SoftBank eyes $100 bln fund every few years, says CEO

27/09/2018 Argaam

 

Tokyo-based SoftBank Group Corp is planning to set up a new $100 billion fund every two to three years and spend $50 billion annually, chief executive Masayoshi Son told Bloomberg Businessweek on Thursday.

 

Son attracted more than $93 billion to the Vision Fund technology investment vehicle, and announced a plan to raise further financing.

 

Saudi Arabia-backed Softbank Vision Fund has invested in various tech companies, including the ride-hailing firm Uber Technologies Inc and shared-office space firm WeWork.

 

The Vision Fund is backed by Saudi Arabia's Public Investment Fund (PIF), Japan's SoftBank Group and UAE's Mubadala Investment Co., and is supported by tech giants Apple, Foxconnn, Qualcomm and Sharp.

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