SoftBank raises US$93b for Vision Fund
TOKYO: Japan’s SoftBank said, with Saudi partners, it has raised nearly US$100 billion (RM432 billion) in pledges to launch a major global fund for long-term, high-tech investments.
The SoftBank Vision Fund had received participation from industry titans and the likes of Apple, Qualcomm and Taiwan’s Foxconn, and collected pledges totalling more than US$93 billion so far, said the fund in a statement on Saturday.
“The fund is targeting US$100 billion of committed capital, with a final close within six months,” it said in the statement.
SoftBank announced its partnership with Saudi Arabia in October, with its founder Masayoshi Son declaring that he was focused on the “Internet of Things”, artificial intelligence and robotics.
Son was among the first business people to meet United States President Donald Trump after his November election victory and pledged to invest US$50 billion in the US.
The announcement comes as Trump visits Saudi Arabia as a part of his first overseas tour as president.
“Technology has the potential to address the biggest challenges and risks facing humanity today,” said Son.
“The SoftBank Vision Fund... will help build and grow businesses creating foundational platforms of the next stage of the information revolution,” he said.
SoftBank said it would put up US$25 billion for the Vision Fund over the next five years, while the Saudi public investment fund’s contribution could reach US$45 billion. AFP