Softbank-Saudi tech fund becomes world's biggest with US$93 billion of capital

Softbank-Saudi tech fund becomes world's biggest with US$93 billion of capital

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo

RIYADH: The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over US$93 billion to invest in technology sectors such as artificial intelligence and robotics.

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

In addition to Softbank and Saudi Arabia's Public Investment Fund, the new fund's investors include Abu Dhabi's Mubadala Investment, which has committed US$15 billion, and Apple Inc.

(Reporting by Andrew Torchia; Editing by Dale Hudson)

Source: Reuters