Mubadala Capital is in early discussions to invest in a new venture capital fund being established by its departing investment executive Ibrahim Ajami, who is preparing to launch an independent investment firm following two decades with the Abu Dhabi-based group, according to a report by Bloomberg.
Ajami, who oversees venture investments at Mubadala Capital, is reportedly planning a major fundraising effort in the first quarter of 2027. His new firm, Noha Capital, is expected to operate from offices in Dubai and San Francisco, although details of the fund’s target size and investment strategy have yet to be disclosed.
During his tenure at Mubadala, Ajami oversaw investments in technology businesses across the US and Europe, alongside commitments to external investment managers. Mubadala Capital’s portfolio includes autonomous driving company Waymo and artificial intelligence infrastructure provider Crusoe.
The potential commitment reportedly comes as Mubadala Capital continues to expand its alternative investment platform. Earlier this week, Apollo Global Management agreed to acquire a minority stake in the firm, strengthening its relationship with the Abu Dhabi-backed investment manager.
