Abu Dhabi G42 Launch $10 BN International Tech Fund
Abu Dhabi’s Group 42 is all set to launch a $10 billion International Tech Fund.
Group 42’s $10 Billion Fund:
According to the reports and sources, Abu Dhabi-based AI and cloud computing companies are all set to launch a $10 billion fund that will be investing in emerging technology for higher growth in regions across the world as they are looking to expand their portfolio of investments.
G42 said in its statement that G42, which is well-known as Abu Dhabi’s sovereign fund Mubadala Investment Company and Silver Lake among its shareholders, is setting up a new investment vehicle in a partnership with Abu Dhabi’s government-owned Growth Fund.
G42’s Expansion Fund, which is managed by a subsidiary of G42, will focus on uplifting the pace of global innovations by investing in last-stage growth companies and brands. They will invest with their disruptive technologies and strong business fundamentals.
Peng Xiao, G42’s chief executive, stated, “With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital but also by providing unique access to our networks, management, and operational assets to our portfolio companies.”
The new Fund will be operating as a private equity investor with the share of investment for higher growth regions in the future.
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The company has said, ‘In addition to providing investment support, G42 will leverage its operational assets and ecosystem of operating companies to accelerate value creation across the G42 Expansion Fund’s portfolio of investments.”
The Fund’s investment will be mainly aimed at covering technologies that have the potential ‘to shape the global economic landscape in the next decades.’
Mr. Xiao, chairman of the Growth Fund, said, ‘The G42 journey to date has been marked by success stories in a wide range of industries, addressing the most complex challenges faced by our customers.’ He further added, ‘With the foundation built by our operating business and support from our strategic partner ADG, the next era of G42 will be marked by our ability to turbocharge new ventures around the world.’
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G42 (Group 42):
Group 42 (also known as G42) is an artificial intelligence and cloud company that was founded in Abu Dhabi, the United Arab Emirates, back in 2018. The company is focused on the development of AI industries in the govt sector, healthcare, finance, oil and gas, aviation, and hospitality.
The company is all set to launch of investment of $10 billion to take things to the next level.