Jada Fund of Funds, a subsidiary of Saudi Arabia's Public Investment Fund, has partnered with private equity fund manager Aliph Capital to promote the kingdom's small and medium-sized businesses. The cooperation intends to strengthen strategic and long-term investments made with private equity and venture capital. Jada has announced its intention to participate in Aliph Capital's GCC-focused fund, Aliph Fund I. Aliph Fund I is a $250 million target PE fund established in Abu Dhabi Global Market that invests in mid-sized Gulf Cooperation Council (GCC) firms.
As per Bandr Alhomaly, chief executive of Jada Fund of Funds, the agreement shows a "joint goal: to bolster SMEs, an integral component of Saudi Arabia's economic framework, and to equip them with capital, talent, and technology."
“We believe that strong managers play a key role by applying their expertise in selecting good assets and guiding portfolio companies towards contributing to Saudi Arabia’s economic diversification objectives."
Jada, founded by the PIF with almost $1 billion in investment funds, is a vital component of Saudi Arabia's Vision 2030, entrusted with guiding the establishment of a robust private equity and venture capital ecosystem in the Arab world's largest economy. It agreed to invest in Investcorp's $500 million Saudi pre-IPO growth fund in June.
Aliph Capital got $125 million from Abu Dhabi holding firm ADQ in October for its first fund. The following month, the firm completed an investment transaction by acquiring The Pet Shop, the UAE's largest pet business.