King Street Capital Management (King Street), a global investment management firm, and the Public Investment Fund (PIF) have signed a non-binding MoU for PIF to act as an anchor investor in a new private credit fund targeting Saudi Arabia and the wider MENA region.
The fund will provide private capital solutions to corporates and conduct asset-based lending in Saudi Arabia and MENA, with flexibility to pursue credit opportunities in public markets and select special situations.
PIF aims to attract global capital and expertise to the region through strategic partnerships with international asset managers.
Brian Higgins, Founder and Managing Partner of King Street, said:
“We believe the regional private credit market will need to grow by at least 15-30% annually over the next five years to finance economic development in Saudi Arabia and the MENA region. This will complement the GCC’s robust banking sector and expanding capital markets.”
King Street has been expanding its presence in Saudi Arabia and MENA and is in the process of opening an office in Riyadh.
Featured image credit: PIF press release
