G42, a cloud computing and AI software firm based in Abu Dhabi, has launched a $10 billion technology growth fund.
The G42 Expansion Fund has been created in partnership with the state-owned Abu Dhabi Growth Fund with the aim of encouraging more technology innovation within the country.
It will be managed by a subsidiary of G42 and will invest mainly in late-stage growth companies with “disruptive technologies and strong business fundamentals” operating in high-growth regions.
The fund will act as a private equity investor, offering access to the operational assets of its portfolio companies in addition to investment capital.
“We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress,” said Peng Xiao, group CEO at G42 and chairman of the G42 Expansion Fund’s investment committee.
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