Saudi Sovereign Wealth Fund Creates Fund-of-Funds Company
Posted on 12/18/2019
Saudi Arabia’s Public Investment Fund (PIF) created a 4 billion SAR (US$ 1.07 billion) fund-of-funds company called Jada. Jada was revealed in 2017 and is tasked to support Saudi small and medium-sized enterprises (SMEs) by investing in venture capital and private equity funds. Jada will be investing in these funds that invest in Saudi Arabia. The fund of funds was launched at a ceremony held in Riyadh on December 17, 2019.
Jada made its first commitment investing in funds managed by Dammam-based Raed Ventures and Vision Ventures. Dammam-based RAED Ventures is a Saudi Arabian corporate venture capital firm established by Almajdouie Holding LLC, a major Saudi manufacturing concern, in 2015.