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SoftBank closes funding for record $93-bn investment fund

SoftBank aims to reach $100 billion with a final close within six month

Pavel Alpeyev & Anna Shiryaevskaya | Reuters 

SoftBank Group and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups. More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement on Saturday. Abu Dhabi’s Mubadala Investment, Apple, Qualcomm, Foxconn Technology Group and Sharp are also investing, and SoftBank aims to reach $100 billion with a final close ...

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First Published: Mon, May 22 2017. 04:12 IST