Qatar's $320 Billion Wealth Fund Seeks to Catch Up on Technology
Qatar’s sovereign wealth fund is seeking to increase investments in technology companies, unfazed by recent declines in the sector, its chief executive officer said.
The Qatar Investment Authority “will keep investing in technology as it is the most important sector right now,” Mansoor Al Mahmoud told reporters in Doha Sunday. “We think we are underweight” and are “trying to catch up.”
Middle East sovereign wealth funds have been beefing up their investments in the industry after previously spending billions of dollars on trophy assets, such as London real estate and stakes in global banks. The QIA, which has assets of about $320 billion, hired Bank of America Corp. dealmaker Tristan Lacroix to bolster its push into technology, people familiar with the matter told Bloomberg in September.
While some technology startups have generated huge amounts of wealth over the past decade, companies like WeWork and Uber Technologies Inc. have been unable to match private market valuations.
Read more: https://www.bloomberg.com/news/articles/2019-12-15/qatar-s-320-billion-wealth-fund-seeks-to-catch-up-on-technology
