Jada, a unit of Saudi Arabia’s PIF sovereign fund, has made a $53m investment into a fund raised by San Francisco-based Partners for Growth, its second private credit investment to date, according to a report by Bloomberg.
The $325m fund, which closed in December, is focused on providing debt financing for firms including buy-now pay-later company Tabby, one of the Middle East’s first fintech unicorns.
Other investments include Trukker, a startup that provides an Uber-like service for trucks.
The PIF has created a $1bn fund of funds for investments including into venture capital as it looks to build a domestic VC industry to help diversify Saudia Arabia’s economy, and also puts money to work directly through its Snail subsidiary.
