SoftBank’s technology investment fund raised more than $93 billion, making it the world’s largest private equity fund.
Japan-based SoftBank in October 2016 joined forces with Saudi Arabia’s largest sovereign wealth fund to create the SoftBank Vision Fund, which SoftBank founder and chairman Masayoshi Son (pictured) said at the time could grow to $100 billion in five years as other partners join.
The fund now aims to reach its $100 billion target in the next six months.
SoftBank said it will invest $28 billion over five years, while Saudi Arabia’s Public Investment Fund (PIF) was expected to be the lead investment partner with a potential investment of up to $45 billion over the same period.
In early January Apple said it would invest $1 billion in the fund, which is targeting taking majority as well as minority interests in emerging and established companies across a range of technologies.
New investors in the fund include Abu Dhabi’s Mubadala Investment, which committed $15 billion, US-based Qualcomm, Taiwan’s Foxconn Technology and Japan’s Sharp.
SoftBank said in a statement: “The fund was created as a result of its strongly held beliefs that the next stage of the Information Revolution is underway, and building the businesses that will make this possible will require unprecedented large scale long-term investment.”