G42, with Mubadala and Silver Lake, set up $10 billion fund
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Abu Dhabi-based artificial intelligence firm G 42, which has Mubadala Investment Co. and Silver Lake as its backers, is setting up a $10 billion fund with a focus on technology investments in emerging markets.
The Abu Dhabi Growth Fund, which was set up by ADQ last year, will be a partnership between the entity and the Abu Dhabi Growth Fund. Both G 42 and ADQ are part of a business empire overseen by the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed.
The new fund will be managed by a unit of G 42 and will target late-stage growth companies with disruptive technologies. It will be a private equity investor with a significant share of funds designated for high-growth regions, in sectors ranging from communications, intelligent mobility and healthcare.
The move comes as Abu Dhabi, a city that is 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.
Sheikh Tahnoon, a brother of the UAE's president, has been at the forefront of many of these investments. His interests range from Royal Group to Wealth Fund ADQ, and both entities recently committed money to a new fund set up by SoftBank Group s Rajeev Misra.
According to its website, the fund has a unique risk profile that complements the existing Abu Dhabi sovereign wealth funds, led by Khalifa Al Suwaidi, who was a chief investment officer at ADQ.
G 42 is an AI and cloud computing company that has operations ranging from energy to healthcare to autonomous vehicles. The firm formed a joint venture with Chinese-based Sinopharm last year, marking the first overseas manufacturing of the Chinese vaccine.
It was the first Emirati firm to open an Israel office after the nations normalized ties in the so-called Abraham Accords and rolled out the Middle East's earliest driverless car trials. Over the past year, G 42 has been building out its investment team with key hires from Abu Dhabi's sovereign wealth funds.
With the G 42 Expansion Fund, we aim to speed up our global impact not only through the deployment of capital, but also by giving unique access to our networks, management and operational assets to our portfolio companies, said Peng Xiao, G 42 Chief Executive Officer. He will be chairman of the investment committee of the new fund, which will also include Al Suwaidi.
The $280 billion fund has invested in technology-focused businesses just as other investors turned away from what they see as risky and potentially overpriced assets.
U.S. private equity firm Silver Lake also invested in G 42 last year and its co-CEO Egon Durban sits on the Abu Dhabi firm s board.
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