Mubadala Eyes Stake in Ajami's New Fund
The early talks point to new independent venture capital vehicles targeting autonomous driving and AI infrastructure.
Updated on Nov. 5, 2026 in Startups
Mubadala Capital is in early discussions to invest in a new venture capital fund being set up by Ibrahim Ajami, who oversees the firm's venture investments and is departing after two decades with the Abu Dhabi-based Mubadala group. The reported development is at the discussion stage, not a closed deal.
Why it matters
Ajami is preparing to launch an independent investment firm, Noha Capital, which signals how senior investors who built venture portfolios at sovereign-backed funds are spinning out to raise their own capital. The move follows Apollo Global Management's agreement to acquire a minority stake in Mubadala Capital earlier this week.
The reported evidence is a Bloomberg account of early discussions, with no disclosed fund size, valuation, or commitment amount. The only concrete figures are the two-decade tenure and the first-quarter 2027 fundraising target.
The players
Mubadala Capital
The investment arm of the Abu Dhabi-based Mubadala group, with a venture portfolio that includes Waymo and Crusoe.
Ibrahim Ajami
A venture investor who oversaw technology investments in the US and Europe during two decades at Mubadala Capital.
Apollo Global Management
A large alternative asset manager that agreed to acquire a minority stake in Mubadala Capital earlier this week.
Noha Capital
A planned independent investment firm to be operated by Ajami, with offices expected in Dubai and San Francisco.
The details
Venture capital funds are pooled investment vehicles in which outside investors, called limited partners, commit capital that a fund manager deploys into early-stage companies. Mubadala Capital, the investment arm connected to the Abu Dhabi-based Mubadala group, is reportedly weighing a commitment to a new fund led by Ajami. Ajami previously oversaw technology investments across the US and Europe, a portfolio that includes autonomous driving company Waymo and artificial intelligence infrastructure provider Crusoe.
Timeline
Earlier this week, Apollo Global Management agreed to acquire a minority stake in Mubadala Capital.
On 2026-11-05, Mubadala Capital was reported to be in early discussions to back Ajami's new fund.
Ajami plans a major fundraising effort in the first quarter of 2027.
The Tech Race
Mubadala Capital's portfolio of autonomous driving and AI infrastructure holdings places it among sovereign-backed investors competing for stakes in frontier technology companies. Ajami's planned Noha Capital would compete for the same deal flow in the US and Europe where he previously invested.
For founders seeking venture capital, the news signals that new funds led by experienced investors may be forming, though no fund size or timeline for investments has been disclosed. Startups in autonomous driving and AI infrastructure may see new investor options emerge if Noha Capital raises its planned fund.
The takeaway
Watch whether Mubadala Capital confirms its commitment to Ajami's fund and whether Noha Capital announces a fund size during its planned first-quarter 2027 fundraising effort. Those disclosures will show how much capital is moving with senior sovereign-fund investors into independent venture firms.
What happens next
Ajami is planning a major fundraising effort in the first quarter of 2027, which will show whether Noha Capital's fund materializes.
Further reading
For more on how new funds like this get built, see the Startups section.
Source note: This article includes information reported by Private Equity Wire.
