MGX, a state-owned tech investment firm based in the United Arab Emirates, has closed its first fund at US$49 billion, above its initial US$45 billion target.

MGX Fund I drew commitments from institutional and private investors across the Gulf, North America, Asia, and Europe. 

Since its launch, the Abu Dhabi-headquartered fund has invested in 14 companies across artificial intelligence and advanced technology, including semiconductors, AI infrastructure, and AI-enabling technologies and platforms.

MGX was established just over two years ago by Mubadala and G42 and forms part of Abu Dhabi’s broader AI push, with a target of more than US$100 billion in assets across the AI value chain, including data centres and chips.

The firm said Fund I is designed to give investors access to opportunities across the AI technology stack, including areas where access may be limited. It will continue to target long-term investment opportunities through active partnerships with portfolio companies.

The close comes after a year of active dealmaking by MGX across AI infrastructure. The firm has backed Singapore-headquartered data centre operator DayOne and recently reportedly explored a potential acquisition of the company.

MGX is also part of the consortium behind the US$40 billion takeover of Aligned Data Centers, alongside BlackRock, Global Infrastructure Partners, Nvidia, Microsoft and xAI. The transaction is one of the largest data centre deals to date and the first major move by the AI Infrastructure Partnership.

In Europe, MGX has partnered with Bpifrance and Mistral to expand Campus AI in France, with plans to develop up to 3GW of compute capacity nationwide. The firm also participated in Anthropic’s Series H funding round, which valued the company at US$965 billion.

MGX’s other portfolios include Vantage Data Centers, Khazna, TikTok, and Databricks, according to its website.