Judan Financial, a subsidiary of IHC, has acquired a 50.1 percent stake in Alpha Wave Global, marking its first strategic investment and a major step toward expanding its global asset management presence.
Alpha Wave Global, based in Miami, manages approximately $29 billion in assets across four core verticals: private equity, private credit, public markets, and insurance. The firm operates with 116 professionals across 11 global offices.
Its private equity platform focuses on large-scale growth investments in market-leading, AI-driven companies. Key investments include SpaceX (its largest holding), Anthropic, OpenAI, Cerebras, Ramp, and Long Lake Management, alongside an active life sciences investment group.
The private credit platform provides senior loans to companies in the US, Europe, and Australia, while its public markets strategy aims to generate uncorrelated returns. Alpha Wave will continue under its existing leadership, led by Co-Founder, Chairman, and CEO Rick Gerson, alongside Co-Founders Navroz Udwadia and Ryan Khoury. The firm recently appointed Francis Suarez, former Mayor of Miami, as President.
With backing from Judan Financial’s capital and strategic support, Alpha Wave plans to accelerate growth in its new AI-native US life insurance and retirement solutions platform. The initiative aims to modernize underwriting, distribution, and customer experience through end-to-end AI integration in the US life insurance market.
To lead the insurance business, Alpha Wave has appointed Joe Norton, former COO of EquiTrust, who previously held senior roles at Guggenheim, FBL Financial, and Athene, as CEO of the new insurance vertical.
HE Mohamed Hassan Alsuwaidi MD and CEO – Judan Financial
“Alpha Wave exemplifies the type of partner we seek to bring into Judan Financial, globally recognized, performance-driven and strategically aligned with the future of finance. With robust capabilities across private equity, private credit, public markets and insurance, and a clear vision to drive AI‑led innovation within the financial services sector, Alpha Wave represents an ideal strategic fit. Together, we will accelerate growth, strengthen institutional partnerships and unlock new opportunities for investors.”
Rick Gerson, Co-Founder, Chairman and CEO of Alpha Wave Global, commented that, “Partnering with Judan Financial marks a transformative milestone for Alpha Wave, and we look forward to building the next chapter of growth together. With Judan’s long-term capital base and global network, we are well positioned to scale our investment platforms, expand our global reach, and continue backing the world’s most innovative companies as we seek to generate compelling risk-adjusted returns for our investors. Our guiding thesis that AI is the most profound transformation of our lifetimes directly aligns with Judan and IHC’s focus and expertise.”
This acquisition marks a key milestone in Judan Financial’s ambition to build a scaled, diversified, AI-enabled global financial services platform. By combining Alpha Wave’s investment expertise with Judan’s long-term capital and institutional reach, the partnership aims to accelerate growth and deliver differentiated opportunities for investors worldwide.
