Michelle Essomé, CEO of the African Private Equity and Venture Capital Association. Photo by: Atlantic Council / CC BY-NC-ND

RIYADH — Saudi Arabia’s sovereign wealth fund is looking at emerging markets to help bring in the ambitious returns it is seeking over the coming decades. Through six separate funds, Saudi Arabia’s Public Investment Fund (PIF) is targeting 8 to 9 percent returns between now and 2025.

The African continent holds some of the most promising returns for patient capital, PIF officials told global investors this week. “PIF is a long-term investor, so of course we really do care about the cycle, but we are looking beyond,” its managing director, Yasir bin Othman Al Rumayyan, told the Future Investment Initiative conference this week in Riyadh. “We are looking 2030 and beyond that.”

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About the author

  • Dickenson beth full

    Elizabeth Dickinson

    Elizabeth Dickinson is a former associate editor at Devex. Based in the Middle East, she has previously served as Gulf correspondent for The National, assistant managing editor at Foreign Policy, and Nigeria correspondent at The Economist. Her writing also appeared in The New Yorker, Wall Street Journal, New York Times, Politico Magazine, and Newsweek, among others.