The G42 Expansion Fund, which will be managed by a subsidiary of G42, will focus on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong business fundamentals.
The Abu Dhabi-based AI firm G42, which counts Mubadala Investment Co. and Silver Lake as its backers, is setting up a $10 billion fund with a focus on tech investments in emerging markets. The entity will be formed in partnership with the Abu Dhabi Growth Fund, set up by state-controlled ADQ last year.
The move comes as Abu Dhabi - a city that's among the few globally to manage over $1 trillion in sovereign wealth capital - ratchets up efforts to plow oil revenue into the technology sector and diversify its economy. The new fund will operate as a private equity investor, with a significant share of investment earmarked for high-growth regions.
The entity will be formed in partnership with the Abu Dhabi Growth Fund, which was set up by state-controlled ADQ last year. Both G42 and ADQ are part of a business empire overseen by the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed.
The G42 Expansion Fund will target late-stage growth companies with disruptive technologies. It will operate as a private equity investor, with a significant share of funds earmarked for high-growth regions, in sectors ranging from communications, intelligent mobility, and renewables to healthcare.
Investment priorities will span technologies that 'promise to shape the global economic landscape in the next decades, such as intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.