Chimera, Alpha Wave team up for $10-bn VC fund with India among focus markets

 Chimera, Alpha Wave team up for $10-bn VC fund with India among focus markets

Abu Dhabi-based asset manager Chimera Capital said on Tuesday it has raised $10 billion for its second venture capital fund that it will co-manage with New York-based Alpha Wave Global, earlier known as Falcon Edge Capital.

The Alpha Wave II Fund’s announcement comes barely a month and a half after Chimera Capital, a subsidiary of Chimera Investments, raised its first VC fund in December. The first fund, Chimera Global Fund I, raised $75 million.

The dramatic increase in the size of the second fund shows Chimera’s interest in deploying a vast amount of capital into technology startups, especially in countries such as India where Alpha Wave has already built a sizeable presence. The size of the new fund also makes it one of the biggest VC funds globally.

Alpha Wave has been one of the most aggressive VC investors in India over the past year. Its India investments include food delivery unicorn Swiggy, fintech startup OfBusiness, online used-car retailer Cars24, e-commerce roll-up unicorn Mensa Brands, and social commerce startup DealShare.

Chimera said the new vehicle is a multi-stage fund, which will mostly back growth-stage companies with clear exit strategies. The fund will back high-quality, exclusive assets globally with a focus on fintech, artificial intelligence, life sciences, consumer internet and B2B sectors, Chimera said.  It will back companies from India to the US.

“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,” said Syed Shueb, chairman of Chimera Capital.

Chimera Capital is regulated by the Abu Dhabi Global Market and is owned by Sheikh Tahnoon Bin Zayed, a member of the ruling family of Abu Dhabi.

Chimera Investment, which mainly focuses on alternative investments, is an Abu Dhabi-based private investment firm that manages a diversified portfolio of assets including listed and private entities.

Chimera was established in 2007 under the Abu Dhabi-based Royal Group, which invests across sectors like real estate and construction, food and beverages, hospitality, aviation and healthcare. It is one of the most influential investment firms out of Abu Dhabi, and manages more than 60 companies that employ more than 120,000 people.

“Building on the successful launch of five exchange-traded funds and a global venture capital fund, and the strong track record of successful fund deployments and deal executions developed over the past three years, we look forward to co-managing the Alpha Ventures II fund with our partners,” said Seif Fikry, CEO of Chimera Capital.

In December, Chimera had invested $100 million into Egyptian developer Gemini Global Development for a significant minority stake. Gemini is promoted by Egyptian billionaire Naguib Sawiris.

Aman Malik

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