Homegrown industrial and tech investment firm Energy Capital Group (ECG) closed its ECG2.0-Fund2 at an oversubscribed total of SAR 600 mn (USD 161 mn), with backing from anchor investor PIF’s Jada Fund of Funds and BSF Capital, among other institutional investors, according to a press release. The firm did not specify the oversubscription rate for the new fund.

About the fund: ECG2.0-Fund2 highlights transforming industrial services and advancing technology-driven solutions to increase efficiency across sectors including oil and gas, petrochemicals, utilities, and mining. The fund will focus its investments on tech that ensures competitive advantages and product differentiation. The fund is slated to exit its industrial platform via an IPO within the next two years.

And a third spin-off is also in the pipeline: ECG is now lining up its ECG2.0-Fund 3, with a planned size of SAR 1.3 bn (USD 300 mn). The follow-on fund will zero in on prospects in manufacturing and manufacturing-as-a-service while emphasizing innovative material value chains that “deliver critical and sustainable advantages,” the release read.

About ECG: Founded in 2008 by Ali Abdulaziz Alturki (LinkedIn), ECG specializes in investments that look to develop Saudi’s energy and industrial value chain while tackling supply constraints and bolstering asset base. The fund’s leadership has a track record of closing upwards of USD 5 bn in local and international agreements.

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