Abu Dhabi’s Chimera closes its second $10 billion venture capital fund


DUBAI, Jan 25 (Reuters) – Abu Dhabi-based investment firm Chimera Capital said on Tuesday it closed its second venture capital (VC) fund at $10 billion, as it seeks investment opportunities millions of dollars in “growth-stage” companies.

The new fund, Alpha Wave Ventures II, will focus on the financial technology, artificial intelligence, life sciences, consumer internet and business-to-business sectors. said Chimera. The $10 billion fund is co-managed with US alternative asset manager Alpha Wave Global, formerly known as Falcon Edge Capital.

“Put them together and you have a significant fund that can fundamentally invest at a larger scale in growth stories,” said Karim Radwan, chief investment officer of Chimera Capital.

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The venture capital fund’s sponsors are all local and regional investors, Radwan said, declining to name them. He said the fund would invest between tens of millions and up to $100 million in growth-stage companies, typically between Series A and initial public offering (IPO).

Chimera Capital is owned by Chimera Investments LLC, part of Royal Group, an Abu Dhabi investment firm chaired by Sheikh Tahnoun bin Zayed Al Nahyan, UAE national security adviser and brother of its de facto ruler, Abu Dhabi Crown. Prince Mohammed bin Zayed.

Its first fund, Chimera Global Fund I, closed in October at $75 million with participation from Mubadala Capital, a unit of Abu Dhabi’s sovereign wealth fund Mubadala Investment Company. Chimera Investments launched the fund with $25 million.

His investments include American educational technology company Course Hero, Egyptian transport technology company Swvl and Indian financial technology company Zeta.

Alpha Wave Ventures II will target a return between three and five times, with companies falling lower in that range the closer they are to an initial public offering, Radwan said.

“So sort of risk-adjusted. So obviously the early companies have a higher return, but they obviously have, associated with that, a higher risk.”

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Reporting by Yousef Saba; edited by Barbara Lewis

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