The UAE sovereign investor Mubadala Investment Company will be an anchor investor in the US-based Blue Opal Capital’s second venture capital fund.

The venture capital firm, which invests in emerging venture capital funds and co-investment opportunities, recently launched a Fund-of-Fund platform that is focused on identifying and investing into “exceptional entrepreneurial venture capitalists, with emphasis on opportunities within the US,” a Blue Opal Capital statement said.

Mubadala added that with the company sees this partnership as an opportunity to identify emerging managers that have matured into top quartile VC firms.

Mubadala, which has a $276 billion portfolio with interests in multiple sectors and asset classes, has been in the news with last month’s $1 billion deal with Goldman Sachs to invest in private credit deals in Asia, with a particular focus on India.

The Abu Dhabi fund and Goldman Sachs Alternatives, its asset management unit, signed a partnership to invest across the private credit spectrum and across multiple Asia Pacific markets, a statement said at the time.

(Writing by Bindu Rai, editing by Seban Scaria)