Saudi Arabia’s Jada Fund of Funds, owned by the Public Investment Fund (PIF), has made its first commitment to Growth Catalyst Fund I, a private equity fund targeting $200 million for growth-stage small and medium-sized enterprises in the Kingdom.
Jada did not disclose the size of its commitment. The fund is managed by Growth Catalyst Investment Management and led by Turki Al-Dayel. It will focus on founder-led, upper-middle-market companies that have outgrown venture capital but are not yet ready for public markets.
Growth Catalyst Fund I can also invest in pre-IPO businesses. According to the announcement, it aims to address part of Saudi Arabia’s estimated SAR 300 billion to SAR 500 billion SME financing gap by providing capital during companies’ expansion phase.
The fund expects to support businesses before exits through initial public offerings, strategic acquisitions or secondary transactions. Jada said the commitment supports its strategy of backing emerging fund managers and increasing institutional capital available to Saudi Arabia’s private markets.
Source: Wamda
