Activate Capital, a San Francisco-based growth equity firm, has joined Qatar Investment Authority’s (QIA) $3 billion Fund of Funds program and will open its first international office in Doha, the sovereign wealth fund said.
QIA has become a limited partner in Activate and a member of its Limited Partners Advisory Committee, the two sides said in a statement on October 15. The size of QIA’s commitment was not disclosed.
Activate invests in energy and infrastructure technology companies from Series B funding through to the pre-IPO stage. Its sectors include energy and power, land and space transportation, digital industry, supply chain resilience and climate adaptation.
QIA said its commitment will help Activate pursue investments in the Global South, focused on sectors undergoing digitalization and decarbonization.
The Doha office will be staffed with senior investment professionals, including a Qatar-focused partner. Activate also plans to hire Qatari and international staff.
Activate is the 13th venture firm to join the program, Semafor reported. Other members include B Capital, Founders Circle and Liberty City Ventures.
QIA first announced the Fund of Funds in February 2024. The program aims to attract international venture capital firms to Qatar and to support the growth of startups in Qatar and the wider region.
“QIA launched the Fund of Funds to build bridges between Qatar and the global VC ecosystem,” Dr. Mohsin Pirzada, QIA’s Head of Funds, said in the statement.
Pirzada told Semafor the program is “commercially driven,” and that participating managers are also held to development goals linked to Qatar’s national strategy.
Anup Jacob, co-founder of Activate Capital, said the firm plans to connect its portfolio, investment strategy and future Doha office with Qatar’s innovation ecosystem.
QIA said the deal supports Qatar National Vision 2030 and adds climate, energy and industrial infrastructure expertise to the program.
