SoftBank eyes $100b tech fund

The Myanmar Times - - International Business -

JA­PANESE mo­bile car­rier SoftBank hopes to raise as much as US$100 bil­lion for a new tech­nol­ogy in­vest­ment fund it has set up in part­ner­ship with Saudi Ara­bia.

The com­pany said it would in­vest about $25 bil­lion in the SoftBank Vi­sion Fund over the next five years, while the Saudi pub­lic in­vest­ment fund will “con­sider in­vest­ing in the fund and be­com­ing the lead in­vest­ment part­ner”.

The Saudi con­tri­bu­tion could reach $45 bil­lion, it said of the non-bind­ing agree­ment.

SoftBank also pointed to uniden­ti­fied “large global in­vestors” that may also join in the fund, which is de­signed to in­vest in promis­ing tech­nol­ogy firms.

“The over­all po­ten­tial size of the fund can go up to $100 bil­lion,” it said in a state­ment.

“SoftBank has a proven track record of in­vest­ment suc­cesses. They are look­ing for an­other Alibaba,” Hideki Ya­suda, an an­a­lyst at Ace Re­search In­sti­tute, told Bloomberg News. –

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