Riyadh, Saudi Arabia: Jada Fund of Funds, wholly owned by the Public Investment Fund (PIF), has become the anchor investor of Saudi Arabia-based Energy Capital Group’s (ECG) new fund.
The new fund has been formed with a merger between ECG and Cayan Holdings. ECG and Cayan Holdings led multiple private equity funds, which invested in regional & global energy and technology companies. From 2008, the previous private equity funds, launched and exited, achieved impressive multiples and provide a proven track record of growing portfolio companies, primarily within Saudi Arabia and the GCC. The new fund between both groups will target the creation of National Champions in energy and energy-related technologies.
Ali Abdulaziz Alturki commented that the fund’s strategy is aligned with Saudi’s Vision 2030 and Aramco’s IKTVA program. The main goal is to acquire leading local companies to develop local content and bolt-on cutting-edge technologies for transfer to Saudi. The fund will focus on establishing a solutions and technology-oriented National Champion across the energy sector.
He also expressed his gratitude to JADA and the other investors of the new fund for their confidence in the launch and in the ECG leadership team.
Riyadh-based Watar Partners, a leading Saudi multi office family investment company, has agreed to be a strategic advisor to the new fund.
ECG was founded in 2008 by Ali Alturki, a successful Saudi businessman who has a solid track record in building key strategic partnerships with global oil and gas service providers. He has been instrumental in growing businesses significantly in Saudi Arabia and the region, through experienced operating partners in the sector and through his network of experienced and successful leaders in the energy space.
Cayan is focused on industrial manufacturing and services with substantial investments within Saudi and the GCC region. The Group brings a strong team skilled at identifying, structuring, and establishing regional business operations on its own or in partnership with international companies, enabling successful market entry and driving value for investors.