Abu Dhabi-based artificial intelligence firm Group 42, which is backed by Mubadala Investment Co. and Silver Lake Technology Management LLC, is setting up a new, USD 10 billion fund focused on technology investments in emerging markets.
The Abu Dhabi Growth Fund, which was established by the government-run Abu Dhabi Developmental Holding Company PJSC last year, will collaborate with the G42 Expansion Fund. According to the company’s statement to Bloomberg on Wednesday, it would be managed by a new business unit within G42 and target late-stage growth businesses developing revolutionary technologies.
The plan is to act as a private equity investor, with a sizable chunk of the USD 10 billion funds designated for “high-growth regions.”