PIF Strikes Deals With BlackRock And Neuberger Berman To Boost Saudi Capital Markets

The announcements — a $5 billion anchor investment in a BlackRock-led infrastructure fund and a new $6 billion collaboration with Neuberger Berman — underscore the sovereign wealth fund’s strategy to deepen international financial engagement and build a more robust domestic investment ecosystem.

BRIM platform launches in Riyadh

In a deal announced on Thursday, BlackRock and PIF revealed the establishment of the BlackRock Riyadh Investment Management (BRIM) platform. BRIM will serve as BlackRock’s investment hub in Saudi Arabia and be the foundation for a planned $5 billion infrastructure fund anchored by PIF.

The fund will focus on sectors such as power, utilities, and social infrastructure within Saudi Arabia and potentially the broader MENA region.

Through BRIM, BlackRock will also contribute to capacity building by training Saudi talent, offering global asset management expertise, and localising its investment capabilities in line with Vision 2030 goals.

This initiative comes as part of PIF’s wider push to position Riyadh as a regional financial centre and elevate Saudi Arabia’s profile in the global investment landscape.

Neuberger Berman’s $6bn multi-asset push

PIF on Wednesday signed a non-binding memorandum of understanding (MoU) with Neuberger Berman to support up to $6 billion in investments within the Kingdom. The partnership also includes the launch of a Riyadh-based multi-asset investment management platform, pending regulatory approvals.

Neuberger Berman, a $515 billion global investment manager, aims to channel international capital into Saudi markets while building a domestic platform spanning equities, fixed income, and private markets. The initiative is designed to help cultivate the local asset management industry and develop regional capital market infrastructure.

“We are honoured to partner with PIF, one of the largest and most sophisticated institutional investors,” said George Walker, CEO of Neuberger Berman.

“Through our global multi-asset investment platform and our local business expansion, we look forward to contributing to the domestic economy, building local teams, promoting education and training, and aligning our global expertise with the unique needs of the region as laid out by Vision 2030.”

The firm’s regional expansion has been gaining traction since the appointment of Khalid Albdah as Head of Middle East and New Markets in late 2024, signalling a deepening commitment to the Kingdom and its neighbours.

Both announcements align with PIF’s long-term strategy to catalyse economic transformation and attract top-tier financial institutions to Riyadh. By partnering with leading global asset managers, PIF is not only securing foreign capital but also enabling knowledge transfer, regulatory innovation, and local talent development.

These moves follow a series of earlier initiatives to localise investment expertise and elevate the Kingdom’s standing in international financial markets.