterprises (SMEs) in the Kingdom and underscores the value it sees in strategic and sustainable investments made through innovative funding solutions, Jada said in a statement to the press.
“Last November, we announced our first investment in private credit and promised to make additional investments in this asset class in the near future,” Bandr Alhomaly, CEO of Jada Fund of Funds, said. “ Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment (FDI) to promote economic growth and diversification guided by Vision 2030.”
The agreement was signed in Riyadh by Bandr Alhomaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, Managing Director at Partners for Growth.
The firm also announced its first investment in private credit space with an investment in Ruya Partners’ $250 million fund.
To date, Jada has invested in 39 funds, with its investments totalling SAR3.5 billion riyals. Through these funds, it has supported the creation of around 12,000 jobs in Saudi Arabia and supported over 500 SMEs, the company said.
