Alternative asset activity in Saudi Arabia is taking place across an increasingly diverse range of investment instruments. The Kingdom is a regional leader in mutual fund activity, with the deepest and most varied investment pool in the GCC. The size of the Kingdom’s fund market means that its key participants are some of the largest and most influential in the wider MENA financial sector. Meanwhile, in the venture capital arena, the domination of state-funded programmes is giving way to private capital, which has until now been largely focused on private equity opportunities. While 2018 was a quiet year for deal-making across the region, the government’s bold programme of economic reform is expected to generate new opportunities over the short to medium term.