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FinancialNews
05-04-23
KSA's Sanabil Investments Discloses Ties to Over 50 Venture Capital, Private Equity Firms
(MENAFN) Sanabil Investments, the portfolio company of Saudi Arabia's Public Investment Fund, has publicly disclosed its ties to more than 50 venture capital and private equity firms, including Blackstone and KKR & Co. This marks the first time the company has revealed its investments. Sanabil Investments holds stakes in companies such as Andreessen Horowitz, General Atlantic, Hellman & Friedman, and Platinum Equity. It has also disclosed its direct investment portfolio, which includes Atomwise, ActionIQ, and Vectra, among others.
Sanabil Investments has pledged to commit USD2 billion annually to earlier stages of the business lifecycle, particularly in venture capital, growth, and small buyouts. The company's mission is to take on greater degrees of risk to achieve more attractive returns within the context of its commercially-rooted investment philosophy and help achieve Saudi Arabia's strategic aims. Its CEO, Abdullah Alabduljabbar, said that the company wants to partner with entrepreneurs and businesses who harness innovations to fulfill significant societal needs in scalable and sustainable ways.
The company did not indicate the value of the assets it manages, but its website noted that 50 percent of its assets are allocated to venture capital, 30 percent to private equity, and the rest to "liquid portfolios." The Public Investment Fund (PIF), which owns Sanabil Investments, is leading Saudi Arabia's economic diversification journey through strategic international and national investments. The sovereign fund owns 71 companies in 10 different sectors, creating more than 500,000 direct and indirect jobs.
PIF Governor Yasir Al-Rumayyan announced in November 2022 that the PIF plans to create more job opportunities in the future. He said that the PIF wants to create 1.8 million quality jobs, not just look at the figures but the quality of these jobs. Sanabil Investments' disclosure of its investments marks a step forward for transparency and openness in Saudi Arabia's investment sphere.
MENAFN05042023000045014228ID1105947571
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