Oman: OIA expands private equity footprint with 13 new investments in 2024
MUSCAT: Oman Investment Authority (OIA) added 13 new investment funds to its private equity and venture capital portfolio in 2024, significantly expanding its exposure to high-growth global sectors aligned with the Sultanate of Oman's long-term development priorities.
The investments—spanning digital infrastructure, artificial intelligence, fintech, clean energy, and other strategically vital industries—were executed through the Future Generations Fund (FGF), OIA's international investment arm tasked with safeguarding and growing wealth for future generations.
During the year, FGF strategically invested in 13 funds headquartered in key international financial centers across the Gulf, the wider MENA region, and beyond. Each fund was selected for its alignment with Oman's economic diversification goals and its potential to deliver sustainable, long-term returns.
Among the most notable additions is Hahn & Company, a fund that acquires and develops companies across advanced industries, logistics, energy, chemicals, and commercial services. Another major investment, eWTP, focuses on growth opportunities in digital infrastructure, advanced industrial applications, energy transition technologies, and food security—sectors considered crucial to future resilience.
Technology-related investments featured prominently in the 2024 portfolio. Vista specializes in acquiring tech-enabled companies across healthcare, marketing, media, financial services, and retail. Industry Ventures complements this focus by backing venture capital firms active in AI, fintech, e-commerce, and health tech, while Flagship Pioneering targets innovation in health technology, agri-tech, and renewable energy solutions.
FGF also invested in IDG Industrial, which supports growth-stage firms in cleantech, semiconductors, advanced manufacturing, and healthcare. ICG Strategic Equity Fund focuses on secondary investments, partnering with experienced fund managers to scale companies across diverse sectors.
In the infrastructure and digital services space, Digital Alpha stands out with its focus on companies advancing smart city technologies, wireless communications, IoT networks, and multi-cloud services. Frazier Healthcare Partners brings specialized expertise in healthcare IT, life sciences, pharmaceuticals, and healthcare management. In the financial technology space, FTV Capital targets high-growth firms, with a complementary investment in FTV Ascend, which focuses on smaller-cap players in the same sectors.
Additional portfolio entries include Atlas Holdings, known for acquiring and restructuring underperforming industrial businesses, and the Valor Atreides AI Fund, which invests in cutting-edge AI technologies and related infrastructure. The portfolio is rounded out by Creador, a growth-focused fund targeting consumer products, financial services, and healthcare in fast-developing markets.
As part of its broader Direct Investments strategy in 2024, OIA also invested in xAI, the artificial intelligence company founded by American entrepreneur Elon Musk. xAI is behind Grok, an AI-driven conversational platform. The Series B financing round will fund the development of a 100 MW U.S.-based data center to train Grok's third-generation large language model.
'As a financial investor, FGF partners with other financial and strategic investors to pursue viable direct, listed, and fund-based opportunities globally, while also seeking global strategic partnerships to localize technologies and advance Oman's economy,' the Fund explained on its website.
To date, FGF has invested in more than 185 funds across private equity, venture capital, infrastructure, and real estate. In addition, it holds over 60 direct investments in a wide range of sectors, along with allocations in global equities, bonds, treasury bills, and deposits.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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