Saudi-Softbank Tech Fund Nears $100 Billion Target

The fund, backed by Japanese conglomerate SoftBank Group and Saudi Arabia's main sovereign wealth fund, said that the next stage of the Information Revolution is under way, and to build businesses that will make this possible, an unprecedented large-scale and long-term investment is required. The Fund is targeting a total of US$100 billion of committed capital, with a final close within six months.

While startups will be a part of the fund, SoftBank said in the press release that it's going to be investing in "established, multi-billion dollar companies requiring substantial growth funding" as well.

With the funding, Softbank is likely to focus on specific technologies like internet-of-things (IoT), Artificial Intelligence (AI), robotics, telecom, biotech, fin-tech and more.

More news: French president talks to Putin, faces media troubles

The Vision Fund, which is the largest ever vehicle created for technology investments, will be headed by Rajeev Mishra, a veteran 54-years-old Wall Street finance executive, who joined SoftBank in 2014 after the spells with the UBS, Deutsche Bank and Merrill Lynch.

"We are building a portfolio that is diversified across sectors, asset classes and geographies, and expect the Vision Fund to act as a platform to access a range of exciting, emerging opportunities in the technology sector", said HE Yasir Al Rumayyan, managing director of the Public Investment Fund.

The PIF will have the right to acquire certain investments already acquired (or agreed to be acquired) by the SoftBank Group.

More news: Toyota, BMW, Subaru, Mazda agree to $553 million settlement with Takata

The new fund made its announcement during the visit of President Donald Trump to Riyadh and the signing of tens of billions of dollars worth of business deals between USA and Saudi companies.

On Friday Patently Apple posted a report titled "SoftBank's Chief Masayoshi Son follows President Trump to Saudi Arabia to Officially Launch $100 Billion Fund". SoftBank is also considering a follow-on round in OYO, which may also come from the Vision Fund.

The first sign of the PIF's interest in the tech sector was its $3.5 billion investment in ride-hailing major Uber previous year.

More news: Boulder weather: High of 72 today, with chance of rain and thunderstorms

The Fund will be advised by wholly-owned subsidiaries of SBG, known collectively as "SB Investment Advisers". He was also instrumental in arranging financing for the heavily leveraged Softbank for its $32 billion acquisition of UK-based chip maker ARM Holdings in July a year ago, also the Japanese investment major's biggest bet till date.


Popular
  • National Hockey League nearing record for one-goal games this postseason

    Pittsburgh's already battered defence took another blow late in the first when Bobby Ryan delivered a nasty hit to Chad Ruhwedel . Defensively, the Pittsburgh Penguins are allowing 2.8 goals per game and are killing 79.8 percent of their power play chances.
    Vanessa Bayer bids farewell to 'Saturday Night Live' after seven years

    Vanessa Bayer bids farewell to 'Saturday Night Live' after seven years

    Zamata was recruited by Lorne Michaels after the show faced backlash over the lack of diversity in casting. Bayer announced her departure on Instagram Saturday, hours before taping Saturday night's season finale.
    Mexico Officials Visiting US This Week to Talk Trade

    Mexico Officials Visiting US This Week to Talk Trade

    In Washington, Ross declined to predict the exact timing of the notification, saying that there were more consultations with Congress needed first.
  • David Beckham's film cameo in King Arthur's here, everybody

    David Beckham's film cameo in King Arthur's here, everybody

    Beckham said he enjoys the "challenge" of trying his hand at acting - but has no plans to take it up full time. There was some major father-son bonding at the European film premiere of King Arthur: Legend of the Sword .
    Two Mayo senators support Leo Varadkar in FG leadership battle

    Two Mayo senators support Leo Varadkar in FG leadership battle

    Another senior member said: "The body language of some of his loyal supporters said it all, there were a few teary eyes". The Loughill native has had the privilege of serving as a Minister in every Fine Gael led Government since 1982.
    Tom Hardy signs on as Spider-Man villain Venom

    Tom Hardy signs on as Spider-Man villain Venom

    Venom made his first big-screen appearance in Sam Raimi's "Spider-Man 3", where he was portrayed by Topher Grace . The upcoming Spider-Man spinoff "Venom" has just landed an A-list star with Tom Hardy taking on the lead role...
  • This Peek at Life of Kylie Teases Revelations About the Controversial Celeb

    This Peek at Life of Kylie Teases Revelations About the Controversial Celeb

    A source tells Hollywood Life , "Kylie and Trav have been discussing moving into her new pad together". 'There's two sides of me. There's an image that I feel constantly pressured to keep up with, and who I really am around my friends.
    Browns Add Needed Help To Secondary With CB Jason McCourty

    Browns Add Needed Help To Secondary With CB Jason McCourty

    Last season, he started 14 games and led the Titans defensive backs with 64 tackles. "This was an easy decision for me". He played 108 games over eight seasons with the Titans, starting 90, with 13 interceptions and 72 pass breakups.
    WhatsApp rolls out 'pinned chats' feature on Android

    WhatsApp rolls out 'pinned chats' feature on Android

    And if you later change your mind and want to unpin the chat, you need to follow the same steps. WhatsApp is a very popular application with over 1.2 billion monthly active users.
  • Party leaders attack May and Corbyn for avoiding TV debate

    Party leaders attack May and Corbyn for avoiding TV debate

    Mrs May has said she will not take part in any live debates, and Mr Corbyn has said he will only take part if she does. Nuttall praised the comment " Natalie " made about social care, saying it was "absolutely right".
    Highlights of Tuesday's NBA game

    Highlights of Tuesday's NBA game

    Both Kerr and Brown emphasized a better start on both ends in Game 2 to control the tempo from the opening tip. In Game 2 on Tuesday night, Golden State was up 20 by the time the smoke cleared from pregame introductions.

    Lawmakers call for Comey to testify about Flynn request

    The person who described the Comey memo to the AP was not authorized to discuss it by name and spoke on condition of anonymity. As FBI director, he was accustomed to hours-long oversight hearings before Congress covering a wide range of topics.

CONNECT