UAE-based Alpha Dhabi Holding has pledged to invest AED9.2 billion (US$2.5 billion) in the Alpha Wave Ventures II fund.
The venture capital vehicle is managed by Chimera Capital and Alpha Wave and was launched in Q1 of this year.
The capital commitment will comprise an initial $700 million with the remaining $1.8 billion to be drawn down over the investment period of the fund.
The focus for the venture fund is multi-stage private firms across a range of sectors but with a technology aspect. For example, fintech, life sciences, artificial intelligence and e-commerce are all within the fund’s investment remit.
According to Eng Hamad Al Ameri, CEO of Alpha Dhabi Holding, the commitment “enhances the scale and weight of our balanced portfolio by adding sector, geographic and company size diversification while providing Alpha Dhabi with considerable deal flow and access across key markets including the USA”.
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