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SVC Injects $30M into General Atlantic Fund for Saudi Growth

Strategic Collaboration to Boost Saudi Tech-Enabled Sectors

by Huda Marshad
May 15, 2024
in Industry
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Saudi Venture Capital (SVC) has committed to a substantial $30 million infusion into a private equity fund operated by the esteemed American investment entity, General Atlantic. With a legacy beginning in 1980, General Atlantic has solidified its reputation as a foremost investor in growth equity, boasting a portfolio of $84 billion in managed assets.

  • The investment fund will channel funds into burgeoning, technology-imbued ventures within Saudi Arabia, spanning five pivotal sectors: consumer, financial services, healthcare, life science, and technology.

Announcement Details:

In a strategic move, SVC has announced a significant investment in a private equity fund steered by General Atlantic. This investment giant has been a trailblazer in the growth equity space for over forty years and, as of March 31, 2024, manages around $84 billion in assets across its products.

This collaboration will see the fund primarily investing in high-growth companies that are leveraging technology in core areas such as consumer products, financial services, healthcare, life sciences, and technology sectors.

Dr. Nabeel Koshak, CEO and Board Member at SVC, remarked, The partnership with General Atlantic’s private equity fund aligns with SVC’s Investment in Funds Programme and fulfills our strategic goal of enticing preeminent global fund managers to engage with Saudi-based enterprises, while also fostering later-stage investment flows.

Bill Ford, Chairman and CEO of General Atlantic, expressed enthusiasm about the alliance, stating, We are honored to join forces with SVC and expand our presence in Saudi Arabia. The ambitious Vision 2030 initiative paves the way for a surge in growth and ingenuity in the kingdom, presenting a plethora of compelling investment options for our global clientele. SVC is a critical ally that will enhance our acumen in this key region.

Tags: General AtlanticPrivate EquitySaudi Arabia InvestmentSaudi Venture CapitalTech-Enabled Companies
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