Abu Dhabi in Talks to Invest in $100-B SoftBank’s Vision Fund
$SFTBY, $AAPL, $ORCL, $DB, $UBS
Saudi Arabia’s Public Investment Fund is a major backer of the fund
Abu Dhabi’s sovereign wealth fund is said to be among the parties in talks to invest in Japanese telecoms group SoftBank’s (OTCMKT:SFTBY)$100-B technology fund.
The FT cited people briefed about the negotiations as confirming Abu Dhabi’s interest and said the fund could reach its target weeks ahead of schedule thanks to participation from technology firms including Apple (NASDAQ:AAPL).
SoftBank’s billionaire founder and CEO Masayoshi Son announced the launch of the Vision Fund in October after securing an up to $45-B investment over 5 years from Saudi Arabia’s Public Investment Fund.
Since then, Mr. Son has vowed to invest up to $50-B in American start-ups following a high profile meeting with US President Elect Donald Trump.
The fund’s Key focus will be on technologies focusing on AI (artificial intelligence), robots and the ‘Internet of Things’ of connected devices, sources.
US technology giant Apple has confirmed plans to invest $1-B in the fund with a company spokesperson saying it could speed up the development of technologies its considers strategically important.
An investment committee for the Vision Fund, which is being headed by former Deutsche Bank (NYSE:DB) and UBS debt-trader Rajeev Misra, met for the 1st time Tuesday, according to FT.
SoftBank’s recent investments include $1-B in US satellite start-up OneWeb and the $32-B acquisition of British chip designer Arm Holdings.
By Robert Anderson
Paul Ebeling, Editor
Latest posts by Paul Ebeling (see all)
- Former Democratic Senator Chris Dodd Out at MPAA - April 28, 2017
- F1: Sebastian Vettel Leads Ferrari (NYSE:RACE) 1-2 in Sochi Practice - April 28, 2017
- US Durable Goods Data Indicates Increased Business Spending - April 28, 2017