ABU DHABI — MGX has announced the final close of its $49 billion fund dedicated to investing in artificial intelligence (AI) companies. The fund specifically aims to back firms within the AI sector.

The investment vehicle exceeded its initial target size of $45 billion. The fund functions as a private investment entity using a traditional General Partner (GP) and Limited Partner (LP) structure. Investments have been sourced from institutional and private investors located in the Gulf region, North America, Asia, and Europe.

To date, the fund has provided backing to 14 companies. In January, MGX participated in a $20 billion raise for Elon Musk's xAI. The firm also co-led a $30 billion raise for Anthropic in February and another $122 billion raise for OpenAI in March. Following these investments, MGX took part in Anthropic's $65 billion Series H funding round in May.

MGX's investment strategy focuses on various aspects of the AI technology stack. This includes semiconductors, AI infrastructure, and technologies and platforms that enable AI. In June, MGX announced plans to expand an AI campus in France, partnering with Bpifrance and Mistral.

Context

AI companies have raised $416.6 billion so far this year, according to Dealroom. The fund's broad investment focus across the AI tech stack covers semiconductors, AI infrastructure, and AI-enabling technologies. The geographic diversity of the fund's investors includes the Gulf, North America, Asia, and Europe. The firm's recent announcement regarding an AI campus in France reflects engagement in AI development.