Turmeric Capital, an investment firm led by former L Catterton Asia head Ravi Thakran, has secured backing from Saudi Arabia for a $500 million private equity fund, according to people familiar with the matter.
Jada, which was given $1 billion by Saudi Arabia’s wealth fund to seed venture and private equity firms investing in the country, will commit about $100 million, the people said, asking not to be identified as the information is private.
The promise of higher returns is prompting the $10 trillion wealth fund industry to shift more capital into private markets. And as the $500 billion PIF takes on a bigger role in supporting the Saudi economy, it’s also becoming more important as a source of capital for fund managers in the Middle East.
Chaired by the Saudi crown prince, the PIF last year agreed to be an anchor investor in a $300 million private credit fund managed by NBK Capital Partners and also made a pledge of as much as $160 million to a Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp.
Read more: BNN Bloomberg
