Abu Dhabi artificial intelligence company G42’s $10 billion tech fund has hired a former executive from Chinese e-commerce giant JD.com Inc. as it expands its footprint across Asia, people with knowledge of the matter said.
(Bloomberg) — Abu Dhabi artificial intelligence company G42’s $10 billion tech fund has hired a former executive from Chinese e-commerce giant JD.com Inc. as it expands its footprint across Asia, people with knowledge of the matter said.
The 42X Fund has appointed Jason Hu, who was previously head of strategic investments at JD.com, to lead its Shanghai office, the people said. It’s also hired several other members for the China team, the people said, asking not to be identified because the information is private.
Hu has been with JD.com since 2019, after previously working as a managing director at Chinese buyout firm CDH Investments and serving as a managing partner at Cathay Capital Private Equity, his LinkedIn profile shows. He also did a stint as a consultant at Bain & Co. earlier in his career.
JD.com sealed a number of deals when Hu was overseeing strategic investments. The e-commerce giant last year took China Logistics Property Holdings Co. private in a HK$19.8 billion ($2.5 billion) deal. In the same year, JD.com bought a minority stake in Yonghui Superstores Co. for about 6.5 billion yuan ($939 million).
A spokesperson for G42 said the 42X Fund has hired 10 investment professionals across Shanghai, Singapore and Jakarta, declining to elaborate further. A representative for JD.com didn’t immediately respond to a request for comment, while Hu didn’t immediately respond to a LinkedIn message seeking comment.
The 42X Fund is hiring dozens of people across Asia to scout for investment opportunities, Bloomberg News reported in February. The expansion into Asia comes as Abu Dhabi — a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital — ratchets up efforts to plow oil revenue into the technology sector and diversify its economy.
G42 is chaired by United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed, a key member of the ruling family whose business empire includes investment firm Royal Group and sovereign wealth fund ADQ.
–With assistance from Jane Zhang.
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