Saudi Arabia’s Public Investment Fund (PIF)- the state-backed investment vehicle behind Savvy Games Group and major stakes in companies such as Nintendo, Take-Two Interactive, and Nexon is reportedly facing a shortage of available capital for new investments.

That assessment comes from a detailed New York Times report, which describes the fund’s recent joint acquisition of Electronic Arts as its largest bid during the fall of 2025. According to the report, several other PIF-backed ventures are now in “financial distress,” prompting fund managers to urgently reassess strategy and pull back on spending.

The situation could constrain PIF’s future investment ambitions, including its ability to acquire additional stakes in the video game sector. In comments to the Times, PIF representatives minimized the significance of the restructuring, framing it as a routine portfolio review rather than a sign of deeper trouble.

None of the fund’s gaming-related investments were cited as distressed. Instead, struggling projects reportedly include the Neom regional development initiative, a coffee chain, a cruise line, a collection of luxury resorts, and an electric vehicle startup. The report adds that much of PIF’s roughly $1 trillion in assets is tied up in illiquid holdings without public valuations, leaving managers to warn investors that the fund is “all but unable” to significantly expand its investments.

PIF officials have also reportedly told asset managers that securing new funding may require helping to stabilize older investments. Spokesperson Rupert Trefgarne told the Times there is no formal obligation, describing it instead as “encouragement” for potential partners to reinvest capital into private Saudi companies.

PIF investments tie companies to Saudi Arabia’s complex and highly competitive political landscape.

As has often been noted, Saudi PIF funding differs from typical billion-dollar investments in the games industry because the fund is closely linked to the Saudi government. Its chairman is Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud (MBS), who has been directly implicated in the killing of journalist Jamal Khashoggi. His government has also faced ongoing allegations of human rights abuses, despite pledges of reform.

Such concerns may help explain why Electronic Arts reassured staff, via an internal FAQ following the acquisition announcement, that it would maintain “creative control” over its projects.

The chairmanship is far from symbolic. As the Times notes, it served as a “central tool” in MBS’s rise to power, with the fund’s resources, bolstered by oil revenues and assets seized from political rivals and even family members, expanded under his direction. The PIF’s interest in video games is reportedly driven in part by the crown prince’s personal enthusiasm for the medium.

Against that backdrop, when PIF governor Yasir al-Rumayyan reportedly “sharply corrected” someone for pronouncing the fund’s name as “Piff,” the moment carries added weight—coming from an official with a direct line to the country’s head of state