Artificial Intelligence/VC: G42, The Abu Dhabi AI Firm, Forms $10B Fund For Tech Investments In Emerging Markets
The G42 Expansion Fund will operate as a private equity investor.
G42, the Abu Dhabi-based artificial intelligence firm, announced the launch of the $10 billion G42 Expansion Fund to invest in late-stage growth companies with disruptive technologies and strong business fundamentals. The fund is being set up in partnership with the Abu Dhabi Growth Fund, an arm of the state-owned ADQ, and will be run by a G42 subsidiary. US private equity firm Silver Lake is an investor in G42. (G42)
G42 has recently partnered or invested in:
- Oxford Nanopore Technologies, a UK-based DNA-sequencing specialist
- Beyond Limits, a US-based industrial and enterprise-grade artificial intelligence company
- Cerebras Systems, a US-based team of pioneering computer architects, deep learning researchers, and engineers who are building a new class of computer system specifically designed for AI
- FLYR Labs, a US-based company focused on delivering AI-powered revenue management applications for transportation leaders
According to Bloomberg, both G42 and ADQ belong to the business empire of Sheikh Tahnoon Bin Zayed, United Arab Emirates national security adviser.
Abu Dhabi is in the midst of efforts to diversify its oil-focused economy into other sectors such as technology.
Accordingly, the G42 Expansion Fund will seek opportunities in technologies that include computing and communications, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.
“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,” said Peng Xiao, Group CEO at G42 and Chairman of the G42 Expansion Fund’s Investment Committee.
“We look forward to partnering with G42 as we continue to build on our strategy of partnering with high-quality fund managers that can deliver top-quartile financial returns over the long-term,” said Khalifa Al Suwaidi, ADG CEO and Member of the G42 Expansion Fund’s Investment Committee.
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