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Emirati artificial intelligence firm G42, chaired by the Gulf state's national security advisor, launched a $10 billion fund, backed by Mubadala and Silver Lake, to invest in late-stage technology companies.
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The fund would invest in computing, clean technology and renewables, digital infrastructure, life sciences, healthcare, new materials and fintech, among other areas. It will be managed by a subsidiary and formed in partnership with Abu Dhabi Growth Fund, owned by another Abu Dhabi sovereign wealth fund, ADQ.
Why it matters
Abu Dhabi’s sovereign investment fund Mubadala Investment Company is currently driving the emirate’s efforts to diversify its revenue base. It's pivoting towards investments in health care, life sciences, consumer-focused businesses, renewable energy and the mobility sectors. Over the last 6 months it has invested in US biosimulation software company Certara and into Britain's life sciences industry.
