UAE sovereign fund and Australian trust raise $49 billion and $267 million for AI investments

UAE sovereign wealth fund MGX announced the closure of a $49 billion AI fund, one of the largest ever created for the sector. The fund backs major AI companies such as OpenAI, Anthropic and Elon Musk’s xAI, having co‑led multi‑billion‑dollar financing rounds for these firms and investing in 14 AI‑related companies across the technology stack, including semiconductors and infrastructure. MGX also disclosed plans to expand an AI campus in France in partnership with Bpifrance and Mistral.

In Australia, Pengana Capital Group completed fundraising for its AI Private Opportunities Trust (ticker AIX) on the ASX, raising $267 million of a targeted $350 million. The listed investment trust will allocate capital to private AI‑related companies, ranging from early‑stage ventures to pre‑IPO firms such as Anthropic, OpenAI, ByteDance‑backed projects and others. Managed by GCM Grosvenor, the trust is structured to be self‑liquidating over a seven‑year lifespan, returning capital and gains to investors as underlying holdings are realised.