While Sony and Microsoft have been nabbing acquisitions of companies in their own respective ways, the sovereign wealth fund of Saudi Arabia has taken its chances on the industry in its own ways. As reported by Bloomberg, Saudi Arabia’s sovereign wealth fund recently disclosed that they’ve purchased stakes of more than 5% in two well known Japanese companies with Capcom and Nexon.
The combined holdings in both firms are estimated to be worth more than $1 billion. The total stake of the PIF (which is what the $500 billion-fund is known as) in Capcom is worth about $332 million,, whereas the its 5.02% stake in Nexon is valued around $883 million.
The PIF clarified that the purpose for both of the holdings was purely based on investment, as the filings points towards the latest purchases being made in the market were between January 25 to January 31.
The PIF has been building stakes in video game studios and esports over the last two years. It started purchasing shares worth 37.9 million shares in Activision Blizzard in late 2020. The same was not profitable up until Microsoft decided to purchase the Call of Duty publisher.