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Alternative Assets  + VC  |  August 27, 2024
Global Alts Closes Venture Capital Fund Targeting Groq Investment
Joe Palmisano
By: Joe Palmisano

Global Alts Closes Venture Capital Fund Targeting Groq Investment

Global Alternative Investment Management LLC (Global Alts) closed its latest venture capital fund, Global Alts SPV LLC-Groq A, as it marks a significant investment in Groq, an artificial intelligence-innovator which specializes in producing high-speed generative AI chips.

The fund was made through a private vehicle that participated in Groq’s recent $640 million Series D funding round, which valued the company at $2.8 billion.

The round was led by BlackRock Private Equity Partners, with additional backing from prominent investors such as Neuberger Berman, Type One Ventures, and strategic participants including Cisco Investments, Global Brain’s KDDI Open Innovation Fund III, and Samsung Catalyst Fund.

Groq is a Silicon Valley-based company specializing in cutting-edge AI inference technology, which delivers unparalleled speed and energy efficiency in AI computing. The firm’s vertically integrated platform has seen rapid adoption among developers seeking high-performance AI solutions.

This latest move continues Global Alts’ strategy of targeting unique investment opportunities in transformative and disruptive businesses, expanding its portfolio in late-stage global technology and financial technology ventures.

Since spinning out from its RIA affiliate in 2021, Global Alts has launched six funds, focusing on bespoke investment solutions for high-net-worth families, foundations, and endowments.

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Global Alternative Investment Management LLC

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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