Key Takeaways
- • Ibrahim Ajami, Mubadala Capital's head of ventures, plans to leave next year to found a venture firm, Noha, targeting about $500 million for its debut fund, according to the Financial Times.
- • Noha is expected to receive several hundred million dollars in seed capital from Mubadala Capital and will co-invest alongside other UAE private capital groups; discussions are ongoing and no final investment decisions have been made.
- • Roughly 90% of Noha's planned investments would go to US startups, with the remainder to UAE and other markets, and it would invest earlier in company development.
- • Ajami spent roughly two decades at Mubadala, backing SpaceX, Waymo and Stripe; his exit comes as Abu Dhabi expands its AI and infrastructure investment.
- • The move coincides with Apollo's October 26 agreement to acquire a minority stake in Mubadala Capital, which manages more than $60 billion across private equity, credit and venture capital.
Summary
Ibrahim Ajami, head of ventures at Mubadala Capital, plans to leave next year to establish his own venture firm, according to the Financial Times. The new firm, to be called Noha, is targeting about $500 million for its debut fund, the newspaper reported, citing people familiar with the plans.
Noha is expected to receive several hundred million dollars in seed capital from Mubadala Capital and to co-invest alongside other UAE private capital groups. The proposed model would give Ajami an independent firm while preserving a substantial financial relationship with Mubadala Capital. Discussions are continuing and no final investment decisions have been made.
About 90% of the firm's investments would be directed toward US startups, with the remainder allocated to companies in the UAE and other markets. A small group from Ajami's existing San Francisco team would initially staff the business. Noha would invest in companies at earlier stages of development, offering founders access to UAE capital, customers and computing resources.
Ajami has spent roughly two decades at Mubadala, backing companies including SpaceX, Waymo and Stripe. His departure would remove one of the group's most prominent tech investors from its ventures business as Abu Dhabi expands its investments in AI companies and infrastructure.
The plans emerge during a broader expansion at Mubadala Capital, which manages more than $60 billion across private equity, credit and venture capital. On October 26, Apollo announced an agreement to acquire a minority stake in the manager. Apollo and other incoming strategic shareholders are expected to commit a combined $5 billion to its investment strategies, separate from their equity stakes in the management company; the allocation among those strategies has not been disclosed.
Noha is expected to receive several hundred million dollars in seed capital from Mubadala Capital and to co-invest alongside other UAE private capital groups. The proposed model would give Ajami an independent firm while preserving a substantial financial relationship with Mubadala Capital. Discussions are continuing and no final investment decisions have been made.
About 90% of the firm's investments would be directed toward US startups, with the remainder allocated to companies in the UAE and other markets. A small group from Ajami's existing San Francisco team would initially staff the business. Noha would invest in companies at earlier stages of development, offering founders access to UAE capital, customers and computing resources.
Ajami has spent roughly two decades at Mubadala, backing companies including SpaceX, Waymo and Stripe. His departure would remove one of the group's most prominent tech investors from its ventures business as Abu Dhabi expands its investments in AI companies and infrastructure.
The plans emerge during a broader expansion at Mubadala Capital, which manages more than $60 billion across private equity, credit and venture capital. On October 26, Apollo announced an agreement to acquire a minority stake in the manager. Apollo and other incoming strategic shareholders are expected to commit a combined $5 billion to its investment strategies, separate from their equity stakes in the management company; the allocation among those strategies has not been disclosed.
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