Abu Dhabi-Based Shorooq Launches US$200 Million Fund Backed By Qatar Investment Authority

Abu Dhabi-based tech-focused multi-strategy investment firm Shorooq has launched a US$200 million late-stage growth fund backed by the Qatar Investment Authority (QIA), which marks the debut of its late-stage growth investment platform, Qatalyst Series. 

The fund, which was announced at this year's Web Summit Qatar, focuses on businesses with established scale, strong fundamentals, and clearly defined exit pathways, particularly through initial public offerings (IPOs). With support from the QIA and Shorooq’s broader network of sovereign and institutional partners across the GCC and Asia, the fund is designed to address a widening gap in the region’s capital stack as more companies prepare to move from private ownership toward public markets. 

Commenting on the need for the new fund, Mahmoud Adi, Founding Partner at Shorooq, told Inc. Arabia that as companies scale up, the transition toward exit often brings challenges that are not immediately visible during earlier growth stages. “The most common gap we see is that founders underestimate how institutional the transition to public markets truly is," Adi said. "Many companies have strong growth and product-market fit, but they haven’t fully internalized the rigor required around governance, financial reporting, investor relations, and repeatable execution at scale. The Qatalyst Series is designed specifically to bridge that gap. This isn’t just late-stage capital—it’s a pre-IPO readiness engine. We work with founders well ahead of an IPO to professionalize reporting, strengthen boards, refine capital allocation discipline, and align the organization with public-market expectations. The goal is to make IPO readiness a process, not a scramble.” 

Beyond capital, the new fund is positioned to support companies as operational expectations rise and investor scrutiny intensifies, with Adi pointing to areas where preparedness often lags behind growth. “Late-stage companies in the GCC often lack institutional muscle memory—things like seasoned Chief Financial Officer (CFO) functions, public-market investor engagement, and experience operating under global scrutiny," he said. "That’s why the Qatalyst Series is paired with Shorooq’s dedicated value creation team, which works alongside founders well ahead of any liquidity event. This team focuses on strengthening core functions—finance, reporting, governance, strategic hiring, and market positioning—while preparing companies for the scrutiny and expectations of global investors.”  

The design of the Qatalyst Series also aims to leverage Shorooq’s experience operating across different stages of the investment lifecycle, from early-stage venture capital to credit. “Our advantage comes from having seen companies across the full lifecycle," Adi said. "Early-stage investing teaches you how value is created; credit teaches you how value is protected and disciplined. Both perspectives are critical at the late stage. That experience shaped Qatalyst into a fund that is long-duration, structured, and highly selective. We focus on businesses with strong fundamentals, predictable unit economics, and clear pathways to liquidity. This fund is not about chasing momentum—it’s about compounding institutional quality into companies that are ready to operate at public-market standards.” 

Shorooq Founding Partners Mahmoud Adi and Shane Shin.

That philosophy extends to how Shorooq engages with founders over time, with an emphasis on sustained involvement rather than isolated transactions. “Because Shorooq operates across venture, credit, and late-stage growth, our value creation approach is continuous rather than episodic," Adi explained. "We help founders transition from building companies to running institutions, ensuring that by the time they reach public markets, they are not just ready to list—but ready to perform." Those capabilities, Adi added, are built directly into the structure of the Qatalyst Series. “Through Qatalyst, we embed those capabilities directly: board-level support, access to experienced operators, structured governance frameworks, and hands-on preparation for public markets," he said. "Because Shorooq operates across venture, credit, and now late-stage growth, we can provide a continuous operating playbook, not fragmented advice.” 

Adi noted that this model is further reinforced by the fund’s institutional backing, which provides flexibility across market cycles. “QIA’s backing—alongside the trust of other sovereign and institutional partners across—allows us to operate with true institutional scale, patience, and alignment...," he said. "QIA’s backing allows us to operate with true institutional patience and scale. It enables us to write meaningful checks, hold through market cycles, and support companies through multi-year journeys toward IPO or strategic exits—without being forced by short-term fund dynamics. Just as importantly, it reinforces our ability to work with founders who are building for regional and global leadership, knowing they are backed by a stable, deeply aligned capital base that understands both local context and global standards.” 

Looking further ahead, Adi framed the fund’s ambitions in terms that extend beyond financial outcomes, linking its success to the long-term development of the regional technology ecosystem. “Financial performance matters, but success for us is broader," he said. "We want Qatalyst to be measured by the number of companies that successfully transition from private champions to public or institutional leaders. If, in five years, IPO readiness is no longer seen as exceptional but expected—and if founders view the region as a place to build globally competitive, publicly listed companies—then we will have helped change the system, not just generate returns. That’s how institutions are built.” 

Pictured in the lead image is Shorooq Founding Partner Mahmoud Adi. All images courtesy Shorooq.