Part of the playbook for Abu Dhabi’s AI fund MGX — how it gets those “exquisite opportunities that most people can’t access,” as one executive put it — is revealed in a Bloomberg profile.
Having powerful principals in Sheikh Tahnoon bin Zayed and Mubadala chief Khaldoon Al Mubarak helps, as does a New York office staffed with venture and private equity veterans, and other global funds that are eager to partner on deals.
Executives from both Mubadala — one of the world’s most active sovereign wealth funds — and AI conglomerate G42 are on the board of MGX, and Ahmed Yahia Al Idrissi, the CEO of Mubadala’s direct investments platform, was tapped to run the fund when it launched in 2024, at the start of the AI investment fervor. MGX aims to get $10 billion worth of deals out the door annually, Semafor reported in April.
MGX has backed OpenAI, Anthropic, and xAI. Where some might see conflict, the fund views each as distinct: OpenAI has the consumer advantage; Anthropic is for business; and xAI is the winner in robotics, according to its investment chief.