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(Bloomberg) — Abu Dhabi’s Alterra is backing a General Atlantic unit’s investment in a technology platform, the latest sign that Middle East investors are continuing with dealmaking even as the Iran war approaches the one-month mark.
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The commitment to Wireless Logic is Alterra’s first deployment alongside BeyondNetZero, General Atlantic’s growth equity strategy focused on the energy transition, according to a statement Wednesday. The financial details of the investment in the Internet of Things platform that enables emissions-reduction solutions were not disclosed.
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The deal comes as the US-Israeli war on Iran, which started on Feb. 28, continues and has wreaked havoc across the Middle East and in global markets.
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Still, dealmaking more broadly has continued across the region. The Abu Dhabi Investment Authority has invested across real estate and private credit, while the emirate’s $237 billion financial-services holding company Judan bought a majority stake in an alternative asset manager with stakes in companies including SpaceX, Anthropic and OpenAI.
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A Saudi wealth fund subsidiary, Savvy Games Group, agreed to a $6 billion deal for a mobile games maker, while a handful of firms in the kingdom are also pushing forward with initial public offering plans. Kuwait Petroleum Corp. and Saudi Aramco are also pressing ahead with planned multibillion-dollar energy deals.
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The United Arab Emirates unveiled plans in December 2023 to invest $30 billion in Alterra, with a goal of mobilizing $250 billion by the end of the decade. It has since become one of the world’s largest private investment vehicles for climate finance, and made a series of commitments, including to BlackRock Inc. and TPG Inc.
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Alterra’s latest investment, made through its newly launched Opportunity Fund, backed by a $250 million BBVA SA commitment in January, aims to support Wireless Logic’s next phase of global growth, according to the statement. The partnership with BeyondNetZero “underscores our shared conviction that IoT connectivity is a critical enabler of the climate transition,” Jennifer Park, partner and head of impact at Alterra, said.
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Montagu, a mid-market private equity firm, remains the majority shareholder in the UK-headquartered Wireless Logic, whose platform is used by devices including electric vehicle chargers and smart meters to transmit real-time data for monitoring, automation and performance improvements.
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