Saudi Venture Capital makes key investment in General Atlantic fund
INDUSTRIAL NEWS
Saudi Venture Capital Company (SVC), a subsidiary of the Small and Medium Enterprises Bank (SME), has announced a significant SAR112.5 million ($31 million) investment in a private equity fund managed by General Atlantic, a global leader in private equity investments with headquarters in New York.
With over four decades of experience, General Atlantic has a track record in growth-stage private equity investments and, by March 31, 2024, was managing approximately $84 billion in total assets, including all investment products.
The focus of the fund will be on investing in high-growth, technology-enabled companies operating in five key sectors: consumer products, financial services, healthcare, life sciences, and technology.
SVC Chief Executive Officer Dr Nabeel Koshak said: "The investment in the private equity fund with General Atlantic is part of SVC's fund investment program, aligning with our strategy to attract leading global fund managers to invest in Saudi companies and stimulate investment in later stages."
Lauding the SVC partnership, General Atlantic's Chairman and CEO Bill Ford said Saudi Vision 2030 has a significant role in fostering a period of exceptional growth and innovation in the kingdom, and emphasized the investment opportunities that arise from this vision for global investors.
SVC's strategic involvement will deepen their expertise in this important region, he added.-TradeArabia News Service
