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Deerfield, a health care-focused investment company with around $15 billion in assets, and B Capital, a tech-focused multi-stage investor with over $7 billion under management, received backing from the Qatar Investment Authority through its fund-of-funds program, according to a statement.
Qatar's sovereign wealth fund launched the $1 billion program last year to develop the venture capital ecosystem and support local startups.
The QIA has already invested in four other firms — including London-based Utopia Capital Management — as part of this initiative. Each of these firms will open offices or their regional headquarters in Qatar.
The $510 billion entity is likely to grow significantly in the coming years, driven by an expansion of Qatar's gas output. Its new Chief Executive Officer, Mohammed Al Sowaidi, brings extensive experience in the US, which is expected to help the fund navigate the dynamics of Donald Trump's presidency.
Over the past five years, the QIA has increased its US investments, partly to rebalance its portfolio away from Europe. It has invested in sectors such as technology and health care and plans further deployments in Asia and the US, focusing on sectors including digitization and infrastructure.
Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.
Qatar's regional peers, the United Arab Emirates and Saudi Arabia, have been leveraging investments by their sovereign entities to attract global firms to their financial centers.
In recent years, several high-profile hedge funds have established offices in Abu Dhabi and Dubai, transforming the UAE into an emerging hub for the industry.
Similarly, Saudi Arabia has attracted regional headquarters of several Wall Street firms after it introduced policies that made such a presence mandatory for certain government contracts.
Besides Qatar, Kuwait has also started wooing foreign firms. BlackRock Inc. is exploring plans to open an office in the country, Bloomberg News has reported.
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