TOKYO -- SoftBank Group is calling on sovereign wealth funds in the United Arab Emirates and Qatar to invest in a $100 billion technology fund the Japanese company is setting up with Saudi Arabia.
SoftBank plans to pour at least $25 billion into the SoftBank Vision Fund over the next five years, with Saudi Arabia's sovereign wealth fund expected to contribute $45 billion. The UAE and Qatar are said to be interested in chipping in.
The fund is expected to invest in companies with promising technologies around the world. While specifics have not been revealed, target fields will likely include the "internet of things," artificial intelligence and financial technology, or fintech.
Leveraging its investment track record, SoftBank seeks to pitch the fund to investors. SoftBank CEO Masayoshi Son boasts that the company has generated an internal rate of return of 44% over the past 18 years.