ISSUE – May. 21 | Japan’s SoftBank Says $93 Billion Pledged to Technology Fund

  • Investors include Saudi Arabia, Abu Dhabi, Apple, Sharp

  • Fund targets $100 billion with final close within six months

SoftBank Group Corp. secured the first capital commitment to a $100 billion fund with Saudi Arabia and Abu Dhabi that would eventually put its founder Masayoshi Son in charge of one of technology’s biggest investment vehicles. The Japanese telecom conglomerate is investing $28 billion and has agreements with Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala Investment Co. and Apple Inc. With more than $93 billion committed, the fund — which includes Qualcomm Inc., Foxconn Technology Group and Sharp Corp. — aims to reach $100 billion within six months, SoftBank said in a statement Saturday. Mubadala committed $15 billion, according to a separate statement. [ Bloomberg ]