Japan’s SoftBank Group Corp. is approaching the materialization of the epoch-making tech investment fund. The $100 billion tech investment plan by Saudi Arabia and SoftBank, is to act soon. Founder and Chief Executive Officer Masayoshi Son said that the conversation among few investors is going on. He further said, “I think we are oversubscribed”. Son said this at an event in New Delhi on Friday. Though, he did not provide any details. The SoftBank CEO went to Delhi after his visit to Saudi Arabia.
In October Saudi Arabia’s Public Investment Fund and SoftBank declared an investment plan in the technology sector. For investment, both parties were working on $100 billion funds. Japan will invest $25 billion while Saudi Arabia will invest $45 billion. Additionally, the partners of the firm are talking with others prospects to collect the remaining of the fund, $30 billion.
According to Bloomberg, “Improving earnings at SoftBank’s U.S. unit Sprint Corp. and steady cash flows at home have freed Son to focus on his longer-term vision for a company that’s made tens of billions investing in companies such as Alibaba Group Holding Ltd. and Supercell Oy. Qatar and Abu Dhabi investor Mubadala Development Co. are considering investing in what is tentatively named SoftBank Vision Fund, people familiar with the matter have said”.
Though KSA is leading the fund in terms of investment money, SoftBank will indirectly supervise the fund.