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Doha, February 2 (Reuters) - The Qatar Investment Authority (QIA) announced in a statement on Monday plans to invest in five new investment funds – Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and SpeedInvest – as part of its expanded $3 billion venture capital fund investment program.

The statement added that these new funds will open offices in Doha as part of efforts to transform Qatar into a leading venture capital hub.

The “Holding Fund” initiative was unveiled in 2024 to attract venture capital firms to Qatar, create a strong environment for entrepreneurs, and help diversify its economy away from fossil fuel revenues, as the country follows the lead of other Gulf states.

Qatar's Prime Minister announced on Sunday that the fund would be expanded to three billion dollars.

Sheikh Mohammed bin Abdulrahman Al Thani said in his opening remarks at the Web Summit Qatar 2026 technology conference, "This year, we are moving from the momentum phase to the expansion phase."

The expansion will likely target other investments alongside a series of Series A and B funding rounds.

"We are now expanding our scope of work to include subsequent funding rounds, which may open the door to talks with a different group of fund managers," Mohsen Pirzadeh, head of funds at the Qatar Investment Authority, told Reuters in an interview.

He added that the agency will continue to support startups in their early stages, noting the availability of sufficient funding sources within the country, including lending facilities, which allow investment in this type of opportunity.

Data from GlobalSWF, a company that tracks sovereign wealth funds, indicates that the Qatar Investment Authority manages assets worth $580 billion. Late last year, the Authority launched its own AI-focused company, Kai, betting on this booming sector to drive economic diversification.

As part of its efforts, Qatar launched a pilot credit computing program that provides free computing to Doha-based startups, which may also apply to managers involved in the holding fund initiative.

Pirzadeh said the pilot program would be "a major differentiating factor in terms of what our program offers compared to our counterparts in the region."