Alpha Dhabi Holding has signed an agreement to commit $1 billion (AED3.67 billion) to Alpha Wave III, a global investment fund managed by Alpha Wave Global, the Abu Dhabi-based investment group said on Monday.
The fund is expected to invest in artificial intelligence and high-growth companies worldwide that develop and apply advanced technologies, according to the company’s statement. The commitment remains subject to regulatory approvals.
The deal follows Alpha Dhabi’s investment in an earlier fund, Alpha Wave Ventures II. That vehicle gave the group indirect exposure to companies including SpaceX, OpenAI and Anthropic.
Alpha Dhabi plans to fund the new commitment by recycling cash distributions it receives from Alpha Wave Ventures II, alongside its existing financial resources.
Alpha Wave will draw down the capital gradually, in line with the fund’s investment program and capital calls. Alpha Dhabi said the financial impact would show over time, depending on when capital is deployed and how the underlying investments perform.
Returns will come through distributions and exits over the life of the fund, the company said.
“This investment supports our portfolio diversification objectives and our focus on long-term value creation. It also reflects our disciplined approach to allocating capital to opportunities that can create enduring value for our shareholders,” said Hamad Al Ameri, managing director and group chief executive of Alpha Dhabi Holding.
Alpha Dhabi, which is listed on the Abu Dhabi Securities Exchange, manages more than 250 public and private investments across 45 countries and has about 95,000 employees, according to the company.
In August, the group doubled its commitment to a private credit joint venture managed by Mubadala Capital to $1 billion.
 to Alpha Wave III, a global fund focused on AI and high-growth technology companies.){kind=link}