In partnership with Saudi Arabia’s Public Investment Fund (PIF), SoftBank Group launched a USD 100 billion tech fund to invest in the technology sector on a global scale, SoftBank announced in a statement. PIF and SoftBank signed the memorandum of agreement regarding the fund earlier this week. According to the agreement, SoftBank is expecting to invest “at least USD 25 billion over the next 5 years,” while PIF’s potential investment amounts to USD 45 billion over the same period of time. “In addition, a few large global investors are in active dialogue to join SBG and PIF to participate in this Fund. The overall potential size of the Fund can go up to USD 100 billion,” SoftBank’s statement reads. “With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally. Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the Information Revolution by contributing to its development,” Masayoshi Son, Chairman & CEO of SoftBank Group said about the establishment of the fund. In accordance with the agreement, PIF will be…
Saudi Arabia Launches $100 Billion Fund for Global Investment in Technology
October 17, 2016
