Sprint parent company SoftBank on Friday said it is linking up with Saudi Arabia to launch a technology investment fund that could reach $100 billion within the next five years.
SoftBank said it is planning to throw $25 billion behind the initiative – tentatively named the SoftBank Vision Fund – over the next five years. The company said Saudi Arabia’s Public Investment Fund is currently considering joining the Vision Fund as a lead investor. Saudi Arabia’s contributions could reach as much as $45 billion over the next five years, SoftBank said.
SoftBank said the technology fund is aiming to be the largest of its kind in the world.
“With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally,” SoftBank CEO Masayoshi Son said in a statement. “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.”
SoftBank said the fund will be managed by one of its subsidiaries in the United Kingdom.
