MGX closed its Fund I at $49 billion on Wednesday, exceeding an initial target of $45 billion and establishing the Abu Dhabi-based firm as one of the largest dedicated AI investors globally.
The two-year-old firm exceeded its $45 billion target with backing from investors in the Gulf, North America, Asia, and Europe
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MGX closed its Fund I at $49 billion on Wednesday, exceeding an initial target of $45 billion and establishing the Abu Dhabi-based firm as one of the largest dedicated AI investors globally.
Backers spanning the Gulf, North America, Asia, and Europe contributed to the raise, the company said. Fund I was designed to cover the breadth of the AI technology stack, with investments spanning semiconductors, AI infrastructure, and AI-enabling technologies and platforms. Since inception, the fund has invested in 14 companies.
Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, chairs MGX, which was founded in 2024 with Abu Dhabi sovereign fund Mubadala Investment Company and AI and cloud computing firm G42 as its anchor backers. The fund had already deployed capital before Wednesday's close, according to Bloomberg.
MGX has assembled a broad portfolio of AI-related positions. Among its recent deals, MGX took part in Anthropic's $65 billion Series H raise, adding to a prior position it had built through the company's Series G round. The firm made an investment in OpenAI during that company's $300 billion valuation funding round, and has also invested in xAI.
A deal to purchase Aligned Data Centres, completed in Oct. 2025 alongside the Artificial Intelligence Infrastructure Partnership and BlackRock $BLK's Global Infrastructure Partners, carried a price tag of roughly $40 billion and ranked among the most significant private equity transactions ever recorded in digital infrastructure. MGX also joined Nvidia $NVDA to help develop what could become Europe's largest AI campus, to be built near Paris. A more recent statement said the project, which now includes a second campus site, could reach 3 gigawatts of compute capacity nationwide. Bpifrance, Mistral AI, and the French national investment bank are partners in that joint venture.
Reaching a long-term goal of more than $100 billion in assets under management will require deploying up to $10 billion per year over the coming years, according to the outlet. Unlike conventional Gulf sovereign wealth funds that primarily put state capital to work, MGX was built to draw in outside institutional investors. That approach gives the firm room to take on bigger deals and reach a wider pool of capital partners.
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