Chimera Capital, an Abu Dhabi investment company, announced that it has closed its second venture capital (VC) fund at a total of $10 billion, with the goal of identifying multi-million dollar opportunities in “growth-stage” businesses.
The $10 billion funds is co-managed with Alpha Wave Global, formerly known as Falcon Edge Capital, a leading alternative asset manager in the United States.
As Chimera Capital’s chief investment officer Karim Radwan explained, “when you combine them, you get a large fund that can basically invest on a greater scale in basically growth stories.”
Chimera Capital is owned by Chimera Investments LLC, which is a subsidiary of Royal Group, an Abu Dhabi investment firm chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed. Chimera Capital is headquartered in Dubai and is a subsidiary of Royal Group.
Chimera Global Fund I, the company’s inaugural fund, closed in October with a $75 million closing capital, including participation from Mubadala Capital, a unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company.
Chimera Investments contributed $25 million to the fund’s start-up.
This includes Course Hero, a US education technology startup, Egyptian transportation technology provider Swvl, and the Indian fintech firm Zeta, among others.
Alpha Wave Ventures II will aim for a return of three to five times the initial investment, with companies closer to an initial public offering achieving a lesser return in that range, according to Radwan.
According to Chimera, the new fund, Alpha Wave Ventures II, would focus on financial technology, artificial intelligence, life sciences, consumer internet, and business to business sectors.
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