Japanese telecommunications and internet company SoftBank announced Friday that it is partnering with Saudi Arabia to launch a technology investment fund that may manage as much as $100 billion. Saudi Arabia’s Public Investment Fund (PIF) — the country’s top sovereign wealth fund — may invest up to $45 billion over the next five years in the new fund, tentatively named the SoftBank Vision Fund, while SoftBank will put in nearly $25 billion.
Several other “large global investors” are also in talks to join what may soon become the world’s largest private equity fund, SoftBank said. However, the potential investors in the London-based fund were not identified.
“With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally,” SoftBank Chairman and CEO Masayoshi Son, said in a statement. “Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the Information Revolution by contributing to its development.”… see more