Ex-L Catterton Asia Chief’s $500 Million Fund Wins Saudi Backing

Turmeric Capital, an investment firm led by former L Catterton Asia head Ravi Thakran, has secured backing from Saudi Arabia for a $500 million private equity fund, according to people familiar with the matter.

Jada, which was given $1 billion by Saudi Arabia’s wealth fund to seed venture and private equity firms investing in the country, will commit about $100 million, the people said, asking not to be identified as the information is private.

Known as the New Consumer Growth Fund, it’s looking to deploy capital “in vibrant regional businesses across the developing underfunded markets” in the Middle ...