The Public Investment Fund (PIF) has signed a trio of agreements with global asset managers King Street, Man Numeric and PGIM, marking a fresh push to deepen Saudi Arabia’s capital markets and draw long‑term foreign capital into the Kingdom.
The memorandums of understanding (MoUs) were announced on 7 April 2026 in Miami on the sidelines of the FII PRIORITY Summit.
The deals span private credit and quantitative investment strategies, reflecting PIF’s dual ambition: broaden the range of financial products available in the local market and strengthen the Kingdom’s position as a regional investment hub.
Yazeed Al‑Humied, deputy governor and head of Mena Investments at PIF, said the partnerships reinforce PIF’s mandate ‘to further strengthen Saudi Arabia’s capital market, attracting global capital and partners to the region through new investment strategies.’
The most advanced of the agreements is with King Street Capital Management, which plans to launch a new private credit fund dedicated to Saudi Arabia and the wider Mena region, with PIF acting as anchor investor. The fund will provide private capital solutions to corporates and pursue asset‑based lending, while retaining flexibility to tap opportunities in public credit markets and select special situations.
King Street, which is opening an office in Riyadh, said regional private credit demand could grow 15–30% annually over the next five years as economic development accelerates.
Brian Higgins, founder and managing partner of King Street, said the partnership aims to channel both foreign and domestic investment into high‑impact sectors. ‘This will complement the GCC’s robust banking sector and expanding capital markets,’ he noted.
Alongside the private credit initiative, PIF’s MoUs with Man Numeric and PGIM focus on expanding quantitative investment strategies in the Saudi market. These mandates are designed to enhance the sophistication of local market exposure, deepen liquidity and strengthen the Kingdom’s integration with global financial flows.
PIF expects its anchor commitments and strategic partnerships to catalyse additional international investment, supporting the development of new asset classes and financing channels for regional businesses.
All agreements remain subject to regulatory approvals and the finalisation of definitive documentation but collectively signal a significant step in Saudi Arabia’s ongoing capital‑market transformation.
