Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital

Private equity fund backed by Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital
Man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo. Image Source: Reuters

The world`s largest private equity fund, backed by Japan`s Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

ALSO READ: SoftBank writes off Rs 6,400 crore from its Snapdeal investment 

 

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

In addition to Softbank and Saudi Arabia`s Public Investment Fund, the new fund`s investors include Abu Dhabi`s Mubadala Investment, which has committed $15 billion, and Apple Inc.

ALSO READ: Paytm receives $1.4 billion investment from SoftBank in latest funding round

 

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Written By: Reuters
Updated: Sun, May 21, 2017
10:37 AM IST
Riyadh , Reuters
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