Jada Fund of Funds & India's Stride Ventures to Expand Private Credit

Saudi Arabia is increasing its focus on alternative capital as bank lending growth slows, with Jada Fund of Funds announcing plans to expand allocations to private credit and partnering with India-based Stride Ventures.

Stride Ventures intends to deploy $200 million in Saudi Arabia over the next two years to expand access to non-bank financing, targeting companies operating within the Kingdom. The partnership reflects growing Gulf interest in alternative lending models designed to support small and medium-sized enterprises seeking flexible funding options.

The development comes as private credit managers in the United States face heightened scrutiny, with investors questioning valuations and underwriting standards after Blue Owl Capital Inc. limited withdrawals from one of its funds. Regional executives argue that the Middle East’s private credit market remains relatively nascent compared with the US and Europe, characterised more by expansion than by excess.

Launched in 2018 with approximately $1 billion from the Public Investment Fund, Jada invests across venture capital, private equity and increasingly private credit. The firm has deployed close to $600 million across around 50 funds to date.

Private credit is becoming a more strategic tool in the Kingdom as alternative lenders help bridge financing gaps in line with Saudi Arabia’s broader economic diversification agenda. The shift is mirrored elsewhere in the region: the Qatar Investment Authority has backed a private credit firm launched by former Goldman Sachs partners, while Mubadala Investment Company has also expanded its exposure to the asset class.