Alpha Dhabi to invest AED9.2B in ‘Alpha Wave Ventures II’ fund
Alpha Dhabi Holding has made a AED 9.2 billion commitment to invest in Chimera Capital and Alpha Wave’s ‘Alpha Wave Ventures II’ venture fund which was launched at the beginning of the year.
The venture capital fund has a global remit, and will focus on multi-stage private firms, with a concentration on growth stage companies across a wide range of sectors including artificial intelligence, financial technology, life sciences, consumer internet and B2B. The fund’s investment emphasis is in line with Alpha Dhabi’s growth strategy, which is focused, in part, on investment in disruptive technologies as part of the UAE’s ambition to create a diversified, tech-enabled and competitive economy that fosters a culture of innovation.
The fund will target investments in high growth, tech-enabled and tech-driven businesses that provide pioneering and innovative solutions to key problems both regionally and globally. As a key and strategic contributor to the UAE’s economy and diversification efforts, the fund and our commitment strengthen Abu Dhabi’s position as a hub of innovation and technology and amplify the country’s growing position as a premier investment destination for international, institutional and growth capital.
The total commitment comprises a capital contribution of AED 2.6 billion and undrawn capital commitment of AED 6.6 billion which will be drawn down over the investment period of the fund.
Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, "Investment in innovation and technology remains a core tenet of our growth strategy. We continually look at investments in disruptive technologies as a means of advancing our group of operating subsidiaries which include market leaders in their respective sectors. As a cornerstone and significant investor in this fund, we are able to firmly demonstrate this commitment to innovation, technology and growth-stage companies while also adding scale to our investment portfolio and delivering superior returns for our shareholders.”
The commitment also enhances the scale and weight of Alpha Dhabi’s balanced portfolio by adding sector, geographic and company size diversification while providing it with considerable deal flow and access across key markets including the USA. It also supports the company’s commitment to bring best-in-class technology and innovation to Abu Dhabi and the ecosystem by leveraging synergies and integrating disruptive technologies into its group of operating subsidiaries.
