G42, the leading UAE-based artificial intelligence and cloud computing technology firm, has announced the launch of the $10 billion G42 Expansion Fund, a global technology growth fund established in strategic partnership with the Abu Dhabi Growth Fund (ADG).
The fund, which a G42 subsidiary will run, will invest in late-stage growth businesses with groundbreaking technology and sound financial foundations to quicken the pace of global innovation.
The G42 Expansion Fund will function as a private equity investor with a sizable portion of investment designated for high-growth locations. Along with offering investment support, G42 will make use of its operational resources and ecosystem of running businesses to hasten value generation throughout the investment portfolio of the G42 Expansion Fund.
“The G42 journey to date has been distinguished by success stories across a wide range of industries, addressing the most challenging challenges encountered by our customers,” said Peng Xiao, Group CEO of G42 and Chairman of the G42 Expansion Fund’s Investment Committee. With the G42 Expansion Fund, we hope to increase our effect on the world by giving our portfolio firms special access to our networks, management, and operational resources in addition to deploying funds.
The G42 Expansion Fund’s investment priorities will cover a range of technologies, including computing and communications technologies, intelligent mobility, clean technology and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences, that have the potential to alter the world economy in the coming decades significantly.
Read more on Tech Gist Africa:
FMO has committed $10 million to Algebra Fund II
The parent company of Facebook, Meta, has raised $10 billion in its very first bond offering
OneOrder, an Egyptian restaurant tech startup, has secured a $6.5 million funding
