Jada Fund of Funds, backed by Saudi Arabia’s PIF, is increasing its focus on private credit to capitalize on growing demand and diversify financing options for mid-sized companies amid a nascent yet rapidly expanding market.
Jada Fund of Funds, the vehicle backed by Saudi Arabia’s sovereign investor, is repositioning to deepen its commitments to private credit as Riyadh seeks alternatives to traditional bank lending and equity financing.
According to the announcement by Jada’s chief executive Bandr Alhomaly, the firm sees “significant room for growth in the segment. Private credit remains largely underdeveloped in Saudi Arabia relative to global markets, so we are keen to raise our allocation.” Established in 2018 with roughly $1 billion of capital supplied by the Public Investment Fund, Jada has so far committed almost $600 million into nearly 50 funds, the firm said. It describes private credit as a key focus area going forward.
Jada’s shift follows a string of new private-credit initiatives and partnerships aimed at building capacity in the Kingdom. Bloomberg reported that Indian venture-debt specialist Stride Ventures has struck an agreement to deploy $200 million in Saudi Arabia over the next two years as part of a wider partnership linked to PIF. Business Standard said the tie-up with Stride is intended to support a global programme of more than $1 billion across venture debt and private credit strategies while directing about $200 million into Saudi start-ups and growth companies, offering non-dilutive financing alternatives.
Earlier moves by Jada into the asset class include an investment in Ruya Partners’ $250 million fund, marking what Jada described as its first private-credit commitment and signalling an appetite for mid-market lending that supports small and medium-sized enterprises across the region. Industry participants have also launched local funds to meet demand: Jadwa Investment has opened a Gulf-focused diversified private credit vehicle targeting up to SAR 750 million (around $200 million) and completed an initial close above SAR 300 million, with capital already deployed into fintech platforms, according to Jadwa’s own statements.
Government and market data underline both the scale of the opportunity and how nascent the sector remains. S&P Global Market Intelligence estimates private capital lending accounted for about 2% of Saudi Arabia’s total debt stock, though the segment has expanded quickly , rising roughly tenfold since 2020 to reach $3.7 billion in 2024. That rapid growth, however, starts from a low base, leaving ample room for institutional investors and specialist lenders to expand their footprint.
Domestic institutional partners are also mobilising to attract international experience. SAB Invest has announced a collaboration with Stride Ventures to bolster the venture capital ecosystem through growth-debt solutions, while Stride’s early Saudi transactions include a lead role in a funding round for a local fintech and a reported growth-debt facility for a B2B platform, underscoring the immediate demand among fast-growing technology-enabled businesses for flexible capital.
For Jada, increasing allocations to private credit would align with broader policy goals to deepen domestic capital markets, foster non-dilutive financing channels for entrepreneurs and diversify the suite of financing options available to mid-sized companies. The company’s ties to the Public Investment Fund give it both scale and a strategic remit to crowd in external managers and specialised lenders.
Market participants caution that building a robust private credit ecosystem requires more than capital: it needs underwriting expertise, regulatory clarity, and an enlarged pool of credit-ready borrowers. Industry data and recent fund launches suggest progress is under way, but the private credit market in Saudi Arabia remains emerging and will take time to approach the scale seen in developed markets.
Jada’s public comments and its recent commitments indicate a deliberate pivot toward that longer-term objective, even as the fund balances portfolio diversification with careful selection of external managers and first-mover investments in local private-credit strategies.
- https://www.fundsglobalmena.com/saudis-jada-fund-of-funds-targets-expansion-in-private-credit/ – Please view link – unable to able to access data
- https://www.business-standard.com/companies/news/stride-ventures-partners-with-saudi-pif-to-scale-global-private-credit-126022700884_1.html – Stride Ventures, an Indian venture debt firm, has partnered with Saudi Arabia’s Public Investment Fund (PIF) to deploy over $1 billion globally across venture debt and private credit strategies. This includes a target of approximately $200 million in Saudi Arabia’s entrepreneurial and innovation ecosystem over the next two years. The partnership aims to strengthen the private credit market in Saudi Arabia and support high-growth companies with non-dilutive capital.
- https://www.jadwa.com/en/node/27469 – Jadwa Investment, a leading investment management and advisory firm in the Middle East, has launched its flagship private credit fund, the Jadwa GCC Diversified Private Credit Fund, with a target size of up to SAR 750 million (USD 200 million). The fund has successfully completed its first close at over SAR 300 million (USD 80 million) and has already deployed capital into its first two investments, in partnerships with regional fintech platforms Lendo and JeelPay.
- https://gulfnews.com/business/markets/saudis-jada-fund-of-funds-unveils-its-first-investment-in-private-credit-with-250-million-fund-1.99642706 – Jada Fund of Funds Company, based in Saudi Arabia, has made its inaugural investment in private credit by investing in Ruya Partners’ $250 million fund. This marks Jada’s first step into the private credit market, reflecting its dedication to supporting SMEs in Saudi Arabia and the wider region. The investment aims to provide non-dilutive private credit capital solutions to mid-market companies, enabling them to continue on a growth trajectory and access local and regional capital markets.
- https://www.bloomberg.com/news/articles/2025-09-22/venture-debt-firm-stride-bets-on-saudi-arabia-with-200-million – Stride Ventures, a venture debt firm, has entered the Saudi Arabian market and plans to deploy $200 million there over the next two years to capitalize on the kingdom’s push for new sources of financing. The firm has already extended more than $1 billion in credit across India, Southeast Asia, and the UK. Stride led a funding round into Saudi financial technology firm Erad, marking its first fintech investment in the Middle East and initiating its investment push in Saudi Arabia.
- https://www.sabinvest.com/en/announcements/sab-invest-partners-with-stride-ventures-to-enrich-vc-ecosystem-in-saudi-arabia – SAB Invest has announced a partnership with Stride Ventures, a growth debt and private credit platform, aiming to strengthen Saudi Arabia’s venture capital ecosystem by bringing international expertise and firms into the local market. The partnership marks SAB Invest’s expansion into startup-focused investments and private credit for small and medium enterprises, enabling Stride Ventures to collaborate with one of the Kingdom’s largest institutional investors in this sector, boosting capital and expertise inflows into the Saudi market.
- https://www.wamda.com/2025/10/saudi-arabia-brkz-lands-30-million-debt-stride-ventures – BRKZ, a Saudi Arabia-based B2B building materials platform, has secured up to $30 million in growth debt from Stride Ventures to strengthen its position as a key innovator in tailored embedded financing for the Kingdom’s building materials market. The financing will support BRKZ’s expansion of flexible payment options and AI-driven procurement tools, aiming to provide contractors and factories with reliable execution capabilities in a challenging market environment.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on 11 March 2026. A search reveals that similar narratives have appeared in recent weeks, notably on 27 February 2026, reporting on Jada’s agreement with Stride Ventures to deploy $200 million in Saudi Arabia over the next two years. ([devdiscourse.com](https://www.devdiscourse.com/article/headlines/3819911-stride-ventures-expanding-globally-with-a-1-billion-deployment-plan?utm_source=openai)) This suggests the content is relatively fresh, though the exact publication date of the original announcement is not specified.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Bandr Alhomaly, CEO of Jada Fund of Funds. A search indicates that similar statements have been reported in recent weeks, suggesting the quotes are not newly sourced. ([devdiscourse.com](https://www.devdiscourse.com/article/headlines/3819911-stride-ventures-expanding-globally-with-a-1-billion-deployment-plan?utm_source=openai)) However, without access to the original press release or direct confirmation, the exact wording and context of the quotes cannot be independently verified.
Source reliability
Score:
6
Notes:
The article originates from Funds Global MENA, a publication focusing on investment news in the Middle East and North Africa. While it appears to be a niche publication, it is not widely known, which may affect its reach and influence. The lack of a clear publication date for the original announcement raises concerns about the timeliness and accuracy of the information presented.
Plausibility check
Score:
8
Notes:
The claims about Jada Fund of Funds increasing its exposure to private credit and partnering with Stride Ventures align with recent developments in the Saudi private credit market. However, the absence of specific details, such as the exact terms of the agreement and the timeline for deployment, makes it difficult to fully assess the plausibility of the claims.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on Jada Fund of Funds’ plans to expand its exposure to private credit, including a partnership with Stride Ventures to deploy $200 million in Saudi Arabia over the next two years. While the content is relatively fresh and plausible, the reliance on a niche publication and the lack of direct access to original sources or press releases raise concerns about the accuracy and completeness of the information. The inability to independently verify the quotes and specific details further diminishes confidence in the article’s reliability.