Saudi investment fund acquires stakes in Capcom and Nexon

Saudi Arabia's Public Investment Fund (PIF) has purchased stakes in Capcom and Nexon.

PIF is chaired by the crown prince and deputy prime minister of Saudi Arabia, Mohammed Bin Salman, who has faced allegations relating to the assassination of The Washington Post journalist Jamal Khashoggi, the torture of human rights and women's rights activists, and the formation of an authoritarian regime that facilitates oppression.

As reported by Bloomberg, PIF disclosed stakes of more than 5 percent in the two companies, both of which are headquartered in Japan.

Capcom is the studio behind popular franchises like Street Fighter and Resident Evil, while Nexon is known for its work on online titles like Maplestory.

PIF has been making inroads into the games industry for some time. In February 2021 the sovereign fund acquired $3 billion worth of stock in U.S. game companies Activision Blizzard, EA, and Take-Two Interactive.

According to the PIF website, the fund was established to drive the transformation of Saudi Arabia's economy for "positive and sustainable change."