Mubadala Capital considers backing former venture chief’s new fund

Mubadala Capital is engaged in early-stage discussions to invest in a new venture capital vehicle being established by its departing investment executive, Ibrahim Ajami. The potential commitment follows Ajami's decision to launch an independent investment firm after a two-decade tenure at the Abu Dhabi-based group, according to reporting from Bloomberg.

Ajami, who oversees venture investments at Mubadala Capital, is planning a major fundraising effort in the first quarter of 2027. His new firm, Noha Capital, is expected to operate from offices in Dubai and San Francisco, though details regarding the fund's target size and investment strategy have yet to be disclosed.

During his tenure at Mubadala, Ajami oversaw investments in technology businesses across the United States and Europe, alongside commitments to external investment managers. Mubadala Capital's portfolio includes autonomous driving company Waymo as well as artificial intelligence infrastructure provider Crusoe.

The potential fund commitment comes as Mubadala Capital continues to expand its alternative investment platform. That expansion was highlighted when Apollo Global Management agreed to acquire a minority stake in the firm, strengthening its relationship with the Abu Dhabi-backed investment manager.