BlueFive Capital, a global investment firm, has announced that it has successfully closed the Onyx Fund I, a $3 billion fund registered with the Abu Dhabi Global Market (ADGM).

The key fund will target opportunistic technology and growth capital investments in the US and Europe. 

The fund is anchored by opportunistic sovereign capital from across the GCC, reflecting a strategic alignment between the region's long-term investment priorities and high-conviction exposure to foundational technological disruption in Western markets, said a statement from BlueFive Capital.

The fund will target businesses at the frontier of innovation, specifically in artificial intelligence, biotechnology and advanced computing, where disruptive potential meets scalable commercial application, it stated.

Hazem Ben-Gacem, the founder and CEO of BlueFive Capital, said: "The Onyx Fund aims to target the current inflection points in both computational and biological intelligence, allowing us to partner with visionary entrepreneurs who are defining the next technological epoch."

"ADGM provides the ideal forward-looking regulatory ecosystem to anchor a fund of this global ambition. The fund expects to undertake a number of technology and biotechnology investments in the US in the coming months," he added.

A global investment platform, BlueFive Capital today boasts $7.4 billion in AUM and targets opportunities in high-potential economies with the goal of transforming traditional financial models and fostering sustainable growth. Incorporated in Abu Dhabi Global Market and with offices in London, Manama, Abu Dhabi, Dubai, Muscat and Beijing, the firm offers private equity, real estate, infrastructure and financial products to private wealth, institutional and retail clients.