NEW DELHI: Japanese Internet firm SoftBank is close to sealing an SR375.3 billion ($100 billion) technology fund it set up with Saudi Arabia’s Public Investment Fund (PIF), the company’s CEO Masayoshi Son reportedly said.
“I am talking to a few investors and I think we are oversubscribed,” Son was quoted as saying in a Bloomberg report.
SoftBank and Saudi Arabia’s Public Investment Fund announced the new venture in October with the Japanese company saying it will invest $25 billion, while Saudi Arabia committed $45 billion. The two have been talking to other investors for the remaining $30 billion.
Improving earnings at SoftBank’s US unit Sprint Corp. and steady cash flows at home have freed Son to focus on his longer-term vision for a company that’s made tens of billions investing in companies such as Alibaba Group Holding Ltd. and Supercell Oy.
Qatar and Abu Dhabi investor Mubadala Development Co. are considering investing in what is tentatively named SoftBank Vision Fund, people familiar with the matter have said.
With the funding in place, Son said he will be looking for opportunities to make the investments.
According to Bloomberg, the Japanese billionaire also said that SoftBank would surpass its commitment of investing $10 billion in India in 10 years.
“There is new technology and new excitement in India,” he said.
Son, 59, has been among the most bullish investors in Indian startups and SoftBank has plowed hundreds of millions of dollars into its portfolio in the country.
Son is betting on the future of connected devices with the purchase of ARM and he has said the chipmaker will be a key building block for the Internet of Things and play a role in bringing about advanced artificial intelligence.
“I dreamed of acquiring ARM for 10 years and finally I had the money,” Son said in the report.
PIF-backed $100bn SoftBank fund ‘oversubscribed’, says CEO
PIF-backed $100bn SoftBank fund ‘oversubscribed’, says CEO
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
