PIF’s Jada backs $200m Growth Catalyst Fund targeting Saudi mid-market firms

Jada Fund of Funds, a wholly owned subsidiary of the Public Investment Fund (PIF), has committed to Growth Catalyst Fund I, a Saudi private equity vehicle targeting SR750 million ($200 million) to invest in mid-market companies across the Kingdom. The commitment was announced at the fund’s first close, though Jada did not disclose the exact size of its cheque. Growth Catalyst Fund I is licensed by the Capital Market Authority and will target established, late-stage Saudi firms with proven business models and growth potential.

“Growth equity occupies a vital space in any mature private capital ecosystem, supporting companies that have proven their model and are ready to scale,” said Bandr Alhomaly, CEO and managing director of Jada. “Our commitment to Growth Catalyst Fund I reflects our confidence in the growth equity opportunities within Saudi Arabia and our deliberate focus on developing the next generation of fund managers who will help shape the Kingdom’s investment landscape.”

The fund will deploy capital into sector-agnostic opportunities aimed at accelerating growth, strengthening governance and improving operational capabilities in portfolio companies, positioning them for potential exits via strategic transactions or listings. Turki Al-Dayel, founder and CEO of Growth Catalyst, welcomed Jada as an anchor investor, saying: “We are pleased to welcome Jada Fund of Funds as an anchor investor in Growth Catalyst Fund I. The support reflects strong confidence in our strategy and in the opportunity within Saudi Arabia’s mid-market segment.”

Context and recent moves in Saudi private capital

• Growth Catalyst Fund I: SR750 million (approximately $200 million) target, licensed by the Capital Market Authority, focused on mid-market Saudi companies.
• Jada Fund of Funds: a PIF subsidiary established to develop private capital across venture capital, private equity and private debt strategies.
• Recent complementary commitments: Jada backed Stride Ventures Debt Fund V to broaden private debt financing, while SIDF Investment Co. invested in Khwarizmi Ventures Fund II to support technology startups.
• Saudi Venture Capital (SVC), a subsidiary of the SME Bank under the National Development Fund, previously invested in Growth Catalyst Fund I in April; SVC reported cumulative commitments of $1.2 billion across 65 funds and said it helped attract $5.9 billion from investment partners.

Jada framed the move as part of a wider strategy to back emerging fund managers, cultivate regional investment talent and deepen the Kingdom’s private capital market. The fund’s emphasis on high-growth small and medium-sized enterprises aligns with national economic diversification goals and aims to expand financing solutions for companies at later growth stages.

Outlook

With Jada’s endorsement and SVC’s earlier participation, Growth Catalyst Fund I arrives with institutional backing that industry participants say is crucial for building confidence among domestic and international LPs. The combination of growth-equity capital and complementary private debt vehicles — highlighted by recent commitments to debt funds and venture funds — suggests a maturing ecosystem that can support scaling Saudi firms toward strategic exits. For Growth Catalyst and its portfolio targets, the near-term priority will be deploying the SR750 million fund into companies with clear pathways to scale while bolstering governance and operational readiness for future liquidity events.