DUBAI - BlueFive Capital closed its $3 billion ‍Onyx ‍Fund I, it said ​on Monday, targeting opportunistic technology and ⁠growth investments in the U.S. ⁠and Europe. The fund, ‌which is registered with the Abu Dhabi ⁠Global Market, will focus on investments in artificial intelligence, biotechnology and advanced computing, the ⁠firm said.

BlueFive said ​the fund is anchored by sovereign capital ‍from across the Gulf.

Founder and Chief ​Executive Hazem Ben-Gacem said the fund aims to invest at inflection points in computational and biological intelligence and described ADGM as a suitable regulatory base for a globally focused fund. 

BlueFive said it ⁠expects to make ‌several technology and biotechnology investments in the U.S. in ‌the ⁠coming months.

(Writing by Tala Ramadan, ⁠Editing by Harikrishnan Nair)