(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 18th August, 2022 (WAM) -- G42, the leading UAE-based AI and cloud computing technology company, today launched the US$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, is focused on accelerating the pace of global innovation by investing in late-stage growth 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 earmarked for high-growth regions. In addition to providing investment support, G42 will leverage its operational assets and ecosystem of operating companies to accelerate value creation across the G42 Expansion Fund's portfolio of investments.
The Fund's 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, commented, 'The G42 journey to date has been marked by success stories in a wide range of industries, addressing the most complex challenges faced by our customers. With the foundation built by our operating businesses and support from our strategic partner ADG, the next era of G42 will be marked by our ability to turbocharge new ventures worldwide.
'With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies. We are eager to engage with trailblasing entrepreneurs who share our core values and growth ambitions, and we are excited to be partnering with ADG to further cement Abu Dhabi as a global hub for innovation and progress.'
Khalifa Al Suwaidi, ADG CEO and Member of the G42 Expansion Fund's Investment Committee, said, 'As a growth-focused investor, we are very pleased to have a technology investment partner in G42 that possesses deep knowledge of emerging technologies combined with the operational requirements for global growth and value creation. By supporting both innovation and strong management teams within well-organised businesses, the G42 Expansion Fund is an excellent fit for our investment strategy.'
Egon Durban, Co-CEO and Managing Partner of Silver Lake and Board Member of G42, stated that the launch of the Fund is an important milestone in the growth of the UAE's technology ecosystem as a pioneering driver of innovation and entrepreneurship globally.
It also underscores G42's position as a highly respected technology company, committed to leadership 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.
Leveraging its fundamental and applied AI research, together with 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, Presight, and more.
G42 also partners with a growing global network of leading international organisations in its mission to democratise access to cutting-edge technology for every market in the world.
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