Japanese conglomerate SoftBank Group said that it is creating a new fund to invest as much as $100 billion in the technology sector globally over the next five years. The fund, tentatively termed SoftBank Vision Fund, will see participation from Saudi Arabia's Public Investment Fund and will be managed by the company's UK subsidiary. "In addition, a few large global investors are in active dialogue to join SBG and PIF to participate in this Fund," the company said in press release. SoftBank and Saudi Arabia have signed a non-binding memorandum of understanding for the same (MoU). SoftBank will be investing $25 billion while Saudi Arabia may potentially invest $45 billion. The total size of the investment fund is expected to grow to $100 billion with other investors participating. Rajeev Misra, Head of Strategic Finance, SoftBank Group, is leading the Fund…
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