The fund, which will be managed by a G42 subsidiary, is intended to quicken the pace of global innovation by making investments in late-stage growth businesses with innovative technologies and strong business fundamentals
Mubadala-backed Emirati AI and cloud computing technology company G42 launched a $10bn expansion fund to invest in late-stage technology companies.
The fund, which will be managed by a G42 subsidiary, is intended to quicken the pace of global innovation by making investments in late-stage growth businesses with innovative technologies and strong business fundamentals, the company claims.
The G42 expansion fund is said to be a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG).
ADG CEO and member of the G42 expansion fund’s investment committee Khalifa Suwaidi said: “As a growth-focused investor, we are very pleased to have a technology investment partner in G42 that possesses a deep knowledge of emerging technologies combined with the operational requirements for global growth and value creation.
“By supporting both innovation and strong management teams within well-organized businesses, the G42 Expansion Fund is an excellent fit with our investment strategy.”
Being a private equity investor, the G42 expansion fund will designate a significant share of investment for high-growth regions, stated the company.
The fund is said to make investments in a wide spectrum of industries ranging from computing to clean technology and renewables. The other areas targeted for investment include fintech, healthcare, life sciences, and new materials.
G42 group CEO and chairman of the G42 expansion fund’s investment committee Peng Xiao said: “With the foundation built by our operating businesses and support from our strategic partner ADG, the next era of G42 will be marked by our ability to turbocharge new ventures around the world.
“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.”
G42, through its diverse business portfolios including, Bayanat, Khazna, G42 Smart Nation, G42 Cloud, G42 Healthcare, Injazat, and Presight, intends to develop high-impact technology solutions by maximising its cloud computing capabilities along with fundamental and applied AI research.
The company claims to have extended its partnership through its subsidiaries with the UK-based DNA-sequencing specialist, Oxford Nanopore Technologies and the US-based industrial and enterprise-grade artificial intelligence company, Beyond Limits.