PIF, Neuberger Berman sign MoU for $6B investments

The Public Investment Fund (PIF) signed a memorandum of understanding (MoU) with Neuberger Berman for investments worth up to $6 billion (nearly SAR 22.5 billion) in Saudi Arabia.

The initiative includes the creation of a Riyadh-based, multi-asset investment management platform aimed at accelerating the development of the Kingdom’s capital markets.

Aligned with supporting PIF's goal to develop Saudi Arabia's asset management industry, the collaboration includes enabling the flow of international investments into Saudi Arabia via Neuberger Berman's established global presence. This also includes launching a domestic investment platform managing strategies in equities, fixed income, and private markets.

Neuberger Berman is currently seeking to obtain the necessary licenses, according to a joint statement.

The non-binding MoU is subject to satisfying certain required conditions, including obtaining all necessary regulatory and internal approvals, among other milestones.

In late 2024, Neuberger Berman hired Khalid Albdah as Head of Middle East and New Markets to lead the firm's strategic development across client coverage, operations, and investments in the region.