I joined Forbes as the Europe News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe.
The Riyadh-based Public Investment Fund has emerged as significant backer of venture capital firms as the Saudi government body moves to make big bets on tech, sports, and video gaming with its $700 billion portfolio.Saudi Arabia’s $700 billion Public Investment Fund has disclosed that Swedish venture capital fund Northzone has taken investment from its venture investment arm Sanabil — the only European VC firm known to have done so.
Alongside some Sand Hill Road stalwarts named on the Sanabil website are a handful of Asia- and Middle East-based investors like Legend Capital and eWTP Arabia Capital. Sanabil also disclosed that it had backed the London-based real estate fund EQT Exeter. But Northzone is the only Europe-based venture capital fund.
Sanabil’s website does not state when, or how much it invested in Northzone’s funds. Venture capital firms rarely disclose their limited partners, or backers, and few of these investors — outside of public bodies like California’s state pension fund CalPERS — disclose the fund managers they have backed.
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