Technology growth

G42 launches $10 billion tech growth fund

  • UAE-based AI and cloud technology company G42 has launched a $10 billion G42 expansion fund, in partnership with Abu Dhabi Growth Fund (ADG).
  • The fund, which will be managed by a subsidiary of G42, will invest in late-stage companies focused on IT and communications technology, smart mobility, clean technology and renewable energy, digital infrastructure, new materials, multiverses, fintech, healthcare, and life sciences.
  • Founded in 2018, G42 is an AI and cloud computing solutions company that contributes to the development of AI industries in government, healthcare, finance, oil and gas, aviation and hotel. Meanwhile, ADG is a sovereign wealth fund created by the ADQ in July 2021 with a mandate to pursue a differentiated investment strategy for Abu Dhabi.

Press release:

G42, the leading artificial intelligence and cloud computing technology company based in the United Arab Emirates, today announced the launch of the $10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG). The fund, which will be managed by a subsidiary of G42, focuses on accelerating the pace of global innovation by investing in late-stage companies with disruptive technologies and strong business fundamentals.

The G42 Expansion Fund will operate as a private equity investor, with a significant share of investment going to high-growth regions. In addition to providing investment support, the G42 will leverage its operating assets and ecosystem of operating companies to accelerate value creation across the G42 Expansion Fund’s investment portfolio. .

The investment priorities of the G42 Expansion Fund will extend to technologies that promise to shape the global economic landscape over the coming decades, such as information and communication technologies, smart mobility, clean technologies and energies. renewables, digital infrastructure, new materials, multiverses, fintech, healthcare, and life sciences.

Peng Xiao, CEO of G42 Group and Chairman of the Investment Committee of the G42 Expansion Fund, said, “G42’s journey to date has been marked by successes across a wide range of industries, meeting the challenges the most complex ones faced by our customers. With the foundation built by our operating businesses and the support of our strategic partner ADG, the next era of G42 will be marked by our ability to energize new businesses around the world. With the G42 Expansion Fund, we aim to accelerate our global impact not only by deploying capital, but also by providing unique access to our networks, management and operational assets to our portfolio companies. We look forward to engaging with pioneering entrepreneurs who share our core values ​​and ambitions for growth, and we are excited to partner with ADG to further solidify Abu Dhabi as a global hub of innovation and progress.

Khalifa Al Suwaidi, CEO of ADG and member of the investment committee of the G42 Expansion Fund, commented: “As a growth-oriented investor, we are very happy to have a technology investment partner within the G42 which has in-depth knowledge of emerging technologies combined with the operational capacity necessary for global growth and value creation. By supporting both innovation and strong management teams within well-organized companies, the G42 Growth Fund fits perfectly with our investment strategy. We look forward to partnering with G42 as we continue to develop our strategy of partnering with high quality fund managers capable of delivering first quartile financial returns over the long term.

Egon Durban, Co-CEO and Managing Partner of Silver Lake and G42 Board Member, said, “The launch of the G42 Expansion Fund is an important milestone in the growth of the UAE’s technology ecosystem. united as a pioneering engine of innovation and entrepreneurship on a global scale. Additionally, it underscores G42’s position as a highly respected technology company committed to developing and delivering AI and digital transformation solutions that have a positive impact in helping businesses and governments responsible and sustainable their most pressing challenges and to seize their most interesting opportunities. ”

Leveraging its fundamental and applied AI research, as well as its cloud computing capabilities, 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, Injazat, Khazna, Foresight, and more. G42 also partners with a growing global network of leading international organizations in its mission to democratize access to advanced technologies for all markets around the world.

Recent partnerships and investments in key industries include G42 Healthcare’s partnership with Oxford Nanopore Technologies, a UK-based DNA sequencing specialist; G42’s investment in Beyond Limits, a US-based industrial and enterprise artificial intelligence company; G42’s partnership with Cerebras Systems, an American team of pioneering computer architects, deep learning researchers, and engineers building a new class of computer systems purpose-built for AI; and FLYR Labs, a US-based company focused on delivering AI-powered revenue management applications for transportation leaders.