Softbank-Saudi tech fund becomes world's biggest with $93 bln of capital

Part of the reason that I made a decision to cover this news for CleanTechnica was to draw attention to the enormous amounts of money that are swirling around in the investment sectors - money that could potentially be used to fund the deployment of renewable energy, electric vehicle tech, self-driving vehicle tech, etc.

"The fund is targeting a total of $100 billion of committed capital, with a final close within six months", it said.

A number of investment firms and tech companies including Mubadala Investment Company of the United Arab Emirates, Apple Inc., Foxconn Technology Group, Qualcomm Inc., and Sharp Corp committed to the joint tech fund.

The high paying jobs that the Fund will support cover various industries such as mobile computing, communications infrastructure, computational biology, consumer internet businesses and financial technology.

According to a press release by Softbank, apart from startups, the Vision Fund is also going to invest in established, multi-billion dollar companies that require substantial growth funding.

Key investments in the fund include a previous commitment of up to to $45bn by the Saudi Public Investment Fund and a $15bn commitment announced by Abu Dhabi sovereign vehicle Mubadala Investment Company on Saturday.

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale and long-term investment", the Softbank Vision Fund said.

"SoftBank Group will very much continue to do its own investments, as and when the need arises in any geography".

The Vision Fund will allow the billionaire Son to cut even more ambitious deals than he's been able to do with his highly leveraged company. The visit was coordinated to take place before the first presidential overseas trip by Trump, who is now in Saudi Arabia.

The PIF signaled an interest in the tech sector previous year by investing $3.5 billion in US ride-hailing firm Uber. Rajeev Misra, SoftBank's head of strategic finance, will be chief executive officer of SB Investment Advisers and a member of the fund's investment committee.

The new fund made its announcement during the visit of President Donald Trump to Riyadh and the signing of billions of dollars worth of business deals between USA and Saudi companies. He was also instrumental in arranging financing for the heavily leveraged Softbank for its $32 billion acquisition of UK-based chip maker ARM Holdings in July past year, also the Japanese investment major's biggest bet till date.

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