Saudi-backed $100bn SoftBank fund ‘oversubscribed’, says CEO. Investors including Qatar’s sovereign wealth fund said to be interested in $100 billion technology fundJapanese internet firm SoftBank is close to sealing a $100 billion technology fund it set up with Saudi Arabia’s sovereign wealth fund, the company’s CEO reportedly said.
Masayoshi Son was quoted as telling QGN that the fund – provisionally called the SoftBank Vision Fund – is oversubscribed following discussions with investors. “I am talking to a few investors and I think we are oversubscribed,” Son said at an event in New Delhi on Friday, directly after a visit to Saudi Arabia earlier in the week, according to QGN
SoftBank announced in October that it planned to invest at least $25 billion into the fund over the next five years, while the lead partner, Saudi Arabia’s Public Investment Fund, is putting in at least $45 billion.It has been said that the two entities hope to secure an additional investment of around $30 billion from other partners to establish the fund as the “biggest investor” in technology over the next decade.
Qatar Investment Authority is thought to be one of the prospective investors in the fund.
Sources: QGN, Bloomberg, Gulf Agencies