Public Investment Fund, SoftBank Group and Mubadala Joined by Initial Investors in Vision Fund including Apple, Foxconn, Qualcomm and Sharp
● Over $93 Billion in Committed Capital Now Raised
● The Vision Fund Seeks to Accelerate Information Revolution
Riyadh, 20 May 2017 - The SoftBank Vision Fund (the “Vision Fund”) today announced that in addition to SoftBank Group Corp. (“SBG”) and the Public Investment Fund of the Kingdom of Saudi Arabia (“PIF”), investors in the Vision Fund include the Mubadala Investment Company of the United Arab Emirates (“Mubadala”), Apple Inc (“Apple”), Foxconn Technology Group (“Foxconn”), Qualcomm Incorporated (“Qualcomm”) and Sharp Corporation (“Sharp”).
Following the first major close, the Vision Fund has over $93 billion of committed capital. The Fund is targeting a total of $100 billion of committed capital, with a final close within six months. Building on the Memorandum of Understanding signed in October 2016, a binding agreement has now been concluded, confirming that PIF will invest up to $45 billion in the Vision Fund over the next five years.
H.E. Yasir Al Rumayyan, Managing Director of the Public Investment Fund, said:
“Our investment in the Vision Fund alongside other sovereign and corporate investors is an important part of our overall investment strategy. We are building a portfolio that is diversified across sectors, asset classes and geographies, and expect the Vision Fund to act as a platform to access a range of exciting, emerging opportunities in the technology sector. We expect that this will, in turn, help enable the Public Investment Fund’s role in supporting the Kingdom of Saudi Arabia’s Vision 2030 strategy to develop a diversified, knowledge-based economy.”
The Vision Fund was created as a result of the strongly held belief by the initial investors that the next stage of the Information Revolution is underway, and building the businesses that will make this possible will require unprecedented large scale long-term investment. Saudi Arabia’s Vision 2030 recognizes the importance of a sophisticated digital infrastructure to today’s advanced industrial activities, and emphasizes the need to partner with the private sector to identify and develop opportunities.
The Vision Fund will target meaningful, long-term investments in companies and foundational platform businesses that seek to enable the next age of innovation. The Fund will seek to acquire minority and majority interests in both private and public companies, from emerging technology businesses to established, multi-billion dollar companies requiring substantial growth funding. The Vision Fund is expected to be active across a wide range of technology sectors, including but not limited to: Internet of Things, artificial intelligence, robotics, mobile applications and computing, communications infrastructure and telecoms, computational biology and other data-driven business models, cloud technologies and software, consumer internet businesses and financial technology.
Masayoshi Son, Chairman & CEO of SoftBank Group Corp. said:
“Technology has the potential to address the biggest challenges and risks facing humanity today. The businesses working to solve these problems will require patient long-term capital and visionary strategic investment partners with the resources to nurture their success. SoftBank has long made bold investments in transformative technologies and supported disruptive entrepreneurs. The SoftBank Vision Fund is consistent with this strategy and will help build and grow businesses creating the foundational platforms of the next stage of the Information Revolution.”
Khaldoon Khalifa Al Mubarak, Group CEO of Mubadala Investment Company, said:
“Our participation in the SoftBank Vision Fund perfectly complements Mubadala’s strategy as a long-term global investor and partner to the technology sector’s high-growth companies. Technology and innovation are central to the UAE’s economic diversification strategy, and the Vision Fund has the scale to deploy significant capital into these disruptive industries that are shaping the future.”
The Vision Fund will be advised by wholly-owned subsidiaries of SBG, known collectively as “SB Investment Advisers”. Rajeev Misra will serve as the CEO of SB Investment Advisers and will be a member of the Investment Committee. He will play a key role in all Vision Fund transactions, supported by a highly-experienced global team across offices in London, San Carlos, and Tokyo.