Saudi sovereign wealth fund PIF has launched a new company to focus on ramping up investments into regional and global sport, while Kyoto-based Miyako Capital has announced a new tech fund.
Saudi Arabia’s PIF sets up SRJ Sports Investments
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has announced the launch of SRJ Sports Investments, a new company aimed at boosting the sports sector in Saudi Arabia and the MENA region.
According to a statement, SRJ Sports Investments will focus on acquiring and creating sports event intellectual property, commercial rights for popular competitions, and hosting global events in Saudi Arabia.
The company will also look into enhancing fan engagement and introducing innovative sports technology.
PIF also announced that its assets under management (AUM) surpassed 2.23 trillion riyals ($594.43 billion) last year.
The fund’s previous inroads into global sport include acquiring an 80% stake in UK football club Newcastle United in 2021 and financing professional golf tour LIV Golf, aside from investments into F1 racing and boxing.
Miyako Capital launches fund for deeptech, AI startups
Kyoto University-linked venture capital firm Miyako Capital has launched a 20 billion yen ($141 million) fund to support startups focused on deep-tech biology and artificial intelligence, according to Nikkei Asia.
According to the report that was published on Saturday, the new fund will be one of Japan’s largest in its category and is set to allocate between 500 million yen and 1 billion yen per startup, with half the funds dedicated to biology and life sciences and the other half to AI and electronics.
Reportedly, the fund draws contributions from various sources, including state-backed funds like the Japan Investment Corporation and others such as the Japan Post Bank.
Founded in 2013, Miyako Capital has reportedly invested in over 50 companies, with focus on companies that use Kyoto-university research.