QIA Expands Fund of Funds Program with New Partnerships

Doha, Qatar - The Qatar Investment Authority (QIA) marked the first anniversary of its $1 billion Fund of Funds program with the announcement of new partnerships aimed at strengthening Qatar’s position as a regional innovation hub. The program, launched in February 2024, has now welcomed six investment firms, each bringing expertise in key sectors such as healthcare, fintech, artificial intelligence, and clean energy solutions. These firms will establish offices or regional headquarters in Qatar, further integrating global investment strategies with the country’s growing startup ecosystem.

Healthcare and Technology Investments

Among the new participants is healthcare investor Deerfield Management, which will set up a regional office in Doha by mid-2025. The firm is also introducing a healthcare startup accelerator program through its affiliate, Cure, designed to support entrepreneurs with business and financial modeling, market research, and product development. 

Technology-focused B Capital has also joined the initiative, though details regarding the launch of its Doha office have not been disclosed. The firm, which currently has offices in Beijing, Hong Kong, and Singapore, will contribute its expertise in technology investments.

Rasmal Ventures and Local Investment Initiatives

The program’s first announced participant, Rasmal Ventures, is Qatar’s first independent venture capital firm. With a focus on pre-Series A to Series B investments, Rasmal is actively deploying capital through its Rasmal Innovation Fund I, targeting high-growth startups in fintech, B2B SaaS, HealthTech, and AI.

Emerging Market Expansion

UTOPIA Capital Management, another firm in the initiative, has already raised $200 million and supported over 150 entrepreneurs in Africa and Southeast Asia. With extensive experience in emerging markets, UTOPIA has backed more than 90 tech-enabled startups across Africa, generating thousands of indirect jobs. The firm’s expansion into the Middle East will prioritize fintech, healthtech, commerce, and climate tech.

San Francisco-Based Firms Joining the Initiative

San Francisco-based Human Capital and Builders VC are also joining the program. Human Capital, a multi-stage VC firm specializing in talent support for startups, will establish its first international office in Doha. Meanwhile, Builders VC, which focuses on early-stage startups introducing innovations in traditional industries, will set up its first Middle East presence under the leadership of a regional head with expertise in software, AI, cleantech, and healthcare investments.

These new additions to the Fund of Funds program align with Qatar’s broader ambition to drive innovation and economic diversification. By integrating global investment expertise with local opportunities, the initiative is set to enhance the region’s entrepreneurial landscape and promote long-term growth across multiple industries.