When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors around private capital. That trend continues.
As with Oman, Kuwait has a sovereign wealth fund, though significantly larger at $1 trillion, making it the fifth largest in the world. Like the OIA, the Kuwait Investment Authority (KIA) is committed to increasing exposure to private markets in the country. KIA’s Future Generations Fund, like Oman’s, looks for alternative investments that include private capital, real estate and infrastructure. These asset classes remain the most developed in alts...
“The opportunities in private equity are in secondaries and special situations. It is because of the need for private equity to return capital to LPs.” – Sheikh Saoud Salem Al-Sabah, managing director, Kuwait Investment Authority, (Bloomberg).
Featuring Charts
Chart of the Week: MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
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Chart of the Week: Up and To the Right
Oman’s economy is expected to increase steadily through the end of the decade Source: Statista
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Chart of the Week: Slow as it Goes
Quarterly direct lending deals peaked 2Q 2024, slowed since. Source: PitchBook LCD, US data through Sept. 16, 2025.
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Chart of the Week: Where’s the Beef?
A PitchBook survey showed private credit participants most worried about finding new deals. Source: PitchBook/LCD, data through Sept. 16, 2025
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Chart of the Week: Business Service as Usual
Business services and tech remain strong sectors for LBO candidates. Source: KBRA DLD
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Chart of the Week: Relative Compression
Private credit yields have narrowed since 2023, but less than for single-Bs. Source: KBRA DLD
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