The Abu Dhabi-based artificial intelligence firm G42, backed by UAE’s Mubadala Investment Co. and Silver Lake has launched a $10 billion tech fund focused on emerging markets.
As per a news report, the company will be established in partnership with the Abu Dhabi Growth Fund, formed in 2021 by state-controlled ADQ. Both companies G42 and ADQ are overseen by UAE National Security Advisor Sheikh Tahnoon Bin Zayed.
The new G42 fund will target late-stage growth companies with disruptive technologies. It will operate as a private equity investor, with a significant portion of funds earmarked for high-growth regions in sectors ranging from communications, smart mobility and renewable energy to healthcare.
The Abu Dhabi Growth Fund, a partner of the newest venture, which invests primarily in private equity and venture capital, is led by Khalifa Al Suwaidi, who was chief investment officer at ADQ.
G42, an AI and cloud computing company, is active in the fields of energy, healthcare and autonomous vehicles. In a statement, Peng Xiao, Chief Executive Officer by G42 said, “With the G42 Expansion Fund, we aim to accelerate our global impact not only through the use of capital, but also by offering our portfolio companies unique access to our networks, management and operating assets.”
