New Delhi, February 27 Venture debt firm Stride Ventures announced on Friday that it plans to deploy USD 1 billion across various funds globally over the next two years, following its partnership with Saudi Arabia's sovereign wealth fund, Public Investment Fund.
Stride Ventures stated that it has become the first India-based fund to partner with the Public Investment Fund (PIF).
"The partnership with PIF's Jada Fund of Funds adds to a series of strategic sovereign and global investor relationships. Together, these partnerships reinforce Stride's position among a new generation of globally benchmarked private credit managers emerging from India. Stride aims to deploy over USD 1 billion globally in the coming years across venture debt, growth credit, and private credit strategies," the venture debt firm said.
The company spokesperson said that the USD 1 billion fund will be deployed over the next two years.
Founded in 2019, Stride started as a venture debt firm and has now become an international financial platform with on-ground presence across India, the Gulf Cooperation Council region, the UK, and Europe.
The firm claims to enable over USD 1.6 billion in credit across nearly 200 portfolio companies, including 20 unicorns, while evaluating more than 15,000 companies globally.
It has backed companies like Ather, Bizongo, Lohum, Miko, Upstox, etc.
Under the collaboration with PIF, Stride plans a target deployment of approximately USD 200 million in Saudi Arabia's entrepreneurial and innovation ecosystem over the next two years.