The Saudi Venture Capital Company (SVC), which operates under the aegis of the Small and Medium Enterprises Bank (SME), has recently declared an investment of SAR 112.5 million into a private equity fund overseen by General Atlantic, a prominent entity in the realm of private equity. General Atlantic boasts a stellar reputation for its expertise in nurturing growth-stage companies and, as of March 31, 2024, was responsible for managing an impressive portfolio of roughly $84 billion across various investment vehicles.
Targeting an array of high-growth, tech-infused sectors such as consumer goods, financial services, healthcare, life sciences, and technology, the fund aims to drive innovation and expansion within these domains.
SVC’s CEO and board member, Dr. Nabeel Koshak, has expressed that this move is a calculated component of SVC’s fund investment strategy. It seeks to draw in preeminent global fund managers to channel investments into Saudi-based firms and invigorate the investment landscape, particularly in the later stages of business development.
Bill Ford, Chairman and CEO of General Atlantic, praised the new alliance with SVC, emphasizing how Saudi Arabia’s Vision 2030 is catalyzing an era of unparalleled growth and ingenuity within the Kingdom. Ford underscored the prolific investment prospects that this national blueprint presents to the global investment community. He added that SVC’s strategic engagement is poised to bolster their knowledge and influence within this vital region.
