PIF-backed Jada commits $266m in its first venture debt investment

PIF-backed Jada commits $266m in its first venture debt investment

Image credit: Getty Images Jada, the Fund of Funds, part of Saudi Arabia’s Public Investment Fund, has made its first venture debt investment and second private credit investment by supporting Partners for Growth VII, managed by global private credit manager Partners for Growth. The investment of SAR1bn aims to bolster the growth of the venture debt ecosystem in Saudi Arabia, said Jada at the time of announcing the deal on March 11. Jada Fund of Funds eyes SME push In a statement announcing the deal, the fund said, “The decision highlights Jada’s dedication to backing small- and medium-sized enterprises (SMEs) in the kingdom and underscores its belief in strategic and sustainable investments through innovative funding solutions.” The agreement was finalised in Riyadh, with Bandr Alhomaly, CEO of Jada Fund of Funds, and Armineh Baghoomian, managing director at Partners for Growth, signing the deal. Bandr Alhomaly, CEO of Jada Fund of Funds, stated, “Our investment in Partners for Growth VII reaffirms our commitment to providing diverse funding solutions and attracting foreign direct investment (FDI) to drive economic growth and diversification as outlined in Vision 2030.” Partners for Growth Partners for Growth (PFG) is an international fund manager