ADQ, formerly known as Abu Dhabi Developmental Holding Company, has launched a new venture capital fund with a corpus of 1.1 billion UAE dirham (about $299.5 million) to invest in early-stage businesses in India and Southeast Asia.
The fund, called Alpha Wave Incubation (AWI) Fund, will be managed by New York-headquartered investment firm Falcon Edge Capital, per an ADQ statement.
Located in Abu Dhabi Global Market, AWI Fund will help its portfolio companies establish their global or regional headquarters in Abu Dhabi’s Masdar City, thereby paving their access to the UAE and the broader Middle East and North Africa region.
“To maximise our value creation and long-term impact on society, we will also take a leadership role by investing in new companies that are pioneering cutting-edge technologies and developing new and innovative businesses models,” Mohammed Hassan Alsuwaidi, chief executive officer of ADQ, said in a statement.
ADQ, set up in 2018, is the state-owned holding company for Abu Dhabi’s non-oil sectors. It currently manages a portfolio of over 90 companies across diverse sectors including healthcare, logistics, manufacturing, tourism and hospitality, and media, among others.
According to Mayank Singhal, head of venture capital and technology at ADQ, the AWI Fund will scout for startups that focus on sustainable, long-term financial returns.
Falcon Edge Capital is an American hedge fund that has been active in India. Its portfolio companies in the country include in ride-hailing giant Ola, and news and local language content platform Dailyhunt, among others.