Jada Fund of Funds invests in Ruya Partners private credit with a $250 million fund

Jada Fund of Funds Company has announced its first investment […]

December 7, 2023

Jada Fund of Funds Company has announced its first investment in private credit with an investment in Ruya Partners’ $250 million (SAR 938 million) fund and commits to further support private credit market in the Kingdom with additional investments in the near future. The move affirms Jada’s commitment to supporting SMEs in the Kingdom of Saudi Arabia and the region, and underscores the value it sees in strategic, sustainable investments made through innovative funding solutions.

Earlier this year, Jada expanded its investment coverage to include private credit, and this is the first investment it made in this promising asset class.

Bandr Alhomaly, CEO of Jada Fund of Funds Company, said: “This deal is only the beginning of Jada’s support for the local private credit market, with many more likely to come soon. Our new strategy reinforces our commitment to providing innovative and flexible funding solutions to promote private sector-led growth and economic diversification under the Kingdom’s Vision 2030.”

Ruya Partners is an independent private credit firm that provides bespoke funding solutions to companies. With a target fund size of USD 250 million (SAR 938 million), the Ruya Private Capital I LP fund provides investors with an opportunity to gain exposure to fast-growing and high-potential mid-market companies across a variety of sectors. Jada’s commitment culminates in the first close of Ruya’s fund, resulting in reaching half of the target fund size, and is on track for final close by Q1 2024.

Rashid Siddiqi, Founding Partner of Ruya Partners, said: “We thank Jada for their investment and look forward to a successful partnership together. Providing non-dilutive private credit capital solutions to mid-market companies in situations where traditional financing is not available or accessible should enable such companies to continue on a growth trajectory and help them step-change their business over time to a size where they can access local and regional capital markets.”

Rawan AlJermawi, Head of Private Equity at Jada Fund of Funds Company, stated: “Our collaboration with Ruya Partners reflects our strategic vision to enhance the role of small and medium enterprises. By supporting private credit investment funds, we contribute to the growth and diversification of the investment sector aligning with our commitment to impactful and forward-looking investments.”

Omar Alyawer, Partner at Ruya, said: “We are witnessing a renaissance in the Middle East, led by the significant support from regional sovereign wealth funds and institutional investors like Jada Fund of Funds that are empowering firms like Ruya to help mid-market receive flexible credit solutions to their growth needs.”