Riyadh, March 13, 2024, Saudi Venture Capital (SVC) has disclosed its commitment of $30 million to Olive Rock Partners Fund I, as outlined in a press release from SVC. This regional private equity fund specializes in actively investing in mid-market buyouts backed by macroeconomic trends, focusing on demographic shifts, geographical advantages, and technological innovations.
The subscription agreement was formalized by SVC's CEO and Board Member, Dr. Nabeel Koshak, and Muhannad Qubbaj, the Founding Partner of Olive Rock Partners. The signing ceremony was graced by SVC's Chief Investment Officer, Nora Alsarhan, Vice President of Investments, Haifa Almoqbil, alongside Abdullah Shahin, Founding Partner at Olive Rock Partners.
Dr. Nabeel Koshak, SVC's CEO, remarked, "The investment in Olive Rock Partners Fund I is an integral part of SVC's Investment in Funds Program, aligning with our ongoing efforts to support the financing needs of startups and SMEs, particularly in strategic sectors." Muhannad Qubbaj, Founding Partner at Olive Rock Partners, expressed gratitude for SVC's investment and trust, underscoring the significance of private equity partnerships in driving growth within Saudi Arabia's SME ecosystem and broader direct investment landscape.
Established in 2018, SVC operates as an investment company under the umbrella of the SME Bank, a division of the National Development Fund. The primary objective of SVC is to catalyze and sustain financing for startups and SMEs across various stages, ranging from pre-Seed to pre-IPO, through investments in funds and direct participation in startup and SME ventures.
