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PIF-owned Jada Fund of Funds Company has committed USD 52 mn to a fund raised by US-based Partners for Growth, marking its second entry into the private credit market, Bloomberg reported yesterday. Partners for Growth, which provides structured financial solutions for growing companies, closed the USD 325 mn fund in December.
Partners for Growth has provided debt financing to some of Saudi’s leading startups, including homegrown BNPL unicorn Tabby and digital freight network Trukker.
What they said: “Our strategy reinforces our commitment to providing additional funding solutions and attracting foreign direct investment to promote economic growth and diversification,” Jada Fund of Funds CEO Bandr Alhomaly said.
REMEMBER- Jada announced last year its first investment in private credit with an unspecified contribution to Ruya Partners’ USD 250 mn fund. This came a few months after Jada said it expanded its investment coverage to include private credit.
