(MENAFN- JUMMAR PR) Riyadh, Saudi Arabia – 13 March 2024: Saudi Venture Capital (SVC) announced its investment of $30 million in Olive Rock Partners Fund I, a regional private equity fund focusing on actively investing in macro supported mid-market buyouts that are demographically driven, geographically advantaged, and technologically enabled.
The subscription agreement was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC and Muhannad Qubbaj, Founding Partner at Olive Rock Partners. The signing ceremony was also attended by Nora Alsarhan, Chief Investment Officer at SVC, and Haifa Almoqbil, Vice President of Investments at SVC, as well as Abdullah Shahin, Founding Partner at Olive Rock Partners.
Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “The investment in Olive Rock Partners Fund I is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors.”
Muhannad Qubbaj, Founding Partner at Olive Rock Partners, commented: “We thank SVC for the investment and trust extended, and are excited about the fruitful partnership that is being forged ahead between both parties. We also would like to emphasize the aligned conviction that private equity partnerships in the Kingdom will increasingly become key in fuelling the growth of the SME space and in fostering the expansion and development in the overall direct investment landscape.”
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
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