DOHA, Qatar – October 15, 2026 – Today, Qatar Investment Authority (QIA) and Activate Capital (Activate), a US-based growth equity firm investing in intelligent energy and infrastructure technology, announced that Activate has joined QIA’s USD 3 billion Fund of Funds.
Activate invests in companies from Series B through pre-IPO in sectors including energy and power, terrestrial and space transportation and mobility, digital industry, supply chain resilience and climate adaptation.
QIA’s commitment through its Fund of Funds will enable Activate to further its investment strategy in the Global South with a strategic focus on sectors undergoing fundamental digitalization and decarbonization.
As part of the partnership, Activate will open its first international office in Doha, staffed with senior investment professionals, including a Qatar-focused partner. Activate will also look to hire local Qatari and international talent to support a diverse and skilled team, reinforcing Qatar’s position as a platform for investment and innovation across the Global South.
QIA’s Fund of Funds, first announced in February 2024, is designed to attract leading international venture capital (VC) firms to Qatar, deepen knowledge-sharing with the global VC ecosystem, and accelerate the development of startups in Qatar and the broader region.
“QIA launched the Fund of Funds to build bridges between Qatar and the global VC ecosystem,” said Dr. Mohsin Pirzada, Head of Funds at QIA . “Activate Capital brings deep sector expertise that further support our ambition to develop Qatar into a leading hub for innovation, entrepreneurship and long-term investment.”
“We are pleased to welcome QIA as a Limited Partner and member of our Limited Partners Advisory Committee,” said Anup Jacob, Co-Founder of Activate Capital . “We share QIA’s conviction that technology enabled solutions will play a critical role in transforming infrastructure systems globally, and we look forward to building a long-term partnership that connects our portfolio, our investment strategy and our future Doha office with Qatar’s growing innovation ecosystem.”
Activate is the latest VC firm to join QIA’s Fund of Funds, demonstrating the program’s continued momentum and the sustained interest from leading international investors in Qatar and the broader region. Activate’s focus on climate, energy, and industrial infrastructure also expands the sectorial expertise within the program, directly supporting Qatar’s National Vision 2030 and highlighting the critical role VC plays in funding sustainable innovation.
About Activate Capital
Activate Capital (Activate) is a growth-stage venture capital firm investing in energy and the intelligent infrastructure technologies transforming the backbone of the global economy. Activate’s strategy views the acceleration of exponential technologies, combined with climate and tectonic shifts in the global geoeconomic order, as conjoined forces reshaping markets and driving a capital super-cycle that will transform energy, critical infrastructure, systems of production and trade. Activate partners with companies at their inflection point, led by exceptional entrepreneurs with ambitions to build category-defining platforms of the future. Activate is based in San Francisco, California. To learn more, visit www.activatecap.com