A subsidiary of Public Investment Fund (PIF) of Saudi Arabia, Jada Fund of Funds, has invested as an anchor investor in global investment firm Energy Capital Group’s (ECG) new fund. 

The new fund is the result of a merger between ECG and Cayan Holdings. It seeks to acquire companies and create “national champions” in energy and energy-related technologies, according to a statement on Sunday. 

The statement did not disclose the value of PIF’s investment. Riyadh-based Watar Partners, a multi-office family investment firm, has agreed to be a strategic advisor to the fund. 

Ali Abdulaziz Alturki, CEOF of ECG, said the new fund’s strategy is aligned with Saudi Arabia’s Vision 2030 and Aramco’s In-Kingdom Total Value Add (IKTVA) programme. 

“The main goal is to acquire leading local companies to develop local content and bolt-on cutting-edge technologies for transfer to Saudi,” the statement said. 

“The fund will focus on establishing a solutions and technology-oriented national champion across the energy sector.”

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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