SoftBank chief to launch $100 bln Vision Fund in Riyadh

Masayoshi Son, head of Japan's SoftBank Group Corp., will launch the lender’s $100 billion Vision Fund in Riyadh during US President Donald Trump’s Saudi visit, Reuters reported on Friday citing sources familiar with the matter.

Son is set to announce the closing of the first fundraising round for the world’s largest private equity fund, backed by Saudi Arabia’s Public Investment Fund (PIF) and tech giant Apple.

"The Vision Fund has created a framework for SoftBank to grow over the next 100, 200 and 300 years," Son said in February.

Son, who is Japan’s richest man, is scheduled to attend a forum of global CEOs in Riyadh today, being held on the sidelines of Trump’s visit to the Kingdom.

Saudi Arabia’s PIF signed a non-binding memorandum of understanding (MoU) with Softbank last October to set up the $100 billion Vision Fund, aimed at technology investment.

PIF plans to be the largest investor in the fund with an investment of $45 billion over the next five years.

Saudi Arabia is boosting the power of the sovereign wealth fund as part of efforts to diversify its economy away from oil. Under the Vision 2030 initiative unveiled last year, the Kingdom aims to increase PIF’s assets from SAR 600 billion to over SAR 7 trillion.