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Qatar Investment Authority (QIA) and Japan's ORIX Corporation (ORIX) announced Tuesday that they have entered into an agreement to launch a commitment-based private equity (PE) fund (OQCI Fund LP). The total fund size will be the yen equivalent of USD 2.5 billion, with QIA committed to contributing USD 1 billion of the fund's capitalThe fund will invest in Japanese companies, primarily targeting business succession, privatization of listed companies, and carve-outs (the transfer of business divisions or subsidiaries from large corporations), with an enterprise value investment size of at least 30 billion yen (approx. 200 million USD) per investment.This marks the first time that ORIX has launched a fund that welcomes capital from an international third-party investor for domestic private equity investment in Japan. It is also the first time QIA has invested in a domestic private equity fund focused solely on the Japanese market.Investment decisions for the fund will be made by OQCI GP Ltd. (the GP), which will act as the general partner of the fund. ORIX and QIA will be the only two investors (LPs) in the fund, committed to contributing 60% and 40% of the capital, respectively. ORIX will provide the GP with introductions to potential investment targets, post-investment monitoring, and advisory support for portfolio companies.CEO of QIA Mohammed Saif Al Sowaidi said: "Japan represents a core component of QIA's long-term private equity strategy. With disciplined valuations, a deep pipeline of governance-driven deals, and growing global investor interest, we see this as an exceptional opportunity to partner with best-in-class Japanese businesses to create value. We are pleased to be the first international partner in ORIX's inaugural private equity fund in Japan in its 60-year history. This partnership will enable both parties to capitalize on market opportunities and support ORIX's ambition to build a thriving asset management initiative.""We are honored to enter into this partnership with Qatar Investment Authority today. QIA is a significant and influential sovereign wealth fund, and we are pleased to be able to help it increase its investments in the Japanese economy. ORIX has built up considerable expertise in private equity investment in Japan," Representative Executive Officer, Chairman and CEO of ORIX Makoto Inoue said."This partnership is the next logical step on the path to improving the corporate value of companies with high-growth potential. Moreover, it will contribute to Japan's broader industrial development. Increasing the portion of third-party funds in ORIX's investment portfolio will enhance capital efficiency and help further grow our asset management business. This partnership is a key strategic move to help realize our long-term growth strategy," he added.Following the guidelines published by Japan's Ministry of Economy, Trade and Industry (METI) and the request for management reforms by the Tokyo Stock Exchange, Japan's M&A market has been seeing a surge in listed companies going private, corporate reorganizations, and carve-outs. As deal sizes become larger, and against the backdrop of Japan's stable economy and society, an increasing amount of foreign capital has been flowing into the market.ORIX and QIA will together aim to enhance the corporate value of companies with high-growth potential and contribute to the advancement of Japanese industry. They will also explore opportunities for collaboration across other fields.

The Qatar Investment Authority (QIA) is “positioning” Qatar not just as an energy powerhouse but as a strategic player in the global minerals market, noted Michael Finch, Head of Strategic Initiatives at Benchmark Mineral Intelligence.“This is a long-term strategy that underpins economic diversification and supply chain security,” Finch noted at Al-Attiyah Foundation podcast, which was hosted by Stephen Cole.QIA, which is Qatar’s sovereign wealth fund, has become a leading international investor in the sector.It is the largest institutional shareholder in commodities giant Glencore, holding an 8%-9% stake, and has recently invested in companies like TechMet and Rainbow Rare Earths, strengthening ties with supply chains vital for the energy transitionIn a world racing toward decarbonisation, the Middle East and North Africa (Mena) are standing at the precipice of historic transformation. Long defined by oil and gas wealth, the region is now seeking to secure its place in a post-hydrocarbon future.Finch emphasised that Mena nations are not merely reacting to global change but actively reshaping their economies for the decades ahead.Still, hydrocarbons represent around 40% of Saudi Arabia’s GDP (Gulf International Forum, 2024), over 60% of Qatar’s GDP (World Bank, 2023), and roughly a quarter of the UAE’s GDP (Reuters/IMF, 2024).That dependence underscores the urgency of diversification. “There’s a real economic imperative,” Finch explained. “This is not simply about risk management — it’s a lucrative opportunity.”Across the region, sovereign wealth funds hold an estimated $5tn in assets under management, increasingly channelled into mining, refining, and clean energy infrastructure. Saudi Arabia’s Public Investment Fund and other state-backed vehicles are similarly making bold bets, including downstream ventures in electric vehicles and overseas acquisitions of mineral assets.The strategy is characterised by patience and foresight, with funds pursuing multi-decade returns tied to energy transition industries rather than short-term profit.While Mena is unlikely to rival South America or Australia in sheer geological endowment, the region holds valuable reserves. Morocco stands out as a global leader in phosphate resources, critical for lithium iron phosphate battery cathodes, while Saudi Arabia is advancing rapidly in copper, gold, and rare earth elements. New extraction technologies, such as Direct Lithium Extraction, could also unlock value from the region’s oilfield brines — leveraging existing hydrocarbon infrastructure for future supply chains.The conversation also touched on electric vehicle adoption in Mena, which remains at an early stage with penetration generally under 1% across the region, though the UAE leads at around 3% new car sales (Bain & Company, 2024).Still, growth targets are ambitious: Morocco aims to expand EV production capacity to 100,000 vehicles by 2025 (CleanTechnica, 2024), while Saudi Arabia has set a goal of producing 500,000 EVs annually by 2030 (Construction Week Saudi, 2024).Finch concluded: “The energy transition is not a threat to the region — it is an opportunity. With resources, capital, and expertise, Mena can become a cornerstone of the future global energy system”.“For Qatar, and for the wider region, the era of critical minerals is not just a hedge against the decline of oil — it is the foundation of a new energy economy,” he added.