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 credit and promised to make additional investments in this asset class in the near future. Delivering on that promise, our investment in Partners for Growth VII marks our second 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 Director at 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 claims it has “had an unprecedented year with a record-breaking commitment of SAR 1 billion, contributing to Saudi Arabia ranking first in 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.”