PGIM has partnered with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), to co-develop investment opportunities in private and public markets.
Both firms have signed a memorandum of understanding to collaborate and support the ongoing development of Saudi Arabia’s financial markets. In a statement on LinkedIn, the firms said they would work together to assess opportunities and co-develop advanced quantitative and algorithmic investment solutions across both public and private market strategies. This includes alternatives, equities, fixed income and real estate, they said.
“We look forward to working with PIF to explore ideas that can contribute to the growth of Saudi’s capital markets,” PGIM said in a statement on LinkedIn. PGIM is a global asset manager with $1.5tn (£1.1tn) in assets under management, including $350bn in alternatives.
PIF’s partnership with PGIM comes after it agreed to anchor a new private credit fund focused on the Middle East, managed by King Street Capital Management. The partnership focused on Saudi Arabian private and public markets comes as alternative asset managers continue to expand into the Middle East despite ongoing conflict in the region.
Hillhouse Investment Management opened a new office in Abu Dhabi last week, while Muzinich & Co also opened an office in the emirate. DWS Group has also reaffirmed its commitment to the region, recently appointing a senior coverage specialist for alternatives in the Middle East as it looks to expand its private markets platform there.
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