Abu Dhabi’s MGX, an AI-focused investment firm backed by Mubadala Investment Co. and G42 in the United Arab Emirates, has raised close to US$50 billion from regional sovereign wealth funds, global pension funds, and other large institutional investors for AI infrastructure and technology, according to people familiar with the matter.

The fund closed in recent weeks and has begun deploying capital, the people said.

MGX was launched in March 2024 as part of Abu Dhabi’s AI strategy. Its mandate focuses on AI infrastructure, semiconductors, and core AI technologies and applications.

The fundraise would make MGX one of the largest dedicated AI investment vehicles.

MGX has said it aims to manage more than US$100 billion in assets.

MGX has invested in OpenAI and xAI and is also backing AI infrastructure projects alongside BlackRock and Microsoft.

A separate partnership with BlackRock, Microsoft, and Global Infrastructure Partners seeks to mobilize US$30 billion in private equity capital, and up to US$100 billion including debt, for data centers and power infrastructure.

MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan.

🔗 Source: Bloomberg