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Abu Dhabi-based MGX has raised $49 billion via an AI themed fund, attracting institutional and private investors from across the Gulf, North America, Asia and Europe.
MGX Fund I was launched to provide investors with exposure to the AI theme through investments across the technology stack, including semiconductors, AI infrastructure, and AI-enabled technologies. Total investments in the fund came above the target of $45 billion, making it one of the biggest such in the world.
MGX is targeting over $100 billion in assets investing across the whole AI technology stack, including semiconductors, data centres and foundation models.
The firm, backed by Mubadala Investment Co. and G42, has invested in some of the largest AI companies globally including SpaceX's xAI, OpenAI and Anthropic.
(Writing by Brinda Darasha; editing by Seban Scaria)
