SoftBank, Saudi Arabia announce 1st round of capital commitments for record tech investment fund

Tokyo

SOFTBANK Group Corp and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.

More than US$93 billion has been secured from backers led by the Japanese company and Saudi Arabia's Public Investment Fund, SoftBank said in a statement on Saturday. Abu Dhabi's Mubadala Investment Co, Apple Inc, Qualcomm Inc, Foxconn Technology Group and Sharp Corp are also investing, and SoftBank aims to reach US$100 billion with a final close within six months. Mubadala committed US$15 billion, according to a separate statement.