Riyadh, May 14, 2024, Saudi Venture Capital Company (SVC), a subsidiary of the Small and Medium Enterprises Bank (SME), has announced a SAR112.5 million investment in a private equity fund managed by General Atlantic, a global leader in private equity investments.
With over four decades of experience, General Atlantic has a track record in growth-stage private equity investments and, by March 31, 2024, was managing approximately $84 billion in total assets, including all investment products.
The focus of the fund will be on investing in high-growth, technology-enabled companies operating in five key sectors: consumer products, financial services, healthcare, life sciences, and technology.
SVC CEO and Board Member Dr. Nabeel Koshak said: "The investment in the private equity fund with General Atlantic is part of SVC's fund investment program, aligning with our strategy to attract leading global fund managers to invest in Saudi companies and stimulate investment in later stages."
General Atlantic's Chairman and CEO Bill Ford commended the partnership with SVC, highlighting the significance of Saudi Vision 2030 in fostering a period of exceptional growth and innovation in the Kingdom, and emphasized the investment opportunities that arise from this vision for global investors.
Ford further noted that SVC's strategic involvement will “deepen their expertise in this important region”.