SoftBank Group Corp. is close to announcing commitments of as much as $95 billion for its technology fund, according to Bloomberg.
Chief Executive Officer Masayoshi Son’s investment pool has attracted interest from Saudi Arabia’s sovereign wealth fund, which said it would consider putting in as much as $45 billion, as well as technology giants such as Apple and Qualcomm, who have also said they’ll participate. Abu Dhabi’s Mubadala Development Co. is also considering committing as much as $15 billion, people familiar with the matter said previously.
The fundraising close will be announced as soon as next week, said people familiar with the matter, asking not to be identified as the information is private. A representative for Tokyo-based SoftBank declined to comment.
SoftBank plans to contribute at least $25 billion of its own capital in the next five years, as well. The Japanese company announced plans for the Vision Fund last year, aiming to create a vehicle that would become one of the biggest technology investors over the next decade. SoftBank has agreed to spend more than $30 billion on technology companies itself in the last 12 months, according to data compiled by Bloomberg.