SoftBank to launch second Vision Fund with $108bn

SoftBank will act as a cornerstone investor and has agreed to invest $38bn in the fund. In addition, LPs who have signed memorandums of understanding and are expected to participate include Apple, Foxconn Technology Group, Microsoft, Mizuho Bank, Sumitomo Mitsui Bank Corporation, MUFG Bank, The Dai-ichi Life Insurance Company, Daiwa Securities, the Kazakhstan sovereign wealth fund and Standard Chartered Bank. Major participants from Taiwan have also committed to the fund, according to a statement.

Two investors in the fund's predecessor, The Public Investment Fund of the Kingdom of Saudi Arabia and the Mubadala Investment Company of the United Arab Emirates, have not yet made commitments to the fund; however, SoftBank is in ongoing discussions with other investors and expects the fund size to increase further. Saudi Arabia's investment vehicle is said to have made a commitment of $45bn in Vision Fund, according to Unquote Data.

The fund is intended to focus on the next stage of artificial intelligence and will invest in tech-enabled growth companies.

Its predecessor, SoftBank Vision Fund, held a first close on $93bn in 2017 and has now raised $97bn. The fund has spent around $70bn of this to invest in 80 companies, according to the Financial Times. Its portfolio includes Arm, Uber, Slack and WeWork.

The fund has made 29% annual returns for investors from May 2017 through March this year, according to SoftBank.

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