RIYADH: Saudi Arabia has captured the vast majority of Partners for Growth’s capital deployed in the Gulf Cooperation Council, as the global private credit fund leans into what it sees as the region’s largest market for growth-stage technology financing.
The San Francisco-based firm has deployed about $450 million in commitments in the GCC, and “the vast majority of that is in Saudi,” said Armineh Baghoomian, managing director at the firm who also serves as head of Europe, the Middle East and Africa and co-head of global fintech.
The company was one of the earliest lenders to Saudi fintech unicorn Tabby, and it’s clear the Kingdom is providing fertile territory for ongoing investments.
“We don’t target a specific country because of some other mandate. It’s just a larger market in the region, so in the types of deals we’re doing, it ends up weighing heavily to Saudi Arabia,” Baghoomian said.
Partners for Growth, which Baghoomian described as a global private credit fund focused on “growth debt solutions,” lends to emerging tech and innovation companies, particularly those that struggle to access traditional credit.
