PIF and BlackRock launch $5bn Saudi capital markets platform

PIF and BlackRock launch $5bn Saudi capital markets platform

Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are set to launch a new investment platform to accelerate growth of the kingdom’s capital markets. The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from the PIF. The investment […]Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are set to launch a new investment platform to accelerate growth of the kingdom’s capital markets.

The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from the PIF. The investment is subject to achieving certain milestones, which were not disclosed.

The Saudi office of BlackRock and PIF signed a memorandum of understanding to establish BlackRock Riyadh Investment Management (Brim), to be overseen by a Riyadh-based portfolio management team that will also aim to raise new funds from local and international investors.

BlackRock’s financial markets advisory group, which provides capital market and risk and analytics advice to governments and financial institutions globally, will support the expansion of local capital markets and enhance market structure.

Brim aims to invest in supporting infrastructure and investment research capabilities