Saudi Arabia's Public Investment Fund (PIF) will be an anchor investor in Brookfield Asset Management's new $2 billion Middle East-focused private fund, the companies announced on Wednesday.
A non-binding agreement for the PIF to back the new Middle East fund was signed with the Canadian asset management firm at the kingdom's flagship investment summit taking place in Riyadh.
At least half of the capital is to be invested in Saudi Arabia and in international companies that are looking to expand in the kingdom, the companies said in a joint statement.
The investment platform, known as Brookfield Middle East Partners (BMEP), will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, among other investment opportunities in the region.
The statement did not say how much the PIF would invest.
