Mubadala commits $15b to SoftBank fund
Softbank Vision has raised over $93b as it looks to hit $100b target in six months
Mubadala Investment Company, the Abu Dhabi based strategic investment fund, yesterday confirmed that it has made a $15 billion (Dh55.05 billion) commitment to the SoftBank Vision Fund, a major technology and innovation focused fund, alongside a consortium of leading investors.
The signing of the SoftBank deal took place in Riyadh on the sidelines of US President Donald Trump’s visit to Saudi Arabia yesterday.
The SoftBank Vision Fund, managed by Japan’s Softbank Group Corp, has raised over $93 billion in committed capital from investors including the Public Investment Fund of Saudi Arabia, Apple Inc, Foxconn, Qualcomm, Sharp Corporation and SoftBank Group Corp. The Fund is targeting a total of $100 billion of committed capital, with a final close within six months.
The Fund will invest in and support leading companies and exceptional entrepreneurs building software, hardware, and internet platforms in areas such as connectivity, data analytics, artificial intelligence, new forms of computing, and deep science applications.
Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director, Mubadala Investment Company, said the participation in the SoftBank Vision Fund perfectly complements Mubadala’s strategy as a longterm global investor and partner to the technology sector’s high-growth companies.
Diversification theme
“Technology and innovation are central to the UAE’s economic diversification strategy, helping to create entirely new economic sectors and career pathways. We believe the Vision Fund has the scale, expertise, and investors to deploy capital and support the growth of leading technology companies and entrepreneurs.”
Mubadala’s position within the fund will be managed by Mubadala Capital.