In partnership with the Abu Dhabi Growth Fund (ADG), UAE-based AI and cloud computing company G42 has launched a $10 billion tech growth fund called G42 Expansion Fund.
The new fund will be managed by a subsidiary of G42 and will invest in late-stage growth companies with a focus on computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare and life sciences.
“The G42 journey to date has been marked by success stores in a wide range of industries, addressing the most complex challenges faced by our customers,” said Peng Xiao, group CEO at G42 and chairman of the fund’s investment committee, in a statement. “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.”
Through the fund, the G42 team aims to accelerate the firm’s global impact through the deployment of capital, but also by providing access to its networks, management and operational assets to our portfolio companies, according to Xiao.
“We are eager to engage with trailblazing entrepreneurs who share our core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress,” Xiao added.
Founded in 2018, G42 develops high-impact technology solutions to solve the world’s most complex problems through a robust business portfolio including Bayanat, G42 Healthcare, G42 Smart Nation, G42 Cloud, Khazna and Presight. They also partner with a global network of international organizations that seek to democratize access to cutting-edge technology.
The company’s recent partnerships and investments include G42 Healthcare’s partnership with Oxford Nanopore Technologies, a UK-based DNA-sequencing specialist; G42’s investment in Beyond Limits, a U.S.-based industrial and enterprise grade artificial intelligence company; G42’s partnership with Cerebras Systems, a U.S.-based team of computer architects, deep learning researchers and engineers who are building a new class of computer system designed for AI; and FLYR Labs, a U.S.-based company focused on delivering AI-powered revenue management applications for transportation leaders.
Sovereign wealth fund ADG is partnering with G42 as it builds its own strategy of partnering with managers that can deliver top-quartile financial returns over the long term, according to ADG CEO Khalifa Al Suwaidi.
“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,” he added.
Silver Lake Co-CEO and Managing Partner Egon Durban is also a board member of G42 and praised the fund launch as an important milestone in the growth of the UAE’s technology ecosystem.
“Further it underscores G42’s position as a highly respected technology company, committed to leadership in developing and delivering AI and digital transformation solutions that have a positive impact in helping businesses and governments responsibly and sustainably address their most pressing challenges and embrace their most compelling opportunities,” Durban said in a statement.