New multi-strategy fund expands private credit opportunities across Saudi Arabia and the wider MENA region.
King Street Capital Management, L.P., a leading global investment management firm (King Street), and PIF today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to be an anchor investor in a new private credit fund focused on Saudi Arabia and the wider MENA region. The MoU was announced during FII PRIORITY Miami Summit 2026.
The fund seeks to provide private capital solutions to corporates and conduct asset-basedlending within Saudi Arabia and MENA, with the flexibility to capitalize on credit opportunities in public markets and select special situations.
Attracting global capital and expertise to the region
PIF continues to foster strategic financial partnerships with leading international asset managers to further strengthen Saudi Arabia’s capital market, attracting global capital and expertise to the region through new investment strategies.
The partnership aims to provide a dedicated credit fund and respond to a growing demand from local and regional businesses for capital. PIF’s anchor capital is expected to further encourage the flow of additional long‑term foreign capital, unlocking financing for high‑impact industries.
Announced on the sidelines of the 4th edition of the FII PRIORITY Miami Summit, the flexible multi-strategy fund will leverage King Street’s 30-year history investing in global credit markets, including emerging markets.
Brian Higgins, Founder and Managing Partner of King Street, said: “We believe the regional private credit market will need to grow by at least 15-30% annually over the next five years to finance economic development in Saudi Arabia and the MENA region. This will complement the GCC’s robust banking sector and expanding capital markets. Leveraging our deep experience in global credit markets and partnering with PIF, we will seek to drive foreign and domestic investment into the region.”
King Street has been expanding its presence in Saudi Arabia and MENA in recent years to further execute investment opportunities. King Street is in the process of opening an office in Riyadh.
The establishment of the private credit fund and PIF’s anchor investment therein are subject to the satisfaction of certain conditions precedent including entering into definitive agreements, obtaining all necessary regulatory and internal approvals, and fulfilling specified milestones.
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