Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is reviewing eight venture capital (VC) firms to add to its “fund of funds” programme. This move is part of QIA’s strategy to bolster its $1 billion venture capital fund, which has already invested nearly $500 million in six firms.
If all eight firms are selected, the programme will be close to fully committed. Mohsin Pirzada, QIA’s head of funds, shared this update on the sidelines of Web Summit Qatar, the regional edition of the world’s largest tech conference, on Monday. He also hinted that there might be discussions in the future about expanding the programme.
Representing less than 0.2% of QIA’s total holdings, which are estimated at $526 billion, the venture capital initiative is designed to address funding gaps in Series A, B, and C rounds, particularly in Qatar. The goal is to attract venture capital to the Gulf state and foster a stronger entrepreneurial environment.
Though QIA has not disclosed which firms are under consideration, Pirzada emphasized that the investments were intended to generate returns, stating, “QIA is obviously a financial investor, and so we are still expecting a return to be made from these investments. It’s not a charity.”
Since launching at the 2024 Web Summit Qatar, the programme has received applications from around 120 firms. So far, six firms—B Capital, Deerfield, Rasmal Ventures, Utopia, Builders VC, and Human Capital—have been selected for participation.
Although not mandatory, QIA encourages selected firms to establish offices or regional headquarters in Doha, as Pirzada believes this helps bring the ecosystem and network effects of these firms to the country. Utopia, one of the selected firms, has already set up its Middle East-focused venture capital fund, A-Typical, in Qatar, with plans to hire between 15 and 18 staff members.
This initiative is part of Qatar’s broader efforts to diversify its economy, reduce reliance on gas, and compete with larger neighbors like Saudi Arabia and the UAE to attract global financial firms to Doha.
