First News
Volume:7, Number:47
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Business & Finance 3
THIS WEEK

Softbank, Saudi Tech Fund Becomes World’s Biggest

The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on May 20 that it had raised over USD93 billion to invest in technology sectors such as artificial intelligence and robotics. Masayoshi Son, Japanese billionaire and chairman of Softbank, revealed plans for the fund last October and since then it has obtained commitments from some of the world’s most deep-pocketed investors. In addition to Softbank and Saudi Arabia’s Public Investment Fund (PIF), the new fund’s investors include Abu Dhabi’s Mubadala Investment, which has committed USD15 billion, Apple Inc, Qualcomm, Taiwan’s Foxconn Technology and Japan’s Sharp Corp. The new fund made its announcement during the visit of president Donald Trump to Riyadh. After meeting with Trump last December, Son pledged USD50 billion of investment in the United States that would create 50,000 jobs, a promise Trump claimed was a direct result of his election win.

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