Softbank and Saudi Arabia team for massive tech funds
The Japanese Internet and telecommunications conglomerate said on October 13 that it expects at least $ 25 billion to invest in the next five years.
The Public Investment Fund of Saudi Arabia will examine the new Fund as the lead partner at $ 45000000000 over five years.
Softbank added that the funds eventually $ 100 billion, than other “global investors” could reach to board.
Rajeev Misra, Head of Strategic Finance, Softbank Group is a leader in the Fund Project for Softbank. German bank banker Nizar Al-Bassam and former Goldman Sachs partner Dalinc Ariburnu are also involved for SBG.
Masayoshi Son, Softbank CEO, said: “With the establishment of Softbank Vision Fund, we will be able to step up investments in technology companies … The next decade will be the world’s Softbank Vision Fund’s largest investor in the technology sector. “
Deputy Crown Prince Mohammed bin Salman, chairman of the PIF, said: “The Public Investment Fund is aimed at achieving attractive long-term financial returns on their investments at home and abroad, as well as the support of the Vision 2030 strategy to develop Kingdom a diversified economy.
“We are pleased with this agreement with SBG to sign the long history given, established industry relationships and strong investment performance of UBS and Masayoshi Son.”
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Our Source: http://www.efinancialnews.com/story/2016-10-14/softbank-and-saudi-arabia-team-up-on-massive-tech-fund?mod=rss-fintech
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