Property mogul Vincent Tchenguiz is to invest another $100m in technology companies with a particular focus on biotechnology, it is reported.
Tchenguiz’s Consensus Business Group is thought to have already invested $200m in tech companies over the last few years, either directly or through venture capital companies. It is believed biotechnology accounts for around two thirds of those investments with others in areas including cyber security and AI.
Estimates say Tchenguiz and his brother Robert amassed a property portfolio worth £4.5bn during the 2000s.
Tchenguiz is reported as telling the Financial Times: “I’m diversifying my operations. I’m moving away from just property to the world of technology. You never know how we are going to make money in the future.”
Diversification is a sensible strategy in any business of course – and tech seems to be the favourite plaything of super rich tycoons right now.