Abu Dhabi-based investment firm MGX has raised $49bn for one of the largest funds dedicated to artificial intelligence deals, exceeding its $45bn target, according to a report by Bloomberg.
The two-year-old firm reportedly attracted commitments from major institutional and private investors across the Middle East, North America, Asia and Europe. MGX has already begun deploying capital from the fund, which closed in recent weeks.
MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan and backed by Mubadala Investment Company and G42. The firm has built a portfolio spanning frontier AI models, semiconductor infrastructure and data centres, with investments including OpenAI and xAI, as well as projects alongside BlackRock and Microsoft.
The fundraising comes amid growing competition among governments, sovereign wealth funds and private markets firms to secure exposure to AI infrastructure and related assets. MGX is targeting more than $100bn in assets under management and reportedly plans to deploy as much as $10bn annually over the next few years.
The strategy reflects Abu Dhabi’s push to use its capital base, energy resources and technology partnerships to become a major financier of the global AI buildout.
