Sukna Capital launches Saudi Arabia's first open-ended direct lending fund after CMA approval
Sukna Capital, parent of Sukna Ventures, secured CMA approval to launch the Sukna Fund for Direct Financing, described as Saudi Arabia's first open-ended direct lending fund for SMEs.
Sukna Capital has launched the Sukna Fund for Direct Financing (SFDF), which it describes as Saudi Arabia's first open-ended direct lending fund, after securing approval from the Kingdom's Capital Market Authority (CMA). The vehicle provides non-dilutive, sharia-compliant capital to small and mid-sized businesses.
Unlike typical closed-end private credit structures, the fund is open-ended, offering periodic liquidity and eliminating long lock-up periods. The firm is targeting SAR 375 million in its first year, with an anticipated first close of SAR 50 million. CEO Fares Bardeesi said the fund was designed to address the SME financing gap with asset-backed solutions that avoid equity dilution.
Sukna Capital operates as an alternative investment platform with two divisions: Sukna Ventures, its technology-focused investment arm, and the newly launched direct financing vehicle. Sukna Ventures has backed companies including Classera, MoneyHash, SimpliFi and Abhi.