Mubadala Capital’s venture chief Ibrahim Ajami to leave and launch $500M fund

Ibrahim Ajami, Mubadala Capital’s head of ventures, plans to leave next year to establish a venture firm targeting about $500 million for its debut fund, according to the Financial Times.

The new firm, called Noha, is expected to receive several hundred million dollars in seed capital from Mubadala Capital and co-invest alongside other UAE private capital groups, the newspaper reported, citing people familiar with the plans. Discussions are continuing and no final investment decisions have been made.

About 90% of its investments would be directed towards US startups, with the remainder allocated to companies in the UAE and other markets. A small group from Ajami’s existing San Francisco team would initially staff the business.

Noha would invest in companies earlier in their development, offering founders access to UAE capital, customers and computing resources. The proposed model would give Ajami an independent firm while preserving a substantial financial relationship with Mubadala Capital.

Ajami has spent roughly two decades at Mubadala, backing companies including SpaceX, Waymo and Stripe. His departure would take one of the group’s most prominent tech investors out of its ventures business as Abu Dhabi expands its investment in AI companies and infrastructure.

The plans emerge during a broader expansion at Mubadala Capital, which manages more than $60 billion across its core alternatives business, including private equity, credit and venture capital.

On October 26, Apollo announced an agreement to acquire a minority stake in the manager. Apollo and other incoming strategic shareholders are expected to commit a combined $5 billion to its investment strategies, separately from their equity investments in the management company. The allocation between those strategies hasn’t been disclosed.