The Abu Dhabi Investment Authority (ADIA) is reportedly looking to buy into Swedish AI-focused software developer IFS alongside other investors, Sky News reports, citing city sources. The group, which also includes Singapore’s Temasek Holding and Canada Pension Plan, is said to be in advanced talks to acquire shares in IFS through a secondary share sale valuing the firm at EUR 15 bn. Arma Partners is said to be advising on the transaction.

Who’s folding? Two of the company’s three PE owners, Sweden’s EQT Partners and TA Associates, are set to trim their stakes, while HG Capital plans to boost its holding, the report reads.

Who’s IFS? The company offers ERP systems to customers in sectors such as energy and aviation, and describes itself as “the world's leading provider of Industrial AI and enterprise software for hardcore businesses that service, power and protect our planet.” IFS reported c. EUR 1 bn in annual recurring revenue last year, the report reads.

ADIA is stepping up its exposure to AI and software, having joined a USD 200 mn seed round earlier this month for US-based Lila Sciences. That followed the sovereign fund’s USD 1 bn investment in AI software firm Qlik and the takeover of software provider Smartsheet for USD 8.4 bn along with BlackStone and Vista.

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