Abu Dhabi-based venture capital firm, Chimera Capital closes its second venture capital fund at $10 billion
Chimera Capital, an Abu Dhabi-based investment firm, announced the closing of its second venture capital (VC) fund, totaling $10 billion, with the goal of identifying multi-million dollar opportunities in “growth-stage” businesses.
The $10 billion funds are managed in collaboration with Alpha Wave Global, formerly Falcon Edge Capital, a major alternative asset manager in the United States.
“When you merge them,” Chimera Capital’s chief investment officer Karim Radwan stated, “you get a large fund that can basically invest on a larger scale in basically growth stories.”
Chimera Capital is owned by Chimera Investments LLC, an Abu Dhabi investment corporation managed by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and the brother of the country’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed. Chimera Capital is a subsidiary of Royal Group and has its headquarters in Dubai.
The company’s maiden fund, Chimera Global Fund I, closed in October with a $75 million closing capital, including participation from Mubadala Capital, a unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company.
Chimera Investments invested $25 million in the fund’s inception.
Among them are Course Hero, a US education technology startup, Swvl, an Egyptian transportation technology provider, and Zeta, an Indian financial firm.
According to Radwan, Alpha Wave Ventures II will aim for a return of three to five times the initial investment, with companies closer to an initial public offering achieving a lower return in that range.
The new fund, Alpha Wave Ventures II, will focus on financial technology, artificial intelligence, life sciences, consumer internet, and business-to-business sectors, according to Chimera.
