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

Emirati artificial intelligence firm G42, chaired by the Gulf state’s national security advisor, on Thursday 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”.

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 in a statement.

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, G42 said.

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 senior member of the UAE government and Abu Dhabi ruling family.

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