Multiple investments by the Saudi Arabia Public Investment Fund are reportedly in ‘financial distress.’
Saudi Arabia's Public Investment Fund (PIF)—the country's investment arm behind Savvy Games Group and multiple large-scale investments in Nintendo, Take-Two Interactive, Nexon, and beyond—is reportedly running low on cash for new investments.
That information comes from an extensive report in the New York Times that describes the group's recent joint takeover of Electronic Arts as "the largest bid" the company made during the autumn of 2025. The report indicates that a number of the fund's other investments are in "financial distress" and its managers are racing to reverse course.
This may impact the fund's future investment plans and impact its ability to scoop up shares in the video game industry. PIF representatives downplayed reorganization efforts in statements to the Times, characterizing them as natural reevaluations of its portfolio.
No video game investments were listed among the distressed projects. Regional development project Neom, a coffee chain, a cruise line, a string of luxury results, and electric vehicle startup are all among the struggling financial bets. The fund's $1 trillion in assets are apparently tied up in hard-to-sell assets with no public valuations, and managers are informing investors that it is "all but unable" (the Times' words) to expand its investments.
PIF representatives allegedly told asset managers that if they wanted to score new funding, they'd need to help bail out older investments. Spokesperson Rupert Trefgarne told the Times that there is "no requirement," only "encouragement" for prospective investees to funnel the money back into private Saudi companies.
PIF investments bind firms to Saudi Arabia's complex (and cutthroat) politics
As we've repeatedly noted, funding from the Saudi PIF is unlike other billion-dollar investments in the games because the PIF is the rare financial entity deeply intertwined with a national government. Its chairman is Prince Mohammed bin Salman bin Abdulaziz Al Saud (MBS), who was directly implicated in the murder of journalist Jamal Khashoggi. Meanwhile his government has been accused of continued human rights violations even while promising societal reforms.
Concerns over the government's influence may be one reason EA assured employees that the company will retain "creative control" of its projects in an FAQ following the buyout announcement.
The chairman position isn't merely a ceremonial role—as the Times notes, it was a "central tool" in his political ascendance and its resources (including revenue from oil sales and assets seized from political opponents and family members) were expanded at his behest. The fund's focus on video games is apparently partly motivated by the Prince's personal passion for the medium.
So when someone like PIF governor Yasir al-Rumayyan "sharply corrects" you not to pronounce the fund's name as "Piff" (as the Times reported him doing), it might carry a bit more weight coming from someone with a direct line to the head of state.