2026年上半年沙特阿拉伯私人资本报告

Contents SVC Athary AlmubarakChief Strategy OfficerHuda BabelliStrategy Vice PresidentArien AlwabilInvestment Vice PresidentAbdulmajeed AlthunayyanStrategy and Planning ManagerMohammed AlomairStrategy Associate ManagerOmar Al-Kharashi, CFAInvestment Associate ManagerMohammed BabkairSenior Strategy AssociateRula AlqahtaniStrategy Analyst Executive summary3 Message from ecosystem5 Contact SVCsvc.com.sa Dealmaking6 Exits13 PitchBook Data Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraSenior Director, Global Head of Private Markets ResearchGarrett BlackDirector, Head of Custom Research Fundraising 17 Outlook21 Analysis Dorothy ChanAnalyst, Custom Researchdorothy.chan@pitchbook.comAnnemarie DoneganSenior Analyst, Custom Researchannemarie.donegan@pitchbook.com Methodology References23 Data Caleb WilkinsData Analyst Publishing Report and cover design byDrew Sanders Disclaimers This report was produced in collaboration with Saudi Venture Capital (SVC),including dataset curation, data review, and narrative guidance. With data backedby PitchBook, the report reflects a joint effort to document the current state andevolution of Saudi Arabia’s burgeoning private capital ecosystem. PitchBook’sCustom Research Group vetted the interpretation of the data and the resultingnarrative for alignment with PitchBook’s standard report methodologies,except where custom definitions and exceptions applied, as detailed in the“Methodology”section of this report. Private markets in a young but rapidly growing ecosystem are inherently opaque,and the analysis presented here reflects the limits of data availability acrossselect datasets. As coverage of Saudi Arabia’s private capital markets deepensand the ecosystem matures, this report aims to encourage domestic marketparticipants to adopt greater transparency, which will help democratise accessto insights drawn from otherwise elusive private markets data. Market participants wishing to contribute to the continued development of thisdataset may do so through either of the following methods. First, they may workwith their designated Account Manager and Client Success Manager to reviewand update their organisation’s PitchBook profile. Second, they may submitdata feedback directly through the PitchBook Platform, either on their ownprofile or on any other profile identified as inaccurate or insufficiently detailed.Such contributions materially strengthen the quality and comprehensivenessof coverage across Saudi Arabia’s private capital markets and are activelyencouraged in support of a more transparent and well-documented ecosystem. Executive summary Saudi Arabia’s private capital landscape is a small butburgeoning hub, buttressed by state capital and a growing classof venture capitalists and private equity (PE) firms working intandem to funnel capital into the country’s most innovativestartups and policy-aligned projects. The sheer volume ofprivate market transactions is driven by venture capital (VC)deals, while PE anchors the funding of the country’s mostcapital-intensive projects. Each asset class has specificinvestment targets; VC funds emerging opportunities at theforefront of technological innovation, while PE firms oftenengage in single-asset buyouts. evolving. It was built in earnest starting only in 2018—when theSaudi government established Saudi Venture Capital (SVC) toinvest in anchor funds fuelling innovation—and has absorbed about of regional volatility as its structural foundations continueto deepen. That nascency is also the lens through which thefigures in this report should be viewed: In a market this young,aggregates can understate the underlying trajectory, while themore instructive signals lie in the composition, quality, anddirection of activity rather than in YoY totals. Saudi VC dealmaking in H1 2026 registered $210.3 millionacross 55 deals, a pace that trails H1 2025’s $1.1 billion and133 deals. The gap is largely due to timing. Amid heightenedregional instability, no venture megadeals closed in thekingdom in H1 2026, and large venture-growth rounds weremost impacted. Beneath the overall figures, the startup engineremains robust: In H1 2026, pre-seed/seed and early-stagerounds drove more than two-thirds of venture capital investedand total deal count, and the median early-stage cheque sizeincreased 2.3x to $7 million from $3 million in 2025. Historically, the gears of private capital, VC and PE, have turnedseparately, but this is beginning to change. PE capital is beinginstitutionalised as PE blind-pool funds enter the mainstream,and PE growth capital has slowly begun trickling down toVC-backed startups. It is this convergence that defines adeveloping private capital ecosystem that is conducive to scaleand growth. This report reflects a collaboration between SVC and PitchBookto provide greater visibility into Saudi Arabia’s private capitalgrowth story. It goes beyond PitchBook data, incorporatingSVC’s on