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Qatar Investment Authority (QIA) has invested $180 million in Dublin-based critical minerals investment company TechMet Ltd. as the gas-rich state's wealth fund looks to build a portfolio in industrial and technology sectors.
Qatar joins TechMet’s major shareholders, including the US International Development Finance Corporation (DFC), S2G Ventures, and the global energy and commodity group Mercuria.
S2G Ventures made its second investment TechMet during the COP28 event in Dubai last year, taking its total investment in TechMet to $50 million. DFC has a total investment of $105 million.
Qatar's investment allows TechMet to meet its $300 million fundraising target.
With a current valuation of over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains. It has a portfolio of ten assets across four continents that responsibly produce, process, refine and recycle the minerals.
The QIA is among the world’s biggest sovereign wealth funds with about $450 billion assets under management.
(Reporting by Brinda Darasha; editing by Seban Scaria)