A private equity fund backed by Saudi Arabia’s Public Investment Fund (PIF) has raised nearly $2B and plans to invest half of that capital in the kingdom.
The fund was launched by Brookfield Middle East Partners (BMEP), Brookfield’s Saudi unit, with PIF serving as its anchor investor. Brookfield has committed $500M, according to a joint statement from the two companies. The statement did not disclose PIF’s contribution or identify other investors.
The fund will invest across the Middle East, with a focus on high-growth markets in the Gulf Cooperation Council. PIF said the partnership is intended to attract more international private equity investment to Saudi Arabia and the wider region.
Brookfield has operated in the region since 2015 and manages more than $16B in assets across private equity, real estate and infrastructure, according to the announcement.
The new vehicle follows a memorandum of understanding between PIF and infrastructure investor I Squared Capital to explore investments in Saudi Arabia’s real estate enablers. The companies have allocated up to $1B each to digital infrastructure and district cooling.
Source: AGBI
