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The Qatar Investment Authority announced that Activate Capital, a US-based growth equity firm specializing in intelligent energy and infrastructure technology, has joined its Fund of Funds program. According to the authority’s statement, the partnership will support Activate Capital in pursuing its investment strategy across the Global South with emphasis on sectors undergoing fundamental shifts toward digitalization and decarbonization. The Qatar Investment Authority noted that Activate Capital invests in companies from Series B through pre-IPO stages in areas including energy and power, terrestrial and space transportation, digital industry, supply chain resilience and climate adaptation. As part of the agreement, the firm will establish its first international office in Doha.
Qatar Investment Authority documentation shows the Fund of Funds program launched in February 2024 with an initial commitment that later expanded to USD 3 billion to attract additional global venture capital managers. The authority has framed the initiative as a means to deepen connections with the international venture capital ecosystem while accelerating startup growth in Qatar and the surrounding region. A QIA assessment found the program now includes Activate Capital as the latest participant among more than a dozen international and regional funds. The authority’s statement highlighted how the addition broadens sectoral expertise within the program to align with priorities in sustainable innovation.
In the announcement from the Qatar Investment Authority, Dr. Mohsin Pirzada, head of the Funds Investment Department, said the authority launched the Fund of Funds program to strengthen ties between the State of Qatar and the global venture capital ecosystem. The authority indicated that Activate Capital will staff its Doha office with senior investment professionals, including a partner focused on the Qatari market. Activate Capital also plans to recruit local Qatari and international talent to support operations that position Qatar as a platform for investment and innovation across the Global South. Co-founder Anup Jacob of Activate Capital welcomed the Qatar Investment Authority as a limited partner in the statement.
The Qatar Investment Authority first unveiled the Fund of Funds during a 2024 Web Summit event in Qatar, where officials outlined plans to invest more than USD 1 billion initially in venture capital funds with a focus on technology and healthcare. Subsequent expansions announced by the Prime Minister and Minister of Foreign Affairs increased the program’s scale while adding managers with expertise in artificial intelligence, fintech and infrastructure. According to the authority, participating funds gain access to resources that help portfolio companies establish regional headquarters in Doha. The program maintains a dual focus on achieving commercial returns and delivering developmental benefits to Qatar’s emerging venture capital landscape.
Activate Capital’s involvement marks continued momentum for the Qatar Investment Authority initiative, which Semafor reporting identified as having drawn 13 venture firms to date including B Capital and Founders Circle Capital. The authority’s materials emphasize that managers are encouraged to evaluate commercially viable opportunities in Qatar without a mandatory local investment quota. Discussions between the Qatar Investment Authority and Activate Capital began nearly a year before the announcement, proceeding on schedule despite regional developments. The Doha team will target deals across Qatar and the Global South while leveraging regional advantages in energy costs and computing access for its portfolio companies.
Qatar Investment Authority figures place the Fund of Funds as a strategic element of broader efforts to develop a vibrant startup ecosystem that supports the nation’s economic diversification objectives. The authority continues to accept applications from qualified managers on an ongoing basis through a formal process that evaluates commercial track records and commitment to Qatar. Program participants receive support including access to compute resources for qualifying startups based in the country. The latest partnership with Activate Capital underscores the sustained interest from leading international investors in establishing a presence in Qatar.
