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Bailey McCann, Opalesque New York:

The Qatar Investment Authority is set to launch a new venture capital program. QIA will put $1 billion into the country's first venture capital fund of funds. The new fund of funds will invest in both global and regional venture capital managers.

QIA says the program has two objectives - the first is to secure a long-term market rate of return for the investment authority and the second is sustainable development of a venture capital and start-up ecosystem in line with Qatar's National Development Strategy (NDS3).

The program also hopes to attract global venture capital funds and entrepreneurs both to Qatar and the wider GCC region. The program will focus on the tech sector, including fintech and edtech, as well as the healthcare sector. It will primarily invest indirectly via other VC funds, but will be able to make targeted co-investments with the participating funds. The fund of funds program will only invest in VC funds and not invest in private equity, debt, or any other funds.

"There is currently no dedicated pool of capital in Qatar for companies that are past seed funding and are ready for Series A to Series C funding rounds. Building a well-connected start-up ecosystem network in Qatar is fundamental to diversifying the country's economic base in the long term," said QIA CEO, HE Mansoor Ebrahim Al-Mahmoud. "QIA is launching this program to help ensure that innovative businesses can readily access capital ......................

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