Japan-based SoftBank’s $100 billion Vision Fund will expand its operations into China, first opening an office in Shanghai in 2019, before expanding to Beijing and Hong Kong, Reuters reported.
Sources told the news agency the fund aims to employ a total of about 20 people in China. It already has offices in Saudi Arabia and India.
The Vision Fund recently hired Eric Chen to manage the China team, Reuters said. Chen is a former MD of Hong Kong-based private equity company Silver Lake and had established his own business prior to the Vision Fund appointment.
Saudi Arabia’s Public Investment Fund is the main contributor to the Vision Fund, a long-term investment vehicle designed to enable SoftBank to make big bets on future and emerging technology. Apple, Foxconn and Qualcomm are also investors.
Investors recently aired concerns about a lack of clarity regarding some of the investments made by the Vision Fund along with an over-reliance on Saudi Arabia, which is currently embroiled in diplomatic controversy.Subscribe to our daily newsletter