Abu Dhabi’s ADQ launches $300m fund for India, SE Asia startups

Aerial view of Abu Dhabi. Photo: Pixabay

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.