Sovereign wealth funds seek closer Silicon Valley ties:
"Ibrahim Ajami admits to being concerned about the high valuations of tech start-ups. But not so much that he is not ready to put another $600m of venture money to work — not to mention the $15bn his group already ploughed in last year. As the man in charge of venture investing for Abu Dhabi’s Mubadala sovereign wealth fund, Mr Ajami’s general wariness is appropriate. Funds like his have come late to the party, at what, for a while, has been looking like a cyclical peak in start-up funding. His defence is that good companies never have a problem going public, and that there are enough truly disruptive, world-beating companies to make it worthwhile. It is true that buying into tech start-ups at what look like historically excessive valuations, does not necessarily end in tears. You just have to make sure it is the right start-ups you are over-paying for."
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