Kathryn Wilde in Talks with Saudi Arabia’s Sovereign Wealth Fund
Kathryn Wilde, a prominent figure in New York City’s business landscape, is reportedly in discussions to become a lobbyist and consultant for Saudi Arabia’s substantial sovereign wealth fund, according to a recent report.
The 79-year-old has expressed interest in a position at the $1 trillion Public Investment Fund (PIF), with conversations having taken place over the holiday season, as shared by two sources familiar with the situation.
One source noted that a meeting occurred between Wilde and a representative from Saudi Arabia. However, the plans are still in their infancy and remain somewhat uncertain.
Wilde chose not to comment when approached for her thoughts, and a spokesperson for PIF didn’t provide any input either.
If this opportunity materializes, it would signify an unexpected new direction for Wilde, who has spent years facilitating connections between influential business leaders and major firms in the city. Last year, she mentioned her intention to retire, signaling a shift after leading the Partnership for New York City.
Those close to the situation indicated that Wilde was discussing this possibility with CEOs from various companies ahead of the Christmas holidays. With notable connections to Wall Street figures like JPMorgan’s Jamie Dimon, she has recently developed a rapport with the newly elected New York City Mayor, Zoran Mamdani.
Wilde has taken on an unpaid advisory role on Mamdani’s transition team. Interestingly, while she opposes new taxes aimed at the wealthy, Mamdani believes such measures could finance his progressive policies.
According to one insider, this potential Saudi role fits into what they referred to as her “wild plans,” highlighting her ties with the new mayor. Yet, some financial leaders involved in her lobbying group have expressed confusion regarding Mamdani’s approach after his recent electoral victory.
Details on upcoming projects with Saudi Arabia, particularly under Crown Prince Mohammed bin Salman, remain vague. However, PIF has established investments across various sectors, including technology and sports, notably holding a majority stake in Newcastle United. They recently struck a massive deal to acquire Electronic Arts for $55 billion.
As one observer put it, Wilde is perceptive regarding the current political climate, especially with the focus on Saudi relations. If the Saudis are keen to understand the new mayor’s agenda, Wilde could serve as a crucial link.
Last year, PIF collaborated on a significant project involving a 1,200-foot tower at 625 Madison Avenue, investing $200 million while expecting total development costs to surpass $1 billion.
“PIF is involved in all sorts of investments, from real estate to finance. Hiring her would enhance their presence and network in the U.S.,” a Wall Street investor remarked, wishing to remain anonymous.
Wilde has no plans of fading into retirement, as noted by a political operative. She is set to leave her position at the Partnership at the end of this month, following her successor Stephen Fulop’s completion of his term as mayor of Jersey City.
Although she previously mentioned a desire to retire, she has also stated her intent to continue addressing the challenges confronting New York City. At nearly 80, Wilde maintains her commitment to public service. “I’m not too old to seek out a role,” she told Bloomberg TV.
Wilde has led the Partnership, founded by David Rockefeller in 1979, since 2011 after joining the nonprofit in 1982. The organization represents over 350 major corporations, including prominent financial institutions and law firms.
PIF, established in 1971 to finance crucial economic initiatives in Saudi Arabia, underwent significant reforms under bin Salman’s leadership in 2015, aiming to become a more prominent global investor.
As Riyadh works to mend its relationship with the United States—strained after the controversial murder of journalist Jamal Khashoggi—PIF aims to evolve into a leading $3 trillion fund by the year 2030.
