Riyadh, Saudi Arabia: The investment arm, Saudi Venture Capital (SVC), has recently declared a substantial $30 million allocation to a private equity fund under the stewardship of General Atlantic, a prominent entity in the arena of growth equity investment. With a history spanning over 40 years, General Atlantic is recognized for pioneering the growth equity sector, with a portfolio of around $84 billion encompassing various investments as of the end of March 2024.
This collaboration is aimed at propelling high-potential, technology-driven enterprises within key industries such as Consumer, Financial Services, Healthcare, Life Sciences, and Technology.
Dr. Nabeel Koshak, the Chief Executive Officer and Board Member of SVC, remarked on this partnership, stating, The commitment to General Atlantic’s private equity fund aligns with SVC’s Investment in Funds Program and is a proactive step in executing our strategy to draw in preeminent global fund managers for investments in Saudi enterprises, as well as fostering investment during the latter stages of growth.
Expressing his enthusiasm, Bill Ford, the Chairman and Chief Executive Officer of General Atlantic, mentioned, We are honored to forge this partnership with SVC and expand our engagement with Saudi Arabia. The ambitious Vision 2030 lays the groundwork for a phase of vibrant growth and innovation within the nation, paving the way for compelling investment prospects for our international investors. SVC is a highly strategic investor, enhancing our expertise in this crucial region.
About SVC
Established in 2018, SVC operates as an investment entity and a subsidiary of the SME Bank, which falls under the umbrella of the National Development Fund. SVC’s principal objective is to catalyze and maintain funding support for startups and SMEs, from the nascent pre-Seed stage to the pre-IPO phase, through fund investments and direct stakes in startups and SMEs.
About General Atlantic
General Atlantic stands as a global leader in growth investing, boasting over forty years of experience in delivering capital and strategic assistance to more than 520 growth-oriented companies. Founded in 1980, the firm’s mission is to collaborate with visionary entrepreneurs and generate significant influence. With a global presence, sector-specific prowess, a commitment to long-term investment, and an understanding of growth dynamics, General Atlantic partners with exceptional entrepreneurs and management teams to expand innovative companies globally. As of March 31, 2024, General Atlantic oversees approximately $84 billion in assets, supported by over 300 investment professionals stationed across more than 16 locations worldwide.
