Riyadh - Sharikat Mubasher: Sukna Capital, a Riyadh-based alternative investment platform, is working on establishing its second $100 million venture capital (VC) fund, according to Sukhdev Hansra, head of asset management at Sukna Capital.

Speaking to Al Eqtisadiah newspaper on the sidelines of LEAP 2026, Hansra stated that the company already owns a main VC fund with committed capital of $50 million.

Sukna Capital has invested around SAR 100 million to date through its debt fund and aspires to raise an additional SAR 250 million over the next six months, the official said.

He noted that Sukna Company invested in multiple tech companies spanning different areas, including software-as-a-service (SaaS) and artificial intelligence, as well as various industrial companies.

In 2025, Sukna Capital launched the Sukna Fund for Direct Financing (SFDF), the Kingdom’s first open-ended, Sharia-compliant direct lending fund, designed to offer institutional investors access to scalable, non-dilutive capital opportunities, targeting SMEs seeking growth without giving up equity.

The fund’s open-ended structure allows investors to enter and exit at regular intervals, providing greater liquidity than traditional private credit vehicles.

LEAP2026 takes place from 31 August to 3 September under the theme “Into New Worlds,” bringing together thousands of companies, startups, investors, and technology experts. It is expected to attract more than 1,000 global speakers and experts, 1,800 technology companies, 600 startups, and 1,900 investors and venture capital representatives.