The Public Investment Fund's Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more...

The 966

Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement.

Jerry Todd, who is also on the PIF’s Management Investment Committee, speaks with Lucien about a range of topics related to the PIF’s investment in key sectors in the local economy, human capital in Saudi Arabia, the development of strong supply chains and competitive ecosystems, and more.

The conversation takes place just days before the PIF is launching its second annual major forum in Riyadh, called the Private Sector Forum, which will see the massive sovereign wealth fund engaging directly with private sector partners as the PIF continues to develop the local content ecosystem. That Forum, which is set to be at least twice the size of the inaugural event in 2023 in Riyadh, will feature panel discussions, fireside chats, an exhibition for the PIF’s 80+ companies to engage with private sector suppliers, and more.

The conversation begins with a discussion of the Forum and what it hopes to accomplish.

Then, Lucien asks Jerry about the PIF as an investment institution. How can the PIF “crowd-in” competing companies in spaces in which it is operating to create a thriving local ecosystem?

The conversation then steers to a discussion of Musahama, the formal name of the PIF’s wide-ranging efforts to achieve important local content goals, and how PIF companies are working toward achieving a local content target of 60% by 2025.

Jerry Todd is a member of the PIF Management Investment Committee. Prior to joining the PIF, he served as a Managing Director and Head of Business Development for NCB Capital, the largest investment bank in Saudi Arabia (2014-2020). Previously, he was a Managing Director and Head of Private Equity and Investment Banking at Jadwa Investment, a Saudi merchant bank (2007-2014). Mr. Todd was an Associate Principal at McKinsey & Company, where he focused on identifying and evaluating investment opportunities, developing and implementing growth strategies, and creating high performing organizations (1999-2006). Early in his career, Mr. Todd worked as an Energy Engineer for Dobbs International and Johnson Controls (1994-1997). Mr. Todd holds an MBA from Cornell University (1999) and a B.S. in Mechanical Engineering from Christian Brothers University (1994).