SoftBank has announced its second Vision Fund which it said will have a record $108bn (£86bn) to invest in start-ups around the world.
The company said that Microsoft, Apple, Standard Chartered Bank and iPhone manufacturer Foxconn have all agreed to invest in the fund.
Saudi Arabia’s Public Investment Fund, which pumped $45bn into its original Vision Fund, has not yet committed an investment to its successor.
Abu Dhabi’s sovereign wealth fund Mubadala Investment was also notably absent from the announcement on Friday, although the Wall Street Journal has reported that they are expected to back the new fund in future.
“Discussions are ongoing with additional participants in the fund,” SoftBank wrote. “the total anticipated capital contribution to the fund is expected to increase.”
SoftBank will pour $38bn into its new fund, and investors also include a series of Japanese financial businesses and Kazakhstan’s sovereign wealth fund.
Goldman Sachs was reportedly planning to invest in the new fund, but was not listed as a backer on Friday.
The launch of SoftBank’s original Vision Fund, established in 2016, was seen as a key step for technology companies seeking investment. The vast size of the fund allowed businesses to continue to take venture capital funding instead of turning to the public markets.
