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SoftBank is reportedly in talks to double its enormous $93 billion tech fund
REUTERS/Issei Kato
SoftBank, the Japanese tech behemoth that has created a $93 billion (£70 billion) "Vision Fund" over the last year, is in early discussions about raising a second fund, Recode reports.
The new fund could be even large than the original, multiple sources with knowledge of the situation told Recode.
Masayoshi Son, the CEO of SoftBank, reportedly wants to raise the additional fund to compliment the existing Vision Fund.
A Recode source close to the situation reportedly said: "It's conceptual, but serious."
SoftBank announced the Vision Fund last October, saying that it would be based in London and made up of $45 billion from Saudi Arabia, $25 billion from SoftBank, and billions from other "global investors." Others that have backed the fund include Apple, Qualcomm, and Oracle founder Larry Ellison.
SoftBank has recently been declaring huge, multimillion pound tech investments and acquisitions almost every week.
The SoftBank Vision Fund has backed or bought a host of established tech firms such as Nvidia, WeWork, and ARM. It has also backed less well-known startups like satellite internet firm OneWeb and farming startup Plenty. Most of the money has gone to companies in Europe, Asia, and North America.
The investment thesis behind the fund was explained by Son when it was announced.
"With the establishment of the SoftBank Vision Fund, we will be able to step up investments in technology companies globally," said Son, who is Japan's richest man. "Over the next decade, the SoftBank Vision Fund will be the biggest investor in the technology sector. We will further accelerate the information revolution by contributing to its development."
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