Abu Dhabi-based artificial intelligence firm G42, which counts Mubadala Investment Co. and Silver Lake as its backers, is setting up a $10 billion fund with a focus on technology investments in emerging markets.
The entity will be formed in partnership with the Abu Dhabi Growth Fund, which was set up by state-controlled ADQ last year. Both G42 and ADQ are part of a business empire overseen by United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed.
The new fund will be managed by a unit of G42 and target late-stage growth companies with disruptive technologies. It will operate as a private equity investor, with a significant share of funds earmarked for high-growth regions, in sectors ranging from communications, intelligent mobility and renewables to healthcare.
The move comes as Abu Dhabi -- a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital -- ratchets up efforts to plow oil revenue into the technology sector and diversify its economy.
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