Jada Fund of Funds Unveilsits First Investment inVenture Debt with over SAR 1Billion Fund
Jada Fund of Funds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth, with SAR 3.75 billion (USD 1 billion) in assets under management, to support the growth of the Venture Debt ecosystem in Saudi Arabia.
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.
The agreement was signed in Riyadh by Bandr Alhomaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, Managing Director at Partners for Growth.
Bandr Alhomaly, CEO of Jada Fund of Funds, said: “Last November, we announced our first investment in private creditand promised to make additional investments in this asset classin the near future.
Delivering on that promise, our investment in Partners for Growth VII marks oursecond 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 (FDI)to promote economic growth and diversification guided by Vision 2030.”
Partners for Growth (PFG) is an international fund manager that has secured commitments from a wide range of sophisticated institutional investors from around the globe, making them a serious contributor to FDI in the Kingdom.
Partners for Growth VII, with a fund size of over SAR 1 billion, provides investors with an opportunity to gain exposure to fast-growing and high-potential mid-market companies across a variety of sectors.
Armineh Baghoomian, Managing Directorat Partners for Growth, said: “We are thrilled to partner with Jada to accelerate the growth of Saudi Arabia’s private credit sector.
This collaboration exemplifies our shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.”
In 2023, Jada had an unprecedented year with a record-breaking commitment of SAR 1 billion, contributing to Saudi Arabia ranking firstin the Middle East and North Africa (MENA) region in venture capital (VC)funding for the first time.
In this regard, Jada renewed its commitment to play a leading and integral role in further accelerating the growth of the private capital ecosystem in the Kingdom.
Jada Fund of Funds is a Saudi company based in Riyadh. Launched by a resolution of the Council of Ministers, Jada was established by the Public Investment Fund with an investment capital of SAR 4 billion (approximately USD 1 billion).
Jada is a critical component of Saudi Arabia’s Vision 2030 for the purpose of leading the development of a thriving Private Equity and Venture Capital ecosystem in Saudi Arabia.
Jada was created with the aim of financing the growth of small- and medium-sized enterprises (SMEs) in Saudi Arabia in a sustainable manner.
In addition to financial contributions, Jada develops the ecosystem by enriching the VCPE knowledge including through regular meetups, Emerging Fund Manager trainings, outreach programs and partnership with international academic institutions to, among others, publish case studies on Saudi-based success stories for companies and fund managers.
As of March 2024, Jada has invested in 39 funds, with SAR 3.5 billion committed. Through these funds, it has supported the creation of around 12,000 jobs in Saudi Arabia and supported over 500 SMEs.
