SoftBank closes funding for record $93-bn investment fund

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 within six months.

Mubadala committed $15 billion, according to a separate statement.

The Vision Fund will allow the billionaire