Mubadala Capital Eyes Stake in Ajami Venture Fund
Abu Dhabi's Mubadala Capital is in early talks to back a new venture fund being raised by departing executive Ibrahim Ajami.
Updated on Nov. 5, 2026 in Startups
Mubadala Capital is in early discussions to invest in a new venture capital fund being established by Ibrahim Ajami, who oversees the firm's venture investments. Ajami is preparing to launch an independent investment firm, Noha Capital, after two decades with the Abu Dhabi-based Mubadala group.
Why it matters
The talks signal continued sponsor interest in venture investing as senior investment executives leave large institutional platforms to start independent firms. Mubadala Capital's existing portfolio, which includes autonomous driving company Waymo and AI infrastructure provider Crusoe, gives context to the type of technology investing Ajami led.
Ajami spent two decades at the Mubadala group, overseeing technology investments across the US and Europe. He is planning a major fundraising effort in the first quarter of 2027, though the target fund size has not been disclosed.
The players
Mubadala Capital
The investment arm of Abu Dhabi's Mubadala group, which manages venture and private investments across multiple sectors and regions.
Ibrahim Ajami
A veteran investment executive who oversees venture investments at Mubadala Capital and spent two decades with the Mubadala group.
Apollo Global Management
A major global alternative asset manager that agreed earlier this week to acquire a minority stake in Mubadala Capital.
The details
Ajami, who oversees venture investments at Mubadala Capital, is reportedly preparing to launch Noha Capital, which is expected to operate from offices in Dubai and San Francisco. Mubadala Capital is in early discussions to invest in the new fund, according to a Bloomberg report.
Timeline
Earlier this week: Apollo Global Management agreed to acquire a minority stake in Mubadala Capital.
November 5, 2026: Mubadala Capital reported to be in early discussions to back Ajami's new fund.
First quarter 2027: Ajami plans a major fundraising effort for Noha Capital.
Market Landscape
The talks reflect a pattern in which senior investors from sovereign-backed platforms leave to launch independent funds, with their former institutions often considered as anchor investors. Apollo's stake in Mubadala Capital adds a further layer, as the platform's ownership and investment capacity are being reshaped in the same period.
For founders seeking venture capital, a new fund backed by a sovereign-linked investor could mean additional capital for technology startups. Limited partners considering commitments to emerging managers may watch whether Noha Capital draws anchor backing from institutions like Mubadala Capital.
The takeaway
Senior investment talent moving from large institutional platforms to independent firms is a trend worth tracking, since anchor commitments from sovereign-backed investors can shape which new venture funds get off the ground.
What happens next
Ajami is planning a major fundraising effort for Noha Capital in the first quarter of 2027, when the fund's size and investor commitments are expected to become clearer.
Further reading
For more on how new venture firms are raised and funded, see our Startups coverage.
Source note: This article includes information reported by Private Equity Wire.
