Saudis Back Tech Fund Of Ex-UK Chancellor

Saudi Arabia's sovereign wealth fund has been disclosed as a backer of an investment company co-founded by George Osborne, once a UK chancellor, Matthew Field reported for The Telegraph.

Photo Insert: Former UK chancellor George Osborne helped launch Los Angeles-based 9Yards five years ago, according to regulatory filings.

The Kingdom’s Sanabil Investments vehicle owns a stake in 9Yards Capital, said to have $711 million in assets, which was founded in 2018 by the former chancellor and his brother, Theo Osborne.

The arrangement was made public for the first time last week alongside information about Saudi support for a raft of other investments in private companies and venture funds.

Osborne helped launch Los Angeles-based 9Yards five years ago, according to regulatory filings.

The role is one of a series of jobs Osborne has had since leaving No. 11. He spent three years as editor of the Evening Standard and currently serves as chairman of the British Museum.

He is also a partner at the investment bank Robey Warshaw. The size of Sanabil’s investment in 9Yards could not be determined. The fund said this week it typically invests around $2 billion (£1.6 billion) each year in start-ups, venture firms and private equity.

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