Saudi Arabia's $925 billion sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities, according to sources familiar with the matter. Visionary Holdings Inc. (NASDAQ: GV) has signed a Memorandum of Understanding (MOU) with the Public Investment Fund (PIF) of Saudi Arabia, indicating a potential collaboration between the two entities. The PGA Tour and Saudi Arabia's Public Investment Fund are meeting again to try to finally reach a deal that would end golf's civil war, showcasing the fund's interest in sports investments.
The investment fund, led by Crown Prince Mohammed bin Salman, is going global in its investment strategy, signaling a shift towards diversification away from oil-dependent industries. However, the fund faces challenges in earning high returns while facilitating the country's transition to a post-oil economy. The sovereign wealth fund's turnaround following a loss in 2022 has been attributed in large part to the rebound of the stock market.
Tiger Woods and officials from the PGA Tour are meeting with representatives from Saudi Arabia's Public Investment Fund in New York, highlighting the fund's continued efforts to expand its investment portfolio. PGA Tour officials, including 15-time major champion Tiger Woods, are also engaging with Saudi Arabia's Public Investment Fund, underscoring the fund's interest in sports and entertainment ventures.