Qatar’s sovereign wealth fund is investing $500 million with General Atlantic as part of a deal to deepen their partnership, in the latest sign that the Gulf’s biggest funds are still actively seeking deals even as the closure of the Strait of Hormuz hits state revenues. The Qatar Investment Authority will also work with the US private equity firm to identify new investments and market themes, and help portfolio companies expand in the Middle East.

QIA has become one of the world’s most significant technology investors, backing a host of Silicon Valley firms, and it plans to pour $500 billion into the US over the next 10 years.

General Atlantic Chief Executive Bill Ford told Semafor in March that pulling back on Gulf investments due to the Iran war would be the “biggest mistake” and that the firm had not stopped looking for deals in the region throughout the conflict.