Chimera Capital is licensed by Abu Dhabi Global Market and operates multiple VC funds. Image Credit: WAM

Dubai: A venture capital (VC) focused fund from Abu Dhabi has just reeled in a few billions of dollars with relative ease. Chimera Capital Ltd. set the second close of its Alpha Wave Ventures II fund at $10 billion, which will be deployed globally in fintech enterprises, AI-related ventures and those in life sciences.

The fund, which had its first close late October, has already invested more than $1 billion, including in India-based ventures such as Cars24 (the secondhand vehicle buying and selling portal) and Ola Electric, Revolut in the US, and Monzo in the UK. The Alpha Wave Ventures II allows institutional investors to deploy “significant amounts of capital in growth stage companies,” the company said in a statement.

Chimera Capital is an ADGM-regulated fund manager and wholly-owned subsidiary of Chimera Investment, which is an Abu Dhabi-based private investment firm.

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The Alpha Wave Ventures II fund is Chimera’s second venture capital fund. The Fund, which is co-managed with Alpha Wave Global (formerly Falcon Edge Capital). “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 Basar Shueb, Chairman of Chimera Capital.

“The launch of our second product in this unique and increasingly popular asset class will further facilitate our clients’ access to Chimera’s network and expertise.”

A different deployment
Given its smaller size, the Chimera Global Fund I caters to a different set of investors and strategy. It offers investors a risk-adjusted exposure to venture capital as an asset class across different stages/geographies.

The Chimera Global Fund I is almost 70 per cent deployed already.

Investment size

The Alpha Wave Ventures II fund investments in individual companies could be “as low as tens of millions to hundreds, depending on the stage and size of the rounds,” said a spokesperson for Chimera Capital. “The Fund could be doing smaller tickets to penetrate star companies earlier and be able to back them along their growth trajectory.”

Building on the successful launch of five ETFs 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

- Seif Fikry, CEO of Chimera Capital