Sunday, 19 May 2024

Saudi Venture Capital invests $30mln in a private equity fund by General Atlantic

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Saudi Venture Capital (SVC) announced an investment of $30M in a private equity fund managed by General Atlantic, a leading global growth equity investor. General Atlantic pioneered the growth equity asset class more than four decades ago and has approximately $84 billion in assets under management inclusive of all products as of March 31, 2024.

The fund will focus on investing in high-growth, tech-enabled companies across five core sectors: Consumer, Financial Services, Healthcare, Life Sciences, and Technology.

Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “The investment in the private equity fund by General Atlantic is part of SVC’s Investment in Funds Program, and an implementation of its strategy related to attracting top global fund managers to invest in Saudi-based companies as well as stimulating investment for later stages.”

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Bill Ford, Chairman and CEO of General Atlantic, said: “We are very proud to partner with SVC and broaden our commitment to Saudi Arabia. Vision 2030 sets the stage for a period of dynamic growth and innovation in Saudi Arabia, which will create attractive investment opportunities for our global investors. SVC is a highly strategic investor who will deepen our expertise in this important region.”

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