- SoftBank Vision Fund 2 expects to raise $108bn
- Fund will focus on AI and tech-enabled growth firms
- Investors include Apple, Microsoft and Foxconn
SoftBank Group has launched a second investment fund as it looks to back market-leading, tech-enabled growth companies.
The Japanes firm said the main objective of the SoftBank Vision Fund 2 is to “facilitate the continued acceleration of the AI revolution”.
The private investment fund is expected to total $108bn. Its backers include Apple, Foxconn, Microsoft as well as a raft of banks.
The first Vision Fund, which raised approximately $100bn with support from Saudi Arabia and Abu Dhabi sovereign wealth funds, has invested in the likes of WeWork, Slack and Uber. Also included in its portfolio is British chipset manufacturer Arm and GPU developer Nvidia.
According to the Financial Times, SoftBank is aiming for a first close of the new fund in two months and the group is expected to begin spending on behalf of the new entity immediately.