A global tech fund, run by a subsidiary of Softbank Group Corp. in collaboration with the sovereign wealth fund of Saudi Arabia, will be managed from the UK, it was announced in a 14 October press release.
The fund will have up to $100bn at its disposal, with Softbank contributing $25bn over the coming five years and the remainder to be sourced from Saudi Arabia and other global investors.
“Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector”, said Masayoshi Son, chairman and chief executive officer of Softbank.