Banking & Finance Saudi wealth fund set to close $11bn refinance deal By Staff Writer September 7, 2022 Lucid The Public Investment Fund owns stake in luxury electric-vehicle group Lucid Saudi Arabia’s Public Investment Fund (PIF) will refinance an $11 billion loan and significantly increase the borrowing size, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will use a significant portion of the loan to refinance debt maturing next year. The final terms are yet to be decided, the report said. In 2018, the PIF took its first-ever $11 billion loan, provided by some of the biggest global lenders and priced at 75 basis points over LIBOR. In Q2 2022, the PIF took new stakes in 17 companies, bringing the value of its investments in US equities to $41 billion. The fund, which manages more than $620 billion in assets globally, invested $464 million in Google parent company Alphabet, $507 million in the video conferencing company Zoom, and $474 million in Microsoft.