SoftBank eyes $100b tech fund
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. –