Abu Dhabi's Chimera Capital Closes New VC Fund at $10 Billion

Underscoring the GCC’s rising prominence as a conduit of capital for global players, UAE-based Chimera Capital has secured the second close of its Alpha Wave Ventures II fund at a whopping $10 billion. This second venture capital fund is co-managed with Alpha Wave Global and will offer institutional investors a platform to deploy capital in growth stage companies with clear exit strategies operating in fintech, AI, life sciences, consumer internet and B2B sectors in India. The multi-stage fund’s backers include a mix of leading institutional investors with ticket sizes expected to range from hundreds to tens of millions. 

Chimera Capital is connected to Abu Dhabi’s ruling family, through serial investor Sheikh Tahnoon Bin Zayed. Its emergence as a backer of one of the largest funds in venture capital history has further cemented the UAE’s position as the global epicenter of innovation and technology. Its latest foray into venture capital will help Chimera play a more active role with investee companies. 

“The second close of Alpha Wave Ventures II at $10bn marks another significant milestone for Chimera, further solidifying our leading position in the region’s venture capital space,” Basar Shueb, Chairman of Chimera Capital, commented. “Through the fund, we will be investing in dynamic, tech-driven businesses that are providing innovative solutions to key problems, contributing to the development of the local knowledge economy while strengthening Abu Dhabi’s position as a hub of innovation and technology.”

This also marks the latest efforts by Abu Dhabi to diversify its economy beyond hydrocarbons, one of the few cities in the world to manage $1 trillion in sovereign wealth capital.