Jada Fund of Funds, a subsidiary of Saudi Arabia's Public Investment Fund (PIF) has invested in Bahrain's Investorcorp, a $500 million pre-IPO growth fund.

The fund, launched last year, aims to invest in a diversified portfolio of high-growth startups looking to go public over the next few years.

Last August, Investcorp led a $100 million pre-IPO funding round in TruKKer, a trucking marketplace, with over 45,000 trucks on its platform, and NourNet, a local ICT company serving 1,200 corporate clients operating across over 20 industries.

Launched in late 2019, Jada is a $1.07 billion (SAR 4 billion) fund targeting investments in startups, venture capital (VC) funds and private equity funds.

Press release

Investcorp, a leading global alternative investment firm, has announced that Jada Fund of Funds, a subsidiary of the Public Investment Fund (PIF), has committed to invest in Investcorp Saudi Pre-IPO Growth Fund (the “Fund”). The Fund was launched last year to invest in a diversified portfolio of companies, primarily based in Saudi Arabia that are targeting to access the public capital markets over the next few years. Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, MENA’s largest digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

The Fund is targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3-4 years. The Fund provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer.

“One of Jada's primary goals is to support the growth of the local private equity ecosystem, and we look forward to see Investcorp's Saudi Pre-IPO Growth Fund playing an impactful role in supporting companies across the Kingdom that have strong growth trajectories and the ability to invigorate the wider SME community,” said Bandr Alhomaly, CEO of Jada Fund of Funds Company".

“We are excited about Jada’s commitment to anchor our Fund. We share a common objective of supporting national champions in their growth and value creation journey, contributing to the Kingdom’s economic development and diversification objectives”, said Walid Majdalani, Head of Private Equity MENA and Southeast Asia.

“Jada’s commitment to Investcorp Saudi Pre-IPO Fund marks the start of a long-term strategic partnership, as Investcorp continues to grow its assets under management across multiple asset classes in Saudi Arabia,” said Yasser Bajsair, Head of Investcorp Saudi Arabia.

Source: Wamda