Banking & Finance PIF to anchor Goldman Sach’s new GCC-focused funds By Pramod Kumar March 4, 2025, 10:59 AM Reuters/Dado Ruvic Asset management is a key focus area of PIF’s efforts to diversify the Saudi economy and build local capital markets Saudi Arabia’s Public Investment Fund (PIF) is to be an anchor investor in Goldman Sachs Asset Management’s new funds focused on Gulf Cooperation Council (GCC) countries, the Fund said in a statement. The two companies have signed a non-binding memorandum of understanding (MoU) focusing on private credit and public equity. The new funds aim to raise equity from global investors, with a substantial portion allocated for investment in Saudi Arabia, the statement said. The MoU hopes to strengthen the domestic asset management industry and encourage regional and international fund managers to expand their presence in the kingdom. Asset management is a focus area of PIF’s efforts to diversify the Saudi economy and build local capital markets. The private credit strategy will aim to raise senior and junior loans and debt for GCC-domiciled companies or those who do most of their business with it, the companies said in a joint statement. The public equity strategies will focus on investments in publicly-listed companies that either trade on the Saudi exchange or have businesses connected to the kingdom. PIF temporarily suspends PwC from advisory work Goldman Sachs appoints new CEO for Saudi Arabia PIF’s $1bn Dazn deal creates new Mena sports streamer In May 2024 Goldman Sachs became the first Wall Street bank to open an office in Riyadh under the regional headquarters programme. In a report issued in October 2023, Goldman Sachs Research estimated that nearly $1 trillion worth of investment would flow into Saudi Arabia by 2030. The fund would target six key sectors such as upstream energy, downstream energy, clean technology, metals and mining, digital transformation and transportation and logistics.
