MGX closes first fund at $49bn, above $45bn target
Abu Dhabi's MGX has held a final close on its first fund at $49 billion, topping the $45 billion target, with 14 companies in the portfolio.
MGX has closed its first fund at $49 billion in commitments, four billion above the $45 billion target it set for the vehicle. The Abu Dhabi technology investor confirmed the final close.
Capital came from institutional and private investors across the Gulf, North America, Asia and Europe. MGX called the group elite and diverse. It did not disclose how the commitments split by region, investor type or size.
Fourteen companies, one theme
Fund I holds positions in 14 businesses. The names include SpaceX, OpenAI, Anthropic, Binance, TikTok, Khazna and the North American arm of Vantage Data Centers.
The spread is deliberate. MGX built the book around a single thesis: demand for artificial intelligence will keep flowing to whoever owns the scarce layers underneath it. Chips. Data centre capacity. The platforms that turn both into products.
In practice the mandate runs from silicon to the software layered on top of it. The firm says it targets differentiated or restricted opportunities and holds them in size, working with management rather than trading in and out of positions.
The holdings cluster in a few places: data centre operators such as Khazna and Vantage, model developers such as Anthropic and OpenAI, and consumer or financial platforms such as TikTok and Binance.
The fund was launched to offer concentrated exposure to AI rather than a broad basket. MGX picks positions it regards as hard for other investors to reach, then adds to them. The two Anthropic rounds are the clearest example.
Anthropic and Aligned
MGX took part in Anthropic's $65 billion Series H, having already invested in the model developer's Series G.
The bigger cheque came in October 2025, when MGX joined the Artificial Intelligence Infrastructure Partnership and, alongside BlackRock's Global Infrastructure Partners, bought Aligned Data Centres. The transaction was valued at roughly $40 billion, which puts it among the largest private equity deals the digital infrastructure sector has seen. The buyers expect it to add substantial capacity to AI compute worldwide.
Mubadala, G42 and the chair
MGX was set up in 2024. Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, and G42, the AI and cloud computing group, stand behind it.
Sheikh Tahnoon bin Zayed chairs the firm. He is Deputy Ruler of Abu Dhabi and National Security Adviser.
The overshoot means more capital to deploy than the firm originally planned for.
MGX says it remains focused on finding investments that create long-term value through active partnership. It gave no timetable for deploying the rest of the fund and did not say how much of the $49 billion has already been called.
