Fund of Funds focuses on investing in private equity funds: CEO

The Fund of Funds Company will focus on investing in private equity funds, as they have bigger success opportunities and larger returns, as well as a significant impact on the Saudi economy, local firms and national employment, CEO Adel Ibrahim Al-Ateeq told CNBC Arabia.

The fund will also invest in start-ups that meet the Kingdom’s transformation, needs and economy, he said on the sidelines of the Future Investment Initiative (FII) 2019 conference.

The firm’s strategy mainly targets local investment, in addition to regional and international investment.

The company seeks to create a successful venture capital and private equity funds industry in Riyadh, aiming to make the Saudi capital a hub for investment funds, he said.

One of the challenges facing funds is limited human resources in the investment sector, he said, noting that the fund is working towards resolving this issue through raising awareness and training.

According to data compiled by Argaam, the Fund of funds Co. named Al-Ateeq as CEO on Oct. 29, 2019.

In October 2017, the Public Investment Fund (PIF) established the Fund of Funds with a SAR 4 billion capital to support small and medium enterprises (SMEs), and develop the venture capital industry in the Kingdom.