A unit of Saudi Arabia’s sovereign investor has entered private credit for the second time, investing $52 million in a fund raised by Partners for Growth, based in San Francisco. This fund has provided debt financing for various firms, including one of the Middle East's first fintech unicorns. Partners for Growth recently closed a $325 million fund in December. Previously, it extended debt financing to companies like Tabby, a buy-now-pay-later platform, and Trukker, a startup offering trucking services akin to Uber.

Overall, the firm manages nearly $1 billion in assets, aiming to diversify economic growth by offering alternative funding solutions and attracting foreign direct investment, as stated by Bandr Alhomaly, CEO of Jada Fund of Funds. Saudi Arabia's Public Investment Fund (PIF) has been actively investing in technology firms and startups, nurturing the growth of a vibrant venture capital industry and fostering entrepreneurship. The kingdom saw startups raise $1.4 billion in 2023, surpassing the United Arab Emirates for the first time.