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The news:
- Japanese telco SoftBank may announce next week the closing of its technology fund, the Vision Fund, Bloomberg reports, citing people familiar with the matter.
- Masayoshi Son’s company has reportedly received commitments of as much as US$95 billion for the fund.
- Saudi Arabia’s sovereign wealth fund, and technology giants Apple and Qualcomm are among the backers.
Why it matters:
- The Vision Fund, announced last year, aims to become one of the biggest technology investors over the next decade, said Son. It’s supposedly the largest fund start in recent memory.
- A chunk of the new fund is expected to pump into Asia, where SoftBank has made big bets, including Didi Chuxing in China and Grab in Southeast Asia, as well as Snapdeal and Ola in India.
- SoftBank itself had planned to spend more than US$30 billion on tech startups in the last 12 months.
Source: Bloomberg
Editing by Eva Xiao
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