The Saudi Venture Capital company (SVC) has disclosed an investment of SAR 112.5 million (approximately USD 30 million) into a private equity fund managed by General Atlantic, a globally recognized firm with a focus on private equity investments.
For over four decades, General Atlantic has led growth equity investments, and as of March 31, 2024, it managed assets totaling nearly USD 84 billion, inclusive of all investment products.
The fund’s investment strategy will be centered on fast-growing, technology-driven companies across five key sectors: consumer products, financial services, healthcare, life sciences, and technology, as reported by the Saudi Press Agency ‘SPA’.
Nabil Koshk, CEO and board member of SVC, remarked that the venture into the private equity fund with General Atlantic aligns with SVC’s fund investment program and is in line with their strategy to attract leading global fund managers to invest in Saudi companies, as well as to stimulate investment in more advanced stages.
Established in 2018, SVC is an investment entity affiliated with the Small and Medium Enterprises Bank, which is part of the National Development Fund. SVC aims to foster and sustain the financing of startups and small to medium-sized businesses from pre-establishment to pre-initial public offering stages through both fund investments and direct investments in emerging companies and SMEs.
