Abu Dhabi's newly created financial services holding company Judan on Monday said it is buying a majority stake in Alpha Wave Global, a US-based investment management firm that holds stakes in OpenAI and other artificial intelligence companies.
Judan will take a 50.1 per cent stake in Alpha Wave Global to speed up the launch of its AI-native life insurance business, the companies said. Financial terms of the deal were not released.
Alpha Wave has roughly $29 billion of assets under management across private equity, private credit, public markets and insurance. The firm has 11 offices worldwide, with a base in Miami, Florida.
Alpha Wave has an investment portfolio consisting of AI and other companies including SpaceX – its biggest investment – as well as Anthropic, OpenAI, Cerebras and others.
“Alpha Wave exemplifies the type of partner we seek to bring into Judan Financial – globally recognised, performance-driven and strategically aligned with the future of finance,” said Mohamed Alsuwaidi, chief executive of Judan Financial and UAE Minister of Investment.
Judan Financial is chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser.
The move is the first strategic investment for Judan since it was launched by International Holding Company last month. Judan has responsibility for more than $237 billion in assets under management and is dedicated to IHC's expanding financial portfolio.
IHC said that Judan Financial is expected to oversee more than 20 operating assets across more than 13 countries, subject to regulatory approvals. Those include Chimera Investment, Lunate Capital and International Securities.
Chimera and Alpha Wave together launched a tech fund for years ago that had $2 billion of initial commitments at the time.
IHC, chaired by Sheikh Tahnoon, intends to expand its portfolio of assets in the US, India and fast-growing economies in Central Asia. The Abu Dhabi company has been on an acquisition spree and aims to double its asset base to Dh800 billion ($218 billion) by 2030.
