The partnership is part of a rising trend of cross-border investment activity in the Middle East despite regional conflicts.

The collaboration will explore opportunities and co-develop advanced quantitative and algorithmic investment solutions across public and private markets, including alternatives, equities, fixed income, and real estate.

PGIM and Saudi Arabia’s Public Investment Fund (PIF) have signed a memorandum of understanding to co-develop investment opportunities across private and public markets.

The deal sits within a broader regional push as alternative asset managers expand in the Middle East, with Hillhouse Investment Management and Muzinich opening Abu Dhabi offices and DWS growing its Middle East private markets platform.

PGIM is a global asset manager with about $1.5 trillion in assets under management, including $350 billion in alternatives.

PIF’s collaboration with PGIM follows its move to anchor a new private credit fund focused on the Middle East, managed by King Street Capital Management, announced on April 7.

The partnership aims to support Saudi Arabia’s financial market development and the growth of its capital markets.