Mubadala-backed AI firm G42 sets up $10 bn tech fund

Artificial intelligence firm G42, chaired by the Gulf state’s national security advisor, has launched a $10 billion fund to invest in late-stage technology companies.
G42, which also counts Abu Dhabi sovereign wealth fund Mubadala as an investor, said the fund would operate as a private equity investor targeting a broad spectrum of technologies that promise to shape the global economic landscape in the next decades.

U.S. private equity firm Silver Lake is also an investor in G42.

The fund would look at investing in computing, clean technology and renewables, digital infrastructure, life sciences, healthcare, new materials and fintech, among other areas.

“We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions,” G42 Chief Executive Peng Xiao said.

The fund would be managed by a subsidiary and formed in partnership with Abu Dhabi Growth Fund, owned by another Abu Dhabi sovereign wealth fund, ADQ.

Sheikh Tahnoon bin Zayed Al Nahyan, UAE national security advisor and G42 chairman, also chairs ADQ. He is the brother of UAE President Sheikh Mohamed bin Zayed and is a member of the UAE government and Abu Dhabi ruling family.