Today, the White House launched Invest.gov, a new website showcasing the historic public and private sector investments made by President Biden's administration. One of the key players in recent public investments is the Saudi Arabian Public Investment Fund (PIF), which has been making headlines for its involvement in controversial sporting ventures and global business deals.
PIF's investments in professional golf have garnered significant attention. The fund has backed a new golf league, LIV Golf, which is set to compete with the established PGA Tour. The merger between the two leagues, which was announced earlier this year, has caused a stir in the golfing world and drawn criticism from players and fans alike.
PIF's involvement in LIV Golf has also drawn attention to the wider issue of Saudi Arabia's human rights record. Critics of the kingdom argue that its investments in sport are a form of "sportswashing," used to distract from its poor human rights record and ongoing conflicts in the Middle East.
But PIF's investments go beyond the world of sport. The fund has been sinking money into businesses globally, with a focus on technology and infrastructure. Its investments include a stake in electric car maker Lucid Motors and a $45 billion investment in SoftBank's Vision Fund.
PIF's investment strategy has not gone unnoticed in the world of public investing. Platforms like Public.com offer commission-free trading of stocks and ETFs, as well as alternative assets like cryptocurrencies. The platform also features community investing, allowing users to share insights and learn from other investors.
Despite the controversy surrounding PIF's investments, it seems that the fund is here to stay. Earlier this year, the PGA Tour announced a merger with LIV Golf, with PIF as the singular investor in the new entity. And in Canada, American Lithium Corp. has entered into a definitive arrangement agreement with PIF, which will see the fund invest in the company's lithium mining operations.
PIF's involvement in public investing is certainly controversial, but it remains to be seen whether it will pay off. As more investors look to alternative assets and global business ventures, PIF's strategy may prove to be ahead of its time.
