Hedge Fund King Street Seeks Saudi Arabia License

King Street Capital Management is planning to build a presence in Saudi Arabia, joining a growing wave of global investors looking to capitalize on the kingdom’s $2 trillion economic transformation plan.

The $28.5 billion alternative asset manager is applying for a license from the Saudi Capital Market Authority that would allow it to operate and manage client funds locally, according to people familiar with the matter who declined to be identified because the information is confidential. King Street invests in credit, real estate and collateralized loan obligations and also runs hedge and drawdown funds.