UAE-based G42 launches $10 bln fund to boost AI-driven investments in emerging markets

Doaa A.Moneim , Thursday 18 Aug 2022

main

 

UAE-based G42, an artificial intelligence (AI) and cloud computing technology company, launched on Thursday a $10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG) to boost technology investments in emerging markets.

The fund, which will be managed by a subsidiary of G42, is focused on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong business fundamentals, the company said.

The fund will operate as a private equity investor, with a significant share of investment earmarked for high-growth regions. In addition to providing investment support, its investment priorities will span across technologies that promise to shape the global economic landscape in the next decades, such as computing and communications technologies, intelligent mobility, clean tech and renewables, digital infrastructures, new materials, multiverses, fintech, healthcare, and life sciences.

 

Peng Xiao, Group CEO at G42 and chairman of the G42 Expansion Fund’s Investment Committee, said that the mission of the new fund is to turbocharge new ventures around the world.

  

Egon Durban, Co-CEO and managing partner of Silver Lake and board member of G42, noted that the fund will play a significant role 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.

Short link: