[DOHA] The Qatar Investment Authority is trimming stakes in listed trophy assets and turning to closely-held technology companies in growth markets in a major strategy shift for one of the world’s largest sovereign wealth funds.

Qatar is among the world’s richest countries because of the size of its gas exports. It’s been taking steps to diversify its economy and the US$450 billion QIA, founded in 2005, has vowed to plow more money into Asia and the US after years of substantial investment in Europe.

To help fund this pivot, it has pared back positions in blue-chip names like Glencore, in which it sold a US$1 billion stake this week.

It also reduced its holding in Barclays in 2021.

QIA hasn’t reported meaningful new positions or additions to holdings in listed firms over the past year. Instead, the wealth fund has been active in markets like India, where it’s invested in food-delivery platform Swiggy and cloud kitchen startup Rebel Foods.

It’s also committed as much as US$1.5 billion to a James Murdoch-backed venture aiming to invest in media and consumer tech opportunities in Southeast Asia, with a particular focus on the subcontinent.

https://www.bloomberg.com/news/articles/2022-04-26/qatar-is-said-to-pursue-plan-to-bolster-450-billion-wealth-fund