TOKYO – Japan’s Softbank group announced on Friday it was creating a new investment fund worth at least $108 billion to invest in technological companies.
Tech giants such as Apple and Microsoft, as well as several Japanese financial groups, are set to participate in Softbank’s so-called “Vision Fund 2.”
Softbank will inject a total of $38 billion into the fund, according to a statement released by the company.
The first part of this investment fund was launched in October 2016 with the aim of raising $100 billion – a goal that was achieved – making it the world’s biggest venture fund for financing projects in the tech sector.
For this second initiative, Softbank said that, after signing memoranda of understanding with several private companies, it had raised another $108 billion, although it expects additional contributions in the future.
Apart from Apple and Microsoft, among the firms contributing to the fund is Taiwan’s Foxconn, which is one of the main manufacturers of Apple products.
Both Foxconn and Apple had also contributed to the first edition of the Vision Fund.
The new version of the fund contains contributions by several Japanese financial groups, including MUFG, SMBC and the Mizuho Bank, as well as the National Bank of Kazakstan.
The list, however, does not include two Saudi firms that had contributed some $45 billion to the first Vision Fund – almost half the money raised.
Apart from Softbank’s contribution, the statement did not provide any details on the exact figures from the fund’s other participants.