Alpha Dhabi Holding PJSC has agreed to commit $1 billion to a global fund expected to invest in artificial intelligence (AI) and other high-growth technology businesses, expanding the Abu Dhabi-listed company’s private-fund exposure.
Alpha Dhabi said Oct. 26 that the agreement with Alpha Wave III, managed by Alpha Wave Global, is subject to applicable approvals. The commitment equals about 3.67 billion UAE dirhams. The company will transfer capital when requested by the fund; it has not invested the full amount.
Alpha Wave III is expected to invest internationally in AI and other high-growth technology companies. Alpha Dhabi has not disclosed potential holdings or the share of the fund allocated to AI, and it gave no timetable for approvals or capital calls.
Alpha Dhabi expects to meet future requests with distributions from Alpha Wave Ventures II and other resources it already has. Returns from the new fund will depend on its investments and may reach investors through distributions or exits.
Separately, Alpha Dhabi committed 9.2 billion dirhams to Alpha Wave Ventures II on May 19, 2022. The company said 2.6 billion dirhams was contributed and 6.6 billion dirhams remained undrawn. That fund’s mandate covered growth-stage businesses in AI, financial technology, life sciences, consumer internet and business-to-business technology.
Alpha Dhabi says its investment in the earlier fund gave it indirect exposure to SpaceX, OpenAI and Anthropic. It valued its interest in that fund at 14.3 billion dirhams at the end of the first half of 2026. That valuation is separate from the cash distributions the company plans to use for the new commitment.
Alpha Dhabi Managing Director and Group Chief Executive Officer Hamad Al Ameri said the investment supports portfolio diversification and the company’s focus on long-term value creation. Funding for Alpha Wave III will follow its capital calls, subject to applicable approvals.
